978-1337398169 Test Bank Chapter 2 Part 2

subject Type Homework Help
subject Pages 9
subject Words 1981
subject Textbook Corporate Financial Accounting 15th Edition
subject Authors Carl Warren, Jeff Jones
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page-pf1
Chapter 02 - Double-Entry Accounting
Copyright Cengage Learning. Powered by Cognero.
Page 11
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
27. When an owner invests assets in the business, the retained earnings account increases due to revenue being earned.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Moderate
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-01 - LO: 02-01
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
28. When an account receivable is collected in cash, the total assets of the business increase.
a.
True
b.
False
ANSWER:
POINTS:
DIFFICULTY:
QUESTION TYPE:
HAS VARIABLES:
LEARNING OBJECTIVES:
STATE STANDARDS:
ACCREDITING STANDARDS:
DATE CREATED:
DATE MODIFIED:
29. When an account payable is paid with cash, the stockholders' equity in the business decreases.
a.
True
page-pf2
Chapter 02 - Double-Entry Accounting
Copyright Cengage Learning. Powered by Cognero.
Page 12
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Moderate
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-01 - LO: 02-01
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-16-Current Liabilities Repor - APC-16-Current
Liabilities Reporting
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.16 - Current Liabilities Reporting
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
30. For a month's transactions for a typical medium-sized business, the salary expense account is likely to have only credit
entries.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Moderate
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
31. When a business receives a bill from the utility company, no entry should be made until the invoice is paid.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Moderate
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
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page-pf4
Chapter 02 - Double-Entry Accounting
Copyright Cengage Learning. Powered by Cognero.
Page 14
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Moderate
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-09-Financial Statements
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.09 - Financial Statements
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
35. The normal balance of revenue accounts is a credit.
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
36. The normal balance of the dividends account is a debit.
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
page-pf5
page-pf6
Chapter 02 - Double-Entry Accounting
Copyright Cengage Learning. Powered by Cognero.
Page 16
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
40. Liability accounts are increased by debits.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
41. Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Moderate
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
page-pf7
page-pf8
page-pf9
Chapter 02 - Double-Entry Accounting
Copyright Cengage Learning. Powered by Cognero.
Page 19
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
48. Journal entries include both debit and credit accounts for each transaction.
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 5:26 PM
DATE MODIFIED:
10/16/2017 4:19 PM
49. A transaction that is recorded in the journal is called a journal entry.
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.02-02 - LO: 02-02
STATE STANDARDS:
United States - IN - APC-06-Recording Transactions
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