TESTBANK for Accounting 29th Edition by Carl Warren | All Chapters Fully Covered With Verified Questions And Answers | Complete Guide A+

SCHOLARVAULT

,1. Accounts are records of increases and decreases in individual financial statement items.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

2. A chart of accounts is a listing of accounts that make up the journal.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

3. The chart of accounts should be the same for each business.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic




SCHOLARVAULT

,4. Accounts #zxpayable #zxare #zxaccounts #zxthat #zxyou #zxexpect #zxwill #zxbe #zxpaid #zxto #zxyou.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #zxRemembering
#zxLEARNING #zxOBJECTIVES: ACCT.WARD.16.02-01 #zx- #zx02-
01 #zxACCREDITING #zxSTANDARDS: # z x ACCT.ACBSP.APC.02
#zx- #zxGAAP

ACCT.ACBSP.APC.04 #zx- #zxCash #zxvs. #zxAccrual
ACCT.AICPA.FN.03 #zx- #zxMeasurement
#zxBUSPROG: #zxAnalytic



5. Consuming #zxgoods #zxand #zxservices #zxin #zxthe #zxprocess #zxof #zxgenerating #zxrevenues #zxresults #zxin #zxexpenses.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: #zxRemembering
#zxLEARNING #zxOBJECTIVES: ACCT.WARD.16.02-01 #zx- #zx02-
01 #zxACCREDITING #zxSTANDARDS: # z x ACCT.ACBSP.APC.02
#zx- #zxGAAP

ACCT.ACBSP.APC.06 #zx- #zxRecording #zxTransactions
ACCT.AICPA.FN.03 #zx- #zxMeasurement
#zxBUSPROG: #zxAnalytic



6. Prepaid #zxexpenses #zxare #zxan #zxexample #zxof #zxan #zxexpense.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #zxRemembering
#zxLEARNING #zxOBJECTIVES: ACCT.WARD.16.02-01 #zx- #zx02-
01 #zxACCREDITING #zxSTANDARDS: # z x ACCT.ACBSP.APC.02
#zx- #zxGAAP

ACCT.ACBSP.APC.04 #zx- #zxCash #zxvs. #zxAccrual
ACCT.AICPA.FN.03 #zx- #zxMeasurement
#zxBUSPROG: #zxAnalytic




SCHOLARVAULT

, 7. The #zxUnearned #zxRevenues #zxaccount #zxis #zxan #zxexample #zxof #zxa #zxliability.
a. True
b. False

ANSWER: True
DIFFICULTY: Moderate
Bloom’s: #zxRemembering
#zxLEARNING #zxOBJECTIVES: ACCT.WARD.16.02-01 #zx- #zx02-
01 #zxACCREDITING #zxSTANDARDS: # z x ACCT.ACBSP.APC.02
#zx- #zxGAAP

ACCT.ACBSP.APC.04 #zx- #zxCash #zxvs. #zxAccrual
ACCT.AICPA.FN.03 #zx- #zxMeasurement
#zxBUSPROG: #zxAnalytic



8. The #zxDrawings #zxaccount #zxis #zxan #zxexample #zxof #zxan #zxexpense.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #zxRemembering
#zxLEARNING #zxOBJECTIVES: ACCT.WARD.16.02-01 #zx- #zx02-
01 #zxACCREDITING #zxSTANDARDS: # z x ACCT.ACBSP.APC.02
#zx- #zxGAAP

ACCT.ACBSP.APC.06 #zx- #zxRecording #zxTransactions
ACCT.AICPA.FN.03 #zx- #zxMeasurement
#zxBUSPROG: #zxAnalytic



9. Accounts #zxin #zxthe #zxledger #zxare #zxusually #zxmaintained #zxin #zxalphabetical #zxorder.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #zxRemembering
#zxLEARNING #zxOBJECTIVES: ACCT.WARD.16.02-01 #zx- #zx02-
01 #zxACCREDITING #zxSTANDARDS: # z x ACCT.ACBSP.APC.02
#zx- #zxGAAP

ACCT.ACBSP.APC.06 #zx- #zxRecording #zxTransactions
ACCT.AICPA.FN.03 #zx- #zxMeasurement
#zxBUSPROG: #zxAnalytic




SCHOLARVAULT