TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC| with 100% VERIFIED SOLUTIONS GRADED A+
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Course
ACCOUNTING 26TH EDITION
Institution
ACCOUNTING 26TH EDITION
TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC| with 100% VERIFIED SOLUTIONS GRADED A+TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC| with 100% VERIFIED SOLUTIONS GRADED A+TEST BANK FOR ACCOUNTING 26TH EDITION CARL S....
1. Accounts are records of increases and decreases in individual financial statement items.
ju ju ju ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering LEARNI ju ju
NG OBJECTIVES: ju ACCT.WARD.16.02-01 - 02- ju ju
01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 -
ju ju j u ju
Purpose
ju
ACCT.ACBSP.APC.02 - GAAP ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
2. A chart of accounts is a listing of accounts that make up the journal.
ju ju ju ju ju ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering LEARNI ju ju
NG OBJECTIVES: ju ACCT.WARD.16.02-01 - 02- ju ju
01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 -
ju ju j u ju
Purpose
ju
ACCT.ACBSP.APC.02 - GAAP ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
3. The chart of accounts should be the same for each business.
ju ju ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ju ju
ING OBJECTIVES: ju ACCT.WARD.16.02-01 - 02- ju ju
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ju ju j u ju
GAAP
ju
ACCT.ACBSP.APC.03 - Business Forms ju ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
,Chapter 2: Analyzing Transactions
4. Accounts payable are accounts that you expect will be paid to you.
ju ju ju ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ju ju
ING OBJECTIVES:
ju ACCT.WARD.16.02-01 - 02- ju ju
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ju ju j u ju
GAAP
ju
ACCT.ACBSP.APC.04 - Cash vs. Accrual ju ju ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
5. Consuming goods and services in the process of generating revenues results in expenses.
ju ju ju ju ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering LEARN ju ju
ING OBJECTIVES:
ju ACCT.WARD.16.02-01 - 02- ju ju
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ju ju j u ju
GAAP
ju
ACCT.ACBSP.APC.06 - Recording Transactions ju ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
6. Prepaid expenses are an example of an expense.
ju ju ju ju ju ju ju
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ju ju
ING OBJECTIVES:
ju ACCT.WARD.16.02-01 - 02- ju ju
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ju ju j u ju
GAAP
ju
ACCT.ACBSP.APC.04 - Cash vs. Accrual ju ju ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
, Chapter 2: Analyzing Transactions
7. The Unearned Revenues account is an example of a liability.
ju ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ju ju
ING OBJECTIVES:
ju ACCT.WARD.16.02-01 - 02- ju ju
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ju ju j u ju
GAAP
ju
ACCT.ACBSP.APC.04 - Cash vs. Accrual ju ju ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
8. The Drawings account is an example of an expense.
ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ju ju
ING OBJECTIVES:
ju ACCT.WARD.16.02-01 - 02- ju ju
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ju ju j u ju
GAAP
ju
ACCT.ACBSP.APC.06 - Recording Transactions ju ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
9. Accounts in the ledger are usually maintained in alphabetical order.
ju ju ju ju ju ju ju ju ju
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ju ju
ING OBJECTIVES:
ju ACCT.WARD.16.02-01 - 02- ju ju
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ju ju j u ju
GAAP
ju
ACCT.ACBSP.APC.06 - Recording Transactions ju ju ju
ACCT.AICPA.FN.03 - ju
MeasurementBUSPROG: Analytic ju ju ju
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