CHAPTER 2: ANALYZING #as # a s
TRANSACTIONS
#as
TEST BANK FOR #as #as
ACCOUNTING 26TH #as #as
EDITION CARL S. WARREN,
#as #as #as #as
JAMES M. REEVE, #as #as #as
JONATHAN DUCHAC#as #as
© #as2016 #asCengage #asLearning. #asAll #asRights #asReserved. #asMay #asnot #asbe #asscanned, #ascopied #asor #asduplicated, #asor #asposted #asto #asa #aspublicly #asaccessible
#aswebsite, #asin #aswhole #asor #as in #aspart.
SCHOLARVAULT
,SCHOLARVAULT
,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
SCHOLARVAULT
, 4. Accounts #aspayable #asare #asaccounts #asthat #asyou #asexpect #aswill #asbe #aspaid #asto #asyou.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #asRemembering
#asLEARNING #asOBJECTIVES: ACCT.WARD.16.02-01 #as- #as02-
01 #asACCREDITING #asSTANDARDS: # a s
# a s ACCT.ACBSP.APC.02 #as- #asGAAP
ACCT.ACBSP.APC.04 #as- #asCash #asvs. #asAccrual
ACCT.AICPA.FN.03 #as- #asMeasurement
#asBUSPROG: #asAnalytic
5. Consuming #asgoods #asand #asservices #asin #asthe #asprocess #asof #asgenerating #asrevenues #asresults #asin #asexpenses.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: #asRemembering
#asLEARNING #asOBJECTIVES: ACCT.WARD.16.02-01 #as- #as02-
01 #asACCREDITING #asSTANDARDS: # a s
# a s ACCT.ACBSP.APC.02 #as- #asGAAP
ACCT.ACBSP.APC.06 #as- #asRecording #asTransactions
ACCT.AICPA.FN.03 #as- #asMeasurement
#asBUSPROG: #asAnalytic
6. Prepaid #asexpenses #asare #asan #asexample #asof #asan #asexpense.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #asRemembering
#asLEARNING #asOBJECTIVES: ACCT.WARD.16.02-01 #as- #as02-
01 #asACCREDITING #asSTANDARDS: # a s
# a s ACCT.ACBSP.APC.02 #as- #asGAAP
ACCT.ACBSP.APC.04 #as- #asCash #asvs. #asAccrual
ACCT.AICPA.FN.03 #as- #asMeasurement
#asBUSPROG: #asAnalytic
SCHOLARVAULT
TRANSACTIONS
#as
TEST BANK FOR #as #as
ACCOUNTING 26TH #as #as
EDITION CARL S. WARREN,
#as #as #as #as
JAMES M. REEVE, #as #as #as
JONATHAN DUCHAC#as #as
© #as2016 #asCengage #asLearning. #asAll #asRights #asReserved. #asMay #asnot #asbe #asscanned, #ascopied #asor #asduplicated, #asor #asposted #asto #asa #aspublicly #asaccessible
#aswebsite, #asin #aswhole #asor #as in #aspart.
SCHOLARVAULT
,SCHOLARVAULT
,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
SCHOLARVAULT
, 4. Accounts #aspayable #asare #asaccounts #asthat #asyou #asexpect #aswill #asbe #aspaid #asto #asyou.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #asRemembering
#asLEARNING #asOBJECTIVES: ACCT.WARD.16.02-01 #as- #as02-
01 #asACCREDITING #asSTANDARDS: # a s
# a s ACCT.ACBSP.APC.02 #as- #asGAAP
ACCT.ACBSP.APC.04 #as- #asCash #asvs. #asAccrual
ACCT.AICPA.FN.03 #as- #asMeasurement
#asBUSPROG: #asAnalytic
5. Consuming #asgoods #asand #asservices #asin #asthe #asprocess #asof #asgenerating #asrevenues #asresults #asin #asexpenses.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: #asRemembering
#asLEARNING #asOBJECTIVES: ACCT.WARD.16.02-01 #as- #as02-
01 #asACCREDITING #asSTANDARDS: # a s
# a s ACCT.ACBSP.APC.02 #as- #asGAAP
ACCT.ACBSP.APC.06 #as- #asRecording #asTransactions
ACCT.AICPA.FN.03 #as- #asMeasurement
#asBUSPROG: #asAnalytic
6. Prepaid #asexpenses #asare #asan #asexample #asof #asan #asexpense.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: #asRemembering
#asLEARNING #asOBJECTIVES: ACCT.WARD.16.02-01 #as- #as02-
01 #asACCREDITING #asSTANDARDS: # a s
# a s ACCT.ACBSP.APC.02 #as- #asGAAP
ACCT.ACBSP.APC.04 #as- #asCash #asvs. #asAccrual
ACCT.AICPA.FN.03 #as- #asMeasurement
#asBUSPROG: #asAnalytic
SCHOLARVAULT
