Test Bank For Intermediate Accounting 9th Edition By Spiceland

Test Bank For Intermediate Accounting 9th Edition By Spiceland can help students improve their understanding of accounting concepts and prepare for exams. The Test Bank provides a variety of questions that cover all the key topics in the textbook.In addition, the Test Bank includes answer explanations to help students better understand the material. With the Test Bank, students will have a valuable resource to use as they study for their upcoming exams.Digital item No Waiting Time Instant DownloadISBN10: 125972266X, ISBN13: 9781259722660

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Test Bank For Intermediate Accounting 9th Edition By Spiceland

Chapter 02 Review of the Accounting Process Answer Key True / False Questions1. Owners’ equity can be expressed as assets minus liabilities.TRUEAACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-01 Analyze routine economic events-transactions and record their effects on a company’s financial position using the accounting equation format.Level of Difficulty: 1 EasyTopic Area: Accounting equation2. Debits increase asset accounts and decrease liability accounts.TRUEAACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-01 Analyze routine economic events-transactions and record their effects on a company’s financial position using the accounting equation format.Level of Difficulty: 1 EasyTopic Area: Account relationships and records3. Balance sheet accounts are referred to as temporary accounts because their balances are always changing.FALSEAACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation
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Blooms: RememberLearning Objective: 02-01 Analyze routine economic events-transactions and record their effects on a company’s financial position using the accounting equation format.Level of Difficulty: 1 EasyTopic Area: Account relationships and records4. After an unadjusted trial balance is prepared, the next step in the accounting processing cycle isthe preparation of financial statements.FALSEAACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-01 Analyze routine economic events-transactions and record their effects on a company’s financial position using the accounting equation format.Level of Difficulty: 1 EasyTopic Area: Accounting processing cycle steps5. Adjusting journal entries are recorded at the end of any period when financial statements are prepared.TRUEAACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-04 Identify and describe the different types of adjusting journal entries. Level of Difficulty: 1 EasyTopic Area: Analyze updating-Record adjusting entry6. Accruals occur when the cash flow precedes either revenue or expense recognition.FALSEAACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-04 Identify and describe the different types of adjusting journal entries.
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Level of Difficulty: 1 EasyTopic Area: Analyze the updating-Identify type of adjustment7. The adjusted trial balance contains only permanent accounts.FALSEAACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-05 Record adjusting journal entries in general journal format; post entries; and prepare an adjusted trial balance.Level of Difficulty: 1 EasyTopic Area: Trial balance―Adjusted8. The income statement summarizes the operating activity of a firm at a particular point in time.FALSEAACSB: Reflective Thinking AICPA: BB Critical ThinkingAICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-06 Describe the four basic financial statements. Level of Difficulty: 1 EasyTopic Area: Financial statement―Income Statement9. The balance sheet can be considered a change or flow statement.FALSEAACSB: Reflective Thinking AICPA: BB Critical ThinkingAICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-06 Describe the four basic financial statements. Level of Difficulty: 1 EasyTopic Area: Financial statement―Balance sheet
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10. The statement of cash flows summarizes transactions that caused cash to change during a reporting period.TRUEAACSB: Reflective Thinking AICPA: BB Critical ThinkingAICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: RememberLearning Objective: 02-06 Describe the four basic financial statements. Level of Difficulty: 1 EasyTopic Area: Financial statement―Cash flow

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