TRUE/FALSE m m m m m m m m
1 :mAccountsmaremrecordsmof mincreasesmandmdecreasesmin mindividual mfinancial mstatementmitems.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
2 :mAmchartmof maccountsmismamlistingmof maccountsmthatmmakemupmthemjournal.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
3 :mThemchartmof maccountsmshouldmbemthemsamemformeach mbusiness.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
4 :mAccountsmpayablemaremaccountsmthatmyou mexpectmwillmbempaidmtomyou.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
5 :mConsumingmgoodsmandmservicesmin mthemprocessmof mgeneratingmrevenuesmresultsmin mexpenses.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
6 :mPrepaidmexpensesmareman mexamplemof man mexpense.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
7 :mThemunearnedmrevenuemaccountmisman mexamplemof mamliability.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
8 :mThemdrawingmaccountmisman mexpense.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
9 :mAccountsminmthemledgermaremusuallymmaintainedminmalphabeticalmorde
r.mAm:mtrue
mynursytest.store 1m/m35
,DOWNB L: OfaAlsDe THE Test Bank for Financial Accounting 16th Edition Warren
m m m m m m m m m m
CorrectmAnswerm:mB
10 :mDependingmon mthemaccountmtitle,mthemrightmsidemof mthemaccountmismreferredmtomasmthemcreditmside.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
11 :mTomdeterminemthembalancemin man maccount,malwaysmsubtractmcreditsmfrommdebits.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
12 :mAn maccountminmitsmsimplestmformmhasmthreempartsmtomit:mamtitle,manmincreasemside,man
dmamdecreasemside.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
13 :mThemTmaccountmgotmitsmnamembecausemitmresemblesmthemletterm“T.”
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
14 :mThemrightmsidemof mamTmaccountmismknown masmamdebitmandmthemleftmsidemismknown masmamcredit.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
15 :mAmdebitmentry mto mthemcash maccountmwillmincreasemthemaccount.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
16 :mAmcreditmentrymtomthemcash maccountmwill mincreasemthemaccount.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
17 :mThemcash maccountmwill malwaysmbemdebited.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
mynursytest.store 2m/m35
, DOWN18LO
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Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
19 :mThemrecordingmofmcashmpaymentsmfrommthemcashmaccountmismdonembymenteringmthemamountm
asmamcredit.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
20 :mThembalancemof manmaccountmcanmbemdeterminedmbymaddingmall mofmthemdebits,maddingmall mofmt
hemcredits,mandmaddingmthemamountsmtogether.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
21 :mLiabilitiesmaremdebtsmowedmbymthembusinessmentity.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
22 :mThemaccountsmpayable maccountmismlisted min mthemchartmof maccountsmasman masset.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
23 :mAmdrawingmaccountmrepresentsmthemamountmof mwithdrawalsmmadembymthemowner.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
24 :mRevenuesmaremequal mtomthemdifferencembetween mcash mreceiptsmandmcash mpayments.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mB
25 :mExpensesmresultmfrommusingmupmassetsmormconsumingmservicesminmthemprocessmof mgenerati
ngmrevenues.
Am:mtrue
Bm:mfalse
CorrectmAnswerm:mA
Owner’smequitymwill mbemreducedmbymthemamountmin mthemdrawingmaccount.
26m:m:mtrue
A
mynursytest.store 3m/m35