Test Bank for Accounting 26th Edition Carl S. Warren, James M. Reeve, Jonathan Duchac | Latest Edition | Complete Guide A+.

CHAPTER 2: ANALYZING #np # n p


TRANSACTIONS
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TEST BANK FOR #np #np




ACCOUNTING 26TH #np #np




EDITION CARL S. WARREN,
#np #np #np #np




JAMES M. REEVE, #np #np #np




JONATHAN DUCHAC #np #np




© #np2016 #npCengage #npLearning. #npAll #npRights #npReserved. #npMay #npnot #npbe #npscanned, #npcopied #npor #npduplicated, #npor #npposted #npto #npa #nppublicly
#npaccessible #npwebsite, #npin #npwhole #npor # n p in #nppart.

SCHOLARVAULT

,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 #nppayable #npare #npaccounts #npthat #npyou #npexpect #npwill #npbe #nppaid #npto #npyou.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #npRemembering
#np LEARNING #npOBJECTIVES: ACCT.WARD.16.02-01 #np- #np02-
01 #npACCREDITING #npSTANDARDS: # n p
#n p ACCT.ACBSP.APC.02 #np- #npGAAP
ACCT.ACBSP.APC.04 #np- #npCash #npvs. #npAccrual
ACCT.AICPA.FN.03#np-#npMeasurement
#np BUSPROG: #np Analytic



5. Consuming #npgoods #npand #npservices #npin #npthe #npprocess #npof #npgenerating #nprevenues #npresults #npin #npexpenses.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: #npRemembering
#np LEARNING #npOBJECTIVES: ACCT.WARD.16.02-01 #np- #np02-
01 #npACCREDITING #npSTANDARDS: # n p
#n p ACCT.ACBSP.APC.02 #np- #npGAAP
ACCT.ACBSP.APC.06 #np- #npRecording #npTransactions
ACCT.AICPA.FN.03#np-#npMeasurement
#np BUSPROG: #np Analytic



6. Prepaid #npexpenses #npare #npan #npexample #npof #npan #npexpense.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #npRemembering
#np LEARNING #npOBJECTIVES: ACCT.WARD.16.02-01 #np- #np02-
01 #npACCREDITING #npSTANDARDS: # n p
# n p ACCT.ACBSP.APC.02 #np - #np GAAP

ACCT.ACBSP.APC.04 #np- #npCash #npvs. #npAccrual
ACCT.AICPA.FN.03#np-#npMeasurement
#np BUSPROG: #np Analytic




SCHOLARVAULT