Chapter 04 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

Chapter 04 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

 

Complete Chapter Questions With Answers

 

Sample Questions Are Posted Below

 

1. Cross-referencing is useful in assuring that the debits and credits are in balance.
   1. True
   2. False

 

ANSWER:                                  False

DIFFICULTY:                           Moderate

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.04-01 – 04-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.05 – Accounting Cycle

ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic

 

2. When accounts do not appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Moderate

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.04-01 – 04-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.05 – Accounting Cycle

ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic

3. Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Moderate

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.04-01 – 04-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.05 – Accounting Cycle

ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic

 

 

 

4. There is really no benefit in preparing financial statements in any particular order.
   1. True
   2. False

 

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.04-02 – 04-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.09 – Financial Statements

ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic

5. On the income statement, miscellaneous expenses are usually presented as the last item without regard to the dollar
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Moderate

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.04-02 – 04-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.09 – Financial Statements

ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic