DOWNLOAD THE Test Bank for Financial and Managerial Accounting 8thEditi
v v v v v v v v v v
on Wild v
FinancialvandvManagerialvAccounting,v8ev(Wild)vCh
apterv2 AccountingvforvBusinessvTransactions
1) Businessvtransactionsvandveventsvarevthevstartingvpointsvofvfinancialvstatements.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
2) Preparationvofvavtrialvbalancevisvthevfirstvstepvinvprocessingvavfinancialvtransaction.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
3) Sourcevdocumentsvidentifyvandvdescribevtransactionsvandveventsventeringvthevaccountingv
process.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
1
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 8thEditi
v v v v v v v v v v
on Wild v
4) Itemsvsuchvasvsalesvreceipts,vbankvstatements,vchecks,vandvpurchasevordersvarevexamplesvofvavb
usiness'svsourcevdocuments.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
5) Anvaccountvisvavrecordvofvincreasesvandvdecreasesvinvavspecificvasset,vliability,vequity,vrevenue,vo
rvexpensevitem.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA
:v BBvIndustry;vFNvDecisionvMaking
6) Avcustomer'svpromisevtovpayvonvcreditvisvclassifiedvasvanvaccountvpayablevbyvthevseller.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
7) Dividendsvarevsubtractedvonvthevincomevstatementvasvavbusinessvexpense.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
2
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 8thEditi
v v v v v v v v v v
on Wild v
8) Thevpurchasevofvlandvandvbuildingsvwillvgenerallyvbevrecordedvinvthevsamevledgervaccount.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
9) Unearnedvrevenuesvarevclassifiedvasvliabilities.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
10) Cashvdividendsvpaidvtovstockholdersvarevnotvreportedvonvthevincomevstatement.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA
:v BBvIndustry;vFNvDecisionvMaking
11) Whenvavcompanyvprovidesvservicesvforvwhichvcashvwillvnotvbevreceivedvuntilvsomevfuturevd
ate,vthevcompanyvshouldvrecordvthevamountvbilledvasvaccountsvreceivable.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
3
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
, DOWNLOAD THE Test Bank for Financial and Managerial Accounting 8thEditi
v v v v v v v v v v
on Wild v
12) Dividendsvalwaysvdecreasevequity.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA
:v BBvIndustry;vFNvDecisionvMaking
13) Expensesvalwaysvdecreasevequity.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
14) Revenuesvalwaysvincreasevequity.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry;vFNvDecisionvMaking
15) Thevissuancevofvcommonvstockvalwaysvdecreasevequity.
Answer:v FALSEvDiff
iculty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
4
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
v v v v v v v v v v
on Wild v
FinancialvandvManagerialvAccounting,v8ev(Wild)vCh
apterv2 AccountingvforvBusinessvTransactions
1) Businessvtransactionsvandveventsvarevthevstartingvpointsvofvfinancialvstatements.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
2) Preparationvofvavtrialvbalancevisvthevfirstvstepvinvprocessingvavfinancialvtransaction.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
3) Sourcevdocumentsvidentifyvandvdescribevtransactionsvandveventsventeringvthevaccountingv
process.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
1
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 8thEditi
v v v v v v v v v v
on Wild v
4) Itemsvsuchvasvsalesvreceipts,vbankvstatements,vchecks,vandvpurchasevordersvarevexamplesvofvavb
usiness'svsourcevdocuments.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v AnalyzingvandvRecordingvProcess
LearningvObjective:v 02-
C1vExplainvthevstepsvinvprocessingvtransactionsvandvthevrolevofvsourcevdocuments.
Bloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
5) Anvaccountvisvavrecordvofvincreasesvandvdecreasesvinvavspecificvasset,vliability,vequity,vrevenue,vo
rvexpensevitem.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA
:v BBvIndustry;vFNvDecisionvMaking
6) Avcustomer'svpromisevtovpayvonvcreditvisvclassifiedvasvanvaccountvpayablevbyvthevseller.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
7) Dividendsvarevsubtractedvonvthevincomevstatementvasvavbusinessvexpense.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
2
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 8thEditi
v v v v v v v v v v
on Wild v
8) Thevpurchasevofvlandvandvbuildingsvwillvgenerallyvbevrecordedvinvthevsamevledgervaccount.
Answer:vFALSEvDiffi
culty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
9) Unearnedvrevenuesvarevclassifiedvasvliabilities.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
10) Cashvdividendsvpaidvtovstockholdersvarevnotvreportedvonvthevincomevstatement.
Answer:vTRUEv
Difficulty:v1vEasy
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Remember
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA
:v BBvIndustry;vFNvDecisionvMaking
11) Whenvavcompanyvprovidesvservicesvforvwhichvcashvwillvnotvbevreceivedvuntilvsomevfuturevd
ate,vthevcompanyvshouldvrecordvthevamountvbilledvasvaccountsvreceivable.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
3
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
, DOWNLOAD THE Test Bank for Financial and Managerial Accounting 8thEditi
v v v v v v v v v v
on Wild v
12) Dividendsvalwaysvdecreasevequity.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA
:v BBvIndustry;vFNvDecisionvMaking
13) Expensesvalwaysvdecreasevequity.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
14) Revenuesvalwaysvincreasevequity.
Answer:v TRUEvDiffi
culty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry;vFNvDecisionvMaking
15) Thevissuancevofvcommonvstockvalwaysvdecreasevequity.
Answer:v FALSEvDiff
iculty:v2vMedium
Topic:v ThevAccountvandvItsvAnalysis
LearningvObjective:v02-
C2vDescribevanvaccountvandvitsvusevinvrecordingvtransactions.vBloom's:v Understand
AACSB/Accessibility:vCommunication/KeyboardvNavigationvAICPA:
v BBvIndustry; vFNvDecisionvMaking
4
Copyrightv©v2019vMcGraw-HillvEducation.vAllvrightsvreserved.
NovreproductionvorvdistributionvwithoutvthevpriorvwrittenvonsentvofvMcGraw-HillvEducation.
mynursytest.store
