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

CHAPTER 2: ANALYZING #xu # x u


TRANSACTIONS
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TEST BANK FOR #xu #xu




ACCOUNTING 26TH #xu #xu




EDITION CARL S. WARREN,
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JAMES M. REEVE, #xu #xu #xu




JONATHAN DUCHAC #xu #xu




© #xu2016 #xuCengage #xuLearning. #xuAll #xuRights #xuReserved. #xuMay #xunot #xube #xuscanned, #xucopied #xuor #xuduplicated, #xuor #xuposted #xuto #xua #xupublicly
#xuaccessible #xuwebsite, #xuin #xuwhole #xuor #xu in #xupart.

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,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




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, 4. Accounts #xupayable #xuare #xuaccounts #xuthat #xuyou #xuexpect #xuwill #xube #xupaid #xuto #xuyou.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #xuRemembering
#xu LEARNING #xuOBJECTIVES: ACCT.WARD.16.02-01 #xu- #xu02-
01 #xuACCREDITING #xuSTANDARDS: # x u
# x u ACCT.ACBSP.APC.02 #xu- #xuGAAP

ACCT.ACBSP.APC.04 #xu- #xuCash #xuvs. #xuAccrual
ACCT.AICPA.FN.03 #xu- #xuMeasurement
#xuBUSPROG: #xuAnalytic



5. Consuming #xugoods #xuand #xuservices #xuin #xuthe #xuprocess #xuof #xugenerating #xurevenues #xuresults #xuin #xuexpenses.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: #xuRemembering
#xuLEARNING #xuOBJECTIVES: ACCT.WARD.16.02-01 #xu- #xu02-
01 #xuACCREDITING #xuSTANDARDS: # x u
# x u ACCT.ACBSP.APC.02 #xu- #xuGAAP

ACCT.ACBSP.APC.06 #xu- #xuRecording #xuTransactions
ACCT.AICPA.FN.03 #xu- #xuMeasurement
#xuBUSPROG: #xuAnalytic



6. Prepaid #xuexpenses #xuare #xuan #xuexample #xuof #xuan #xuexpense.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #xuRemembering
#xuLEARNING #xuOBJECTIVES: ACCT.WARD.16.02-01 #xu- #xu02-
01 #xuACCREDITING #xuSTANDARDS: # x u
# x u ACCT.ACBSP.APC.02 #xu- #xuGAAP

ACCT.ACBSP.APC.04 #xu- #xuCash #xuvs. #xuAccrual
ACCT.AICPA.FN.03 #xu- #xuMeasurement
#xuBUSPROG: #xuAnalytic




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