DOWNLOAD THE Test Bank for Financial and Managerial Accounting 14th
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
1. Accountsgaregrecordsgofgincreasesgandgdecreasesgingindividualgaccountinggequationgelements.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.01g-gPurpose
ACCT.ACBSP.APC.02g-gGAAP
ACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
2. Agchartgofgaccountsgisgaglistinggofgaccountsgthatgmakegupgthegjournal.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.01g-gPurpose
ACCT.ACBSP.APC.02g-gGAAP
ACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
3. Thegchartgofgaccountsgshouldgbegthegsamegforgeachgbusiness.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.03g-
gBusinessgFormsgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
4. Accountsgpayablegaregaccountsgthatgyougexpectgwillgbegpaidgtogyou.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.04g-
gCashgvs.gAccrualgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 14th
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
5. Consumingggoodsgandgservicesgingthegprocessgofggeneratinggrevenuesgresultsgingexpenses.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
6. Prepaidgexpensesgaregangexamplegofgangexpense.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.04g-
gCashgvs.gAccrualgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
7. ThegUnearnedgRevenuesgaccountgisgangexamplegofgagliability.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.04g-
gCashgvs.gAccrualgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
8. ThegDividendsgaccountgisgangexpense.
a. True
b. False
ANSWER: False
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 14th
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
9. Accountsgingthegledgergaregusuallygmaintainedgingalphabeticalgorder.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
10. Dependinggongthegaccountgtitle,gthegrightgsidegofgthegaccountgisgreferredgtogasgthegcreditgside.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
11. Togdeterminegthegbalancegingangaccount,galwaysgsubtractgcreditsgfromgdebits.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
, DOWNLOAD THE Test Bank for Financial and Managerial Accounting 14th
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
12. Angaccountgingitsgsimplestgformghasgthreegpartsgtogit:gagtitle,gangincreasegside,gandgagdecreasegside.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
13. ThegTgaccountggotgitsgnamegbecausegitgresemblesgthegletterg“T.”
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
14. ThegrightghandgsidegofgagTgaccountgisgknowngasgagdebitgandgthegleftghandgsidegisgknowngasgagcredit.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
15. Debitinggthegcashgaccountgwillgincreasegthegaccount.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
1. Accountsgaregrecordsgofgincreasesgandgdecreasesgingindividualgaccountinggequationgelements.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.01g-gPurpose
ACCT.ACBSP.APC.02g-gGAAP
ACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
2. Agchartgofgaccountsgisgaglistinggofgaccountsgthatgmakegupgthegjournal.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.01g-gPurpose
ACCT.ACBSP.APC.02g-gGAAP
ACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
3. Thegchartgofgaccountsgshouldgbegthegsamegforgeachgbusiness.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.03g-
gBusinessgFormsgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
4. Accountsgpayablegaregaccountsgthatgyougexpectgwillgbegpaidgtogyou.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.04g-
gCashgvs.gAccrualgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 14th
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
5. Consumingggoodsgandgservicesgingthegprocessgofggeneratinggrevenuesgresultsgingexpenses.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
6. Prepaidgexpensesgaregangexamplegofgangexpense.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.04g-
gCashgvs.gAccrualgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
7. ThegUnearnedgRevenuesgaccountgisgangexamplegofgagliability.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.04g-
gCashgvs.gAccrualgACCT.AICPA.FN.03g-
gMeasurementgBUSPROG:gAnalytic
8. ThegDividendsgaccountgisgangexpense.
a. True
b. False
ANSWER: False
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial and Managerial Accounting 14th
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
9. Accountsgingthegledgergaregusuallygmaintainedgingalphabeticalgorder.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
10. Dependinggongthegaccountgtitle,gthegrightgsidegofgthegaccountgisgreferredgtogasgthegcreditgside.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
11. Togdeterminegthegbalancegingangaccount,galwaysgsubtractgcreditsgfromgdebits.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
, DOWNLOAD THE Test Bank for Financial and Managerial Accounting 14th
g g g g g g g g g
Edition Warren g
Chapterg2g-gAnalyzinggTransactions
12. Angaccountgingitsgsimplestgformghasgthreegpartsgtogit:gagtitle,gangincreasegside,gandgagdecreasegside.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
13. ThegTgaccountggotgitsgnamegbecausegitgresemblesgthegletterg“T.”
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
14. ThegrightghandgsidegofgagTgaccountgisgknowngasgagdebitgandgthegleftghandgsidegisgknowngasgagcredit.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
15. Debitinggthegcashgaccountgwillgincreasegthegaccount.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's:gRemembering
LEARNINGgOBJECTIVES: FNMN.WARD.17.02-01g-gLO:g02-01
ACCREDITINGgSTANDARDS:g ACCT.ACBSP.APC.02g-gGAAP
ACCT.ACBSP.APC.06g-
gRecordinggTransactionsgACCT.AICPA.FN.03g-gMeasurement
BUSPROG:gAnalytic
©g2017gCengagegLearning®.gMaygnotgbegscanned,gcopiedgorgduplicated,gorgpostedgtogagpubliclygaccessiblegwebsite,gingwholegorgingpart.
mynursytest.store
