Chapter 02 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

Chapter 02 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

Complete Chapter Questions With Answers

Sample Questions Are Posted Below

1. Accounts are records of increases and decreases in individual financial statement items.
   1. True
   2. False

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.02-01 – 02-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.01 – Purpose

ACCT.ACBSP.APC.02 – GAAP

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

2. A chart of accounts is a listing of accounts that make up the journal.
   1. True
   2. False

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.02-01 – 02-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.01 – Purpose

ACCT.ACBSP.APC.02 – GAAP

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

3. The chart of accounts should be the same for each business.
   1. True
   2. False

ANSWER:                                  False

DIFFICULTY:                           Moderate

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.02-01 – 02-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.02 – GAAP

ACCT.ACBSP.APC.03 – Business Forms ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic

4. Accounts payable are accounts that you expect will be paid to you.
   1. True
   2. False

ANSWER:                                  False

DIFFICULTY:                           Moderate

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.02-01 – 02-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.02 – GAAP

ACCT.ACBSP.APC.04 – Cash vs. Accrual ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic

5. Consuming goods and services in the process of generating revenues results in expenses.
   1. True
   2. False

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.02-01 – 02-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.02 – GAAP

ACCT.ACBSP.APC.06 – Recording Transactions ACCT.AICPA.FN.03 – Measurement

BUSPROG: Analytic