1
,Test Bank for Survey of Accounting, 3rd Edition by Paul D.
x# x# x# x# x# x# x# x# x# x# x#
Kimmel, Jerry J. Weygandt, Jill E. Mitchell x# x# x# x# x# x#
Survey of Accounting, 3e (Kimmel)
x# x# x# x#
Appendix D Double-Entry Accounting Systemx# x# x#
1) A new account is opened for each transaction entered into by a business fir
x# x# x# x# x# x# x# x# x# x# x# x# x#
m. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
2) The recording process becomes more efficient and informative if all transactions are record
x# x# x# x# x# x# x# x# x# x# x# x#
ed in one account.
x# x# x#
Answer: FALSE x # x#
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
3) An account consists of two parts: (1) a left or debit side and (2) a right or credit si
x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x#
de. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
4) For a T- x# x#
account, an account balance is the difference in total dollars between total debit amount
x# x# x# x# x# x# x# x# x# x# x# x# x#
s and total credit amounts.
x# x# x# x#
Answer: TRUE x # x#
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
2
,5) An account is often referred to as a T-
x# x# x# x# x# x# x# x#
account because of the way it is constructed. Answer:
x# x# x# x# x# x# x# x# x # TRUE
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
6) A debit to an account always indicates an increase in that accoun
x# x# x# x# x# x# x# x# x# x# x#
t. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
7) If a revenue account is credited, the revenue account is increase
x# x# x# x# x# x# x# x# x# x#
d. Answer: TRUE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
8) The normal balance of all accounts is a debi
x# x# x# x# x# x# x# x#
t. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
9) Debit and credit can be interpreted to mean "bad" and "good", respectivel
x# x# x# x# x# x# x# x# x# x# x#
y. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
3
, 10) A credit means that an account has been increase
x# x# x# x# x# x# x# x#
d. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
11) A decrease in a liability account is recorded by a debi
x# x# x# x# x# x# x# x# x# x#
t. Answer: TRUE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
12) An increase in an asset is recorded by a debi
x# x# x# x# x# x# x# x# x#
t. Answer: TRUE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
13) The double- x#
entry system of accounting refers to the placement of a double line at the end of a column of
x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x
figures.
#
Answer: FALSE x # x#
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
14) A credit balance in a liability account indicates that an error in recording has occurr
x# x# x# x# x# x# x# x# x# x# x# x# x# x#
ed. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
4
,Test Bank for Survey of Accounting, 3rd Edition by Paul D.
x# x# x# x# x# x# x# x# x# x# x#
Kimmel, Jerry J. Weygandt, Jill E. Mitchell x# x# x# x# x# x#
Survey of Accounting, 3e (Kimmel)
x# x# x# x#
Appendix D Double-Entry Accounting Systemx# x# x#
1) A new account is opened for each transaction entered into by a business fir
x# x# x# x# x# x# x# x# x# x# x# x# x#
m. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
2) The recording process becomes more efficient and informative if all transactions are record
x# x# x# x# x# x# x# x# x# x# x# x#
ed in one account.
x# x# x#
Answer: FALSE x # x#
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
3) An account consists of two parts: (1) a left or debit side and (2) a right or credit si
x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x#
de. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
4) For a T- x# x#
account, an account balance is the difference in total dollars between total debit amount
x# x# x# x# x# x# x# x# x# x# x# x# x#
s and total credit amounts.
x# x# x# x#
Answer: TRUE x # x#
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
2
,5) An account is often referred to as a T-
x# x# x# x# x# x# x# x#
account because of the way it is constructed. Answer:
x# x# x# x# x# x# x# x# x # TRUE
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
6) A debit to an account always indicates an increase in that accoun
x# x# x# x# x# x# x# x# x# x# x#
t. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
7) If a revenue account is credited, the revenue account is increase
x# x# x# x# x# x# x# x# x# x#
d. Answer: TRUE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
8) The normal balance of all accounts is a debi
x# x# x# x# x# x# x# x#
t. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
9) Debit and credit can be interpreted to mean "bad" and "good", respectivel
x# x# x# x# x# x# x# x# x# x# x#
y. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting
x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
3
, 10) A credit means that an account has been increase
x# x# x# x# x# x# x# x#
d. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
11) A decrease in a liability account is recorded by a debi
x# x# x# x# x# x# x# x# x# x#
t. Answer: TRUE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
12) An increase in an asset is recorded by a debi
x# x# x# x# x# x# x# x# x#
t. Answer: TRUE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
13) The double- x#
entry system of accounting refers to the placement of a double line at the end of a column of
x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x# x
figures.
#
Answer: FALSE x # x#
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
14) A credit balance in a liability account indicates that an error in recording has occurr
x# x# x# x# x# x# x# x# x# x# x# x# x# x#
ed. Answer: FALSE
x# x #
Diff: 1 x#
LO: 1 x # x #
Bloom: K x # x #
AACSB / IMA: None / Reporting x# x# x # x # x# x#
AICPA: BB: None; FC: Reporting; PC: None Min
x # x# x# x# x# x# x#
utes: 1 x #
4
