Test Bank for Intermediate Accounting Volume 28th Edition Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel All Chapters

DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
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Chapter 02 Review of the Accounting Process Answer Key
v v v v v v v v




Truev/vFalsevQuestions



1. Owners'vequityvcanvbevexpressedvasvassetsvminusvliabilities.


TRUE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.


LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountingvequation


2. Debitsvincreasevassetvaccountsvandvdecreasevliabilityvaccounts.


TRUE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.

LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountvrelationshipsvandvrecords


3. Balancevsheetvaccountsvarevreferredvtovasvtemporaryvaccountsvbecausevtheirvbalancesvarev
alwaysvchanging.


FALSE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigation




2-1
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store

,DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v




Blooms:vRemember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountvrelationshipsvandvrecords


4. Aftervanvunadjustedvtrialvbalancevisvprepared,vthevnextvstepvinvthevaccountingvprocessingvcyclevisvt
hevpreparationvofvfinancialvstatements.


FALSE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountingvprocessingvcyclevsteps


5. Adjustingvjournalventriesvarevrecordedvatvthevendvofvanyvperiodvwhenvfinancialvstatementsvarevp
repared.


TRUE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
04vIdentifyvandvdescribevthevdifferentvtypesvofvadjustingvjournalventries.vLevelvofvDifficulty:v1vEas
y
TopicvArea:vAnalyzevupdating-Recordvadjustingventry


6. Accrualsvoccurvwhenvthevcashvflowvprecedesveithervrevenuevorvexpensevrecognition.


FALSE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-04vIdentifyvandvdescribevthevdifferentvtypesvofvadjustingvjournalventries.




2-2
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store

,DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v




LevelvofvDifficulty:v1vEasy
TopicvArea:vAnalyzevupdating-Identifyvtypevofvadjustment


7. Thevadjustedvtrialvbalancevcontainsvonlyvpermanentvaccounts.


FALSE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
05vRecordvadjustingvjournalventriesvinvgeneralvjournalvformat;vpostventries;vandvpreparevanvadjustedvtrialvbalance.

LevelvofvDifficulty:v1vEasy
TopicvArea:vTrialvbalance―Adjusted


8. Thevincomevstatementvsummarizesvthevoperatingvactivityvofvavfirmvatvavparticularvpointvinvtime.


FALSE

AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin

gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember

LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―IncomevStatement


9. Thevbalancevsheetvcanvbevconsideredvavchangevorvflowvstatement.


FALSE

AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin

gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember

LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―Balancevsheet




2-3
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store

, DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v




10. Thevstatementvofvcashvflowsvsummarizesvtransactionsvthatvcausedvcashvtovchangevduringvavr
eportingvperiod.


TRUE

AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin

gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember

LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―Cashvflow


11. Thevstatementvofvshareholders'vequityvdisclosesvthevchangesvinvthevtemporaryvshareholders'v
equityvaccounts.


FALSE

AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin

gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember

LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v2vM
edium
TopicvArea:vFinancialvstatement―Shareholdersvequity


12. Thevpost-closingvtrialvbalancevcontainsvonlyvpermanentvaccounts.


TRUE

AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
07vExplainvthevclosingvprocess.vLevelvofvDifficulty:v1vEasy
TopicvArea:vThevclosingvprocess




2-4
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store