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

Test Bank For
Survey of Accounting
Author: Paul D. Kimmel


3rd Edition




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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
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

2) The Recording Process Becomes More Efficient And Informative If All Transactions Are
Recorded In One Account.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
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
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

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
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1




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,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
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. Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

7) If A Revenue Account Is Credited, The Revenue Account Is
Increased. Answer: TRUE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

8) The Normal Balance Of All Accounts Is A
Debit. Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

9) Debit And Credit Can Be Interpreted To Mean "Bad" And "Good",
Respectively. Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1




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, 10) A Credit Means That An Account Has Been
Increased. Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

11) A Decrease In A Liability Account Is Recorded By A
Debit. Answer: TRUE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

12) An Increase In An Asset Is Recorded By A
Debit. Answer: TRUE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

13) The Double-Entry System Of Accounting Refers To The Placement Of A Double Line At
The End Of A Column Of Figures.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1

14) A Credit Balance In A Liability Account Indicates That An Error In Recording Has
Occurred. Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Minutes: 1



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