Test Bank for Survey of Accounting, 3rd Edition by Paul D. Kimmel and Jerry J. Weygandt Chapters 1-18 Covered

Test Bank
Survey of Accounting, 3rd Edition
by Paul D. Kimmel and Jerry J. Weygandt
Chapters 1-18 Covered




1

,TABLEtOFtCONTENT


1tIntroductionttotFinancialtStatements
2tAtFurthertLooktattThetBalancetSheet
3tThetAccountingtInformationtSystem
4tAccrualtAccountingtConcepts
5tFraud,tInternaltControl,tandtCash
6tMerchandisingtOperationstandtthetMultiple-SteptIncometStatement
7tReportingtandtAnalyzingtInventorytandtReceivables
8tReportingtandtAnalyzingtLong-LivedtAssets
9tReportingtandtAnalyzingtLiabilitiestandtStockholders’tEquity
10tFinancialtAnalysis:tThetBigtPicture
11tManagerialtAccounting
12tJobtOrdertCosting
13tCost-Volume-Profit
14tIncrementaltAnalysis
15tBudgetarytPlanning
16tBudgetarytControltandtResponsibilitytAccounting
17tStandardtCoststandtBalancedtScorecard
18tPlanningtfortCapitaltInvestments




2

,SurveytoftAccounting,t3et(Kimmel)
AppendixtD Double-EntrytAccountingtSystem

1) Atnewtaccounttistopenedtforteachttransactiontenteredtintotbytatbusinesstfirm.tA
nswer:ttt FALSE
Diff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinutes:ttt 1

2) Thetrecordingtprocesstbecomestmoretefficienttandtinformativetiftallttransactionstaretrecordedtint
onetaccount.
Answer:ttt FALSEtDiff:t
1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinutes:ttt 1

3) Antaccounttconsiststofttwotparts:t(1)tatlefttortdebittsidetandt(2)tatrighttortcredittside.tAns
wer:ttt FALSE
Diff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinutes:ttt 1

4) FortatT-
account,tantaccounttbalancetistthetdifferencetinttotaltdollarstbetweenttotaltdebittamountstan
dttotaltcredittamounts.
Answer:ttt TRUEtDiff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinutes:ttt 1




3

, 5) AntaccounttistoftentreferredttotastatT-
accounttbecausetoftthetwaytittistconstructed.tAnswer:ttt TRUE
Diff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinu
tes:ttt 1

6) Atdebitttotantaccounttalwaystindicatestantincreasetintthattaccount.tA
nswer:ttt FALSE
Diff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinu
tes:ttt 1

7) Iftatrevenuetaccounttistcredited,tthetrevenuetaccounttistincreased.t
Answer:ttt TRUE
Diff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinu
tes:ttt 1

8) Thetnormaltbalancetoftalltaccountstistatdebit.tA
nswer:ttt FALSE
Diff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinu
tes:ttt 1

9) Debittandtcredittcantbetinterpretedttotmeant"bad"tandt"good",trespectively.tA
nswer:ttt FALSE
Diff:t1
LO:ttt 1
Bloom:tttK
AACSBt/tIMA:tttNonet/tReporting
AICPA:tttBB:tNone;tFC:tReporting;tPC:tNonetMinu
tes:ttt 1



4