DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v
Chapter 02 Review of the Accounting Process Answer Key
v v v v v v v v
Truev/vFalsevQuestions
1. Owners'vequityvcanvbevexpressedvasvassetsvminusvliabilities.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountingvequation
2. Debitsvincreasevassetvaccountsvandvdecreasevliabilityvaccounts.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountvrelationshipsvandvrecords
3. Balancevsheetvaccountsvarevreferredvtovasvtemporaryvaccountsvbecausevtheirvbalancesvarev
alwaysvchanging.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigation
2-1
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v
Blooms:vRemember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountvrelationshipsvandvrecords
4. Aftervanvunadjustedvtrialvbalancevisvprepared,vthevnextvstepvinvthevaccountingvprocessingvcyclevisvt
hevpreparationvofvfinancialvstatements.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountingvprocessingvcyclevsteps
5. Adjustingvjournalventriesvarevrecordedvatvthevendvofvanyvperiodvwhenvfinancialvstatementsvarevp
repared.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
04vIdentifyvandvdescribevthevdifferentvtypesvofvadjustingvjournalventries.vLevelvofvDifficulty:v1vEas
y
TopicvArea:vAnalyzevupdating-Recordvadjustingventry
6. Accrualsvoccurvwhenvthevcashvflowvprecedesveithervrevenuevorvexpensevrecognition.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-04vIdentifyvandvdescribevthevdifferentvtypesvofvadjustingvjournalventries.
2-2
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v
LevelvofvDifficulty:v1vEasy
TopicvArea:vAnalyzevupdating-Identifyvtypevofvadjustment
7. Thevadjustedvtrialvbalancevcontainsvonlyvpermanentvaccounts.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
05vRecordvadjustingvjournalventriesvinvgeneralvjournalvformat;vpostventries;vandvpreparevanvadjustedvtrialvbalance.
LevelvofvDifficulty:v1vEasy
TopicvArea:vTrialvbalance―Adjusted
8. Thevincomevstatementvsummarizesvthevoperatingvactivityvofvavfirmvatvavparticularvpointvinvtime.
FALSE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―IncomevStatement
9. Thevbalancevsheetvcanvbevconsideredvavchangevorvflowvstatement.
FALSE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―Balancevsheet
2-3
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
, DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v
10. Thevstatementvofvcashvflowsvsummarizesvtransactionsvthatvcausedvcashvtovchangevduringvavr
eportingvperiod.
TRUE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―Cashvflow
11. Thevstatementvofvshareholders'vequityvdisclosesvthevchangesvinvthevtemporaryvshareholders'v
equityvaccounts.
FALSE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v2vM
edium
TopicvArea:vFinancialvstatement―Shareholdersvequity
12. Thevpost-closingvtrialvbalancevcontainsvonlyvpermanentvaccounts.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
07vExplainvthevclosingvprocess.vLevelvofvDifficulty:v1vEasy
TopicvArea:vThevclosingvprocess
2-4
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
v v v v v v v v v
Chapter 02 Review of the Accounting Process Answer Key
v v v v v v v v
Truev/vFalsevQuestions
1. Owners'vequityvcanvbevexpressedvasvassetsvminusvliabilities.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountingvequation
2. Debitsvincreasevassetvaccountsvandvdecreasevliabilityvaccounts.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountvrelationshipsvandvrecords
3. Balancevsheetvaccountsvarevreferredvtovasvtemporaryvaccountsvbecausevtheirvbalancesvarev
alwaysvchanging.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigation
2-1
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v
Blooms:vRemember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountvrelationshipsvandvrecords
4. Aftervanvunadjustedvtrialvbalancevisvprepared,vthevnextvstepvinvthevaccountingvprocessingvcyclevisvt
hevpreparationvofvfinancialvstatements.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-01vAnalyzevroutineveconomicvevents-transactions-
andvrecordvtheirveffectsvonvavcompany'svfinancialvpositionvusingvthevaccountingvequationvformat.
LevelvofvDifficulty:v1vEasy
TopicvArea:vAccountingvprocessingvcyclevsteps
5. Adjustingvjournalventriesvarevrecordedvatvthevendvofvanyvperiodvwhenvfinancialvstatementsvarevp
repared.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
04vIdentifyvandvdescribevthevdifferentvtypesvofvadjustingvjournalventries.vLevelvofvDifficulty:v1vEas
y
TopicvArea:vAnalyzevupdating-Recordvadjustingventry
6. Accrualsvoccurvwhenvthevcashvflowvprecedesveithervrevenuevorvexpensevrecognition.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-04vIdentifyvandvdescribevthevdifferentvtypesvofvadjustingvjournalventries.
2-2
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v
LevelvofvDifficulty:v1vEasy
TopicvArea:vAnalyzevupdating-Identifyvtypevofvadjustment
7. Thevadjustedvtrialvbalancevcontainsvonlyvpermanentvaccounts.
FALSE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
05vRecordvadjustingvjournalventriesvinvgeneralvjournalvformat;vpostventries;vandvpreparevanvadjustedvtrialvbalance.
LevelvofvDifficulty:v1vEasy
TopicvArea:vTrialvbalance―Adjusted
8. Thevincomevstatementvsummarizesvthevoperatingvactivityvofvavfirmvatvavparticularvpointvinvtime.
FALSE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―IncomevStatement
9. Thevbalancevsheetvcanvbevconsideredvavchangevorvflowvstatement.
FALSE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―Balancevsheet
2-3
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
, DOWNLOAD THE Test Bank for Intermediate Accounting 9th Edition Spiceland
v v v v v v v v v
10. Thevstatementvofvcashvflowsvsummarizesvtransactionsvthatvcausedvcashvtovchangevduringvavr
eportingvperiod.
TRUE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v1vEa
sy
TopicvArea:vFinancialvstatement―Cashvflow
11. Thevstatementvofvshareholders'vequityvdisclosesvthevchangesvinvthevtemporaryvshareholders'v
equityvaccounts.
FALSE
AACSB:vReflectivevThinking
vAICPA:vBBvCriticalvThinkin
gvAICPA:vFNvMeasurement
Accessibility:vKeyboardvNavigation
vBlooms:vRemember
LearningvObjective:v02-
06vDescribevthevfourvbasicvfinancialvstatements.vLevelvofvDifficulty:v2vM
edium
TopicvArea:vFinancialvstatement―Shareholdersvequity
12. Thevpost-closingvtrialvbalancevcontainsvonlyvpermanentvaccounts.
TRUE
AACSB:vReflectivevThinkingv AICP
A:vBBvCriticalvThinkingvAccessibilit
y:vKeyboardvNavigationvBlooms:vR
emember
LearningvObjective:v02-
07vExplainvthevclosingvprocess.vLevelvofvDifficulty:v1vEasy
TopicvArea:vThevclosingvprocess
2-4
Copyrightv©v2018vMcGraw-
HillvEducation.vAllvrightsvreserved.vNovreproductionvorvdistributionvwithoutvthevpriorvwrittenvconsentvofv McGraw-HillvEducation.
mynursytest.store
