Test Bank for Accounting, 29th Edition by Carl Warren.pdf

ACCOUNTING 27TH EDITION CARL S. WARREN
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JAMES – TEST BANK m m m




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Description
ACCOUNTING 27TH EDITION BY CARL S. WARREN JAMES –
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TEST BANK
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Sample Questions
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Truem/mFalse


1.m Cross-referencingm ism usefulm inm assuringmthatm them debitsm andm creditsm arem inm balance.
a. True
b. False


ANSWER: False
DIFFICULTY: ModeratemBloo
m’s:mRemembering
LEARNINGmOBJECTIVES: ACCT.WARD.18.04-01m–m04-01
ACCREDITINGmSTANDARDS: ACCT.ACBSP.APC.05m–
m AccountingmCyclemACCT.AICPA.FN.03m–
mMeasurementmBUSPROG: mAnalytic




2.mWhenmaccountsmdomnotmappear monmthemunadjustedmtrialmbalancembutmaremneededmtompostma
djustments,mtheymaremsimplymaddedmtomthemAccountmTitlemcolumn.
a. True

, b. False


ANSWER: True
DIFFICULTY: ModeratemBloo
m’s:mRemembering
LEARNINGmOBJECTIVES: ACCT.WARD.18.04-01m–m04-01

ACCREDITINGmSTANDARDS: ACCT.ACBSP.APC.05m–
AccountingmCyclemACCT.AICPA.FN.03m–
m

mMeasurementmBUSPROG: mAnalytic




3.mOncemthemadjustedmtrialmbalancemisminmbalance,mthemflowmofmaccountsmwillmnowmgomintomthemfinanc
ialmstatements.
a. True
b. False


ANSWER: True
DIFFICULTY: ModeratemBloo
m’s:mRemembering
L EARNINGmOBJECTIVES: ACCT.WARD.18.04-01m–m04-01
ACCREDITINGmSTANDARDS: ACCT.ACBSP.APC.05m–
mAccountingmCyclemACCT.ACBSP.APC.09m–
mFinancialmStatementsmACCT.AICPA.FN.03 m–

mMeasurementmBUSPROG:mAnalytic




4.m Therem ism reallym no m benefitm inm preparingm financialm statementsm inm anym particularm order.
a. True
b. False


ANSWER: False
DIFFICULTY: Easym Bloom’
s:mRemembering
L EARNINGmOBJECTIVES: ACCT.WARD.18.04-02m–m04-02

ACCREDITINGmSTANDARDS: ACCT.ACBSP.APC.09m–
mFinancialmStatementsmACCT.AICPA.FN.03m–
mMeasurementmBUSPROG:mAnalytic



5.mOnmthemincomemstatement,mmiscellaneousmexpensesmaremusuallympresentedmasmthemlastmitemm
withoutmregardmtomthemdollarmamount.
a. True

, b. False


ANSWER: True
DIFFICULTY: ModeratemBloo
m’s:mRemembering
L EARNINGmOBJECTIVES: ACCT.WARD.18.04-02m–m04-02
ACCREDITINGmSTANDARDS: ACCT.ACBSP.APC.09m–
mFinancialmStatementsmACCT.AICPA.FN.03m–
mMeasurementmBUSPROG: mAnalytic




6.mThemusualmpresentation mofmthemstatementmofmowner’smequitymism(1)mBeginningmcapital,m(2)mNetmi
ncomemormloss,m(3)mDrawing,m(4)mOwner’smcontributions,mandm(5)mEndingmcapital.
a. True
b. False


ANSWER: False
DIFFICULTY: ModeratemBloo
m’s:mRemembering
L EARNINGmOBJECTIVES: ACCT.WARD.18.04-02m–m04-02
ACCREDITINGmSTANDARDS: ACCT.ACBSP.APC.09m–
mFinancialmStatementsmACCT.AICPA.FN.03m–
mMeasurementmBUSPROG: mAnalytic




7.mThemdifferencembetweenmamclassifiedmbalancemsheetmandmonemthatmism notmclassifiedmismthatmthe
mclassified mone mhasmsubheadings.


a. True
b. False


ANSWER: True
DIFFICULTY: Easym Bloom’
s:mRemembering
L EARNINGmOBJECTIVES: ACCT.WARD.18.04-02m–m04-02
ACCREDITINGmSTANDARDS: ACCT.ACBSP.APC.09m–
mFinancialmStatementsmACCT.AICPA.FN.03m–
mMeasurementmBUSPROG:mAnalytic



8.mCashmandmothermassetsmthatmmaymreasonablymbemexpectedmtombemrealizedminmcash,msold,mormc
onsumedmthroughmthemnormalmoperationsmofmambusiness,musuallymlonger mthanmonemyear,maremcalled
currentm assets.

, a. True
b. False


ANSWER: False
DIFFICULTY: ModeratemBloo
m’s:mRemembering
LEARNINGmOBJECTIVES:mAC ACCT.WARD.18.04-02m–m04-02
CREDITINGmSTANDARDS: ACCT.ACBSP.APC.09m–
FinancialmStatementsmACCT.ACBSP.APC.15m–
m

mCurrentmAssetsmReportingmACCT.AICPA.FN.03m–

mMeasurement

BUSPROG: Analytic

9.mPrepaidmInsurancem ism anm examplem of m amcurrentm asset.
a. True
b. False


ANSWER: True
DIFFICULTY: Easym Bloom’
s:mRemembering
LEARNINGmOBJECTIVES:mAC ACCT.WARD.18.04-02m–m04-02
CREDITINGmSTANDARDS: ACCT.ACBSP.APC.15m–
mCurrentmAssetsmReportingmACCT.AICPA.FN.03m–
mMeasurement

BUSPROG: Analytic

10.mLandmism anmexamplemof mamplantmasset.
a. True
b. False


ANSWER: True
DIFFICULTY: Easym Bloom’
s:mRemembering
LEARNINGmOBJECTIVES:mAC ACCT.WARD.18.04-02m–m04-02
CREDITINGmSTANDARDS: ACCT.ACBSP.APC.13m–mLong-
termmAssetsmReportingmACCT.AICPA.FN.03m–
mMeasurement

BUSPROG: Analytic

11.mLiabilitiesmthatmwillmbemduemwithinmonemyearmormlessmandmthatmaremtombempaidmoutmofmcurrentma
ssetsmaremcalledmcurrentmliabilities.