Test Bank – Survey of Accounting, 3rd Edition – Paul Kimmel, Jerry J. Weygandt, & Jill Mitchell – ISBN 9781119895688 (Chapters 1–18 Covered)

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Survey of Accounting
3rd Edition
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TEST BANK
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Paul Kimmel, Jerry J. Weygandt, Jill Mitchell
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Comprehensive Test Bank for Instructors and
PP

Students
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9781119895688

© Paul Kimmel, Jerry J. Weygandt & Jill Mitchell. All rights
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reserved. Reproduction or distribution without permission is
prohibited.
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© MEDCONNOISSEUR

, TABLE OF CONTENTS

Test Bank – Survey of Accounting (3rd Ed.)
Authors: Paul Kimmel, Jerry J. Weygandt, and Jill Mitchell
ISBN: 9781119895688
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PART I: FINANCIAL ACCOUNTING AND THE ACCOUNTING CYCLE

Chapter 1: Introduction to Financial Statements
Chapter 2: A Further Look at The Balance Sheet
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Chapter 3: The Accounting Information System
Chapter 4: Accrual Accounting Concepts

PART II: INTERNAL CONTROLS AND OPERATIONAL ASSETS

Chapter 5: Fraud, Internal Control, and Cash
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Chapter 6: Merchandising Operations and the Multiple-Step Income Statement
Chapter 7: Reporting and Analyzing Inventory and Receivables
Chapter 8: Reporting and Analyzing Long-Lived Assets
Chapter 9: Reporting and Analyzing Liabilities and Stockholders’ Equity
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PART III: FINANCIAL ANALYSIS AND MANAGERIAL FOUNDATIONS

Chapter 10: Financial Analysis: The Big Picture
Chapter 11: Managerial Accounting
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Chapter 12: Job Order Costing

PART IV: DECISION MAKING AND COST ANALYSIS

Chapter 13: Cost-Volume-Profit
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Chapter 14: Incremental Analysis

PART V: BUDGETING, CONTROL, AND PERFORMANCE EVALUATION

Chapter 15: Budgetary Planning
Chapter 16: Budgetary Control and Responsibility Accounting
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Chapter 17: Standard Costs and Balanced Scorecard
Chapter 18: Planning for Capital Investments
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, Test Bank for Survey of Accounting, 3rd Edition by Paul D.
Kimmel, Jerry J. Weygandt, Jill E. Mitchell
Survey of Accounting, 3e (Kimmel)
Appendix D Double-Entry Accounting System

1) A new account is opened for each transaction entered into by a business firm.
Answer: FALSE
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Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
UV
Minutes: 1

2) The recording process becomes more efficient and informative if all transactions are recorded
in one account.
Answer: FALSE
Diff: 1
IA
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
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Minutes: 1

3) An account consists of two parts: (1) a left or debit side and (2) a right or credit side.
Answer: FALSE
Diff: 1
PP
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1
RO
4) For a T-account, an account balance is the difference in total dollars between total debit
amounts and total credit amounts.
Answer: TRUE
Diff: 1
VE
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1
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1

, 5) An account is often referred to as a T-account because of the way it is constructed.
Answer: TRUE
Diff: 1
LO: 1
Bloom: K
ST
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

6) A debit to an account always indicates an increase in that account.
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Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
IA
Minutes: 1

7) If a revenue account is credited, the revenue account is increased.
Answer: TRUE
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Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
PP
Minutes: 1

8) The normal balance of all accounts is a debit.
Answer: FALSE
Diff: 1
RO
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1
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9) Debit and credit can be interpreted to mean "bad" and "good", respectively.
Answer: FALSE
Diff: 1
LO: 1
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Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1




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