Test Bank for Survey of Accounting, 3rd Edition by Paul D. Kimmel. Latest Edition 2025

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,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)
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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 #




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,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 #




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, 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 #




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