Chapter 05 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

Chapter 05 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

Complete Chapter Questions With Answers

Sample Questions Are Posted Below

1. The methods and procedures for collecting, classifying, summarizing, and reporting a business’s financial and operating information are called the accounting system.
   1. True
   2. False

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.05-01 – 05-01

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

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

2. Systems analysis is the final phase in the creation or revision of an accounting system.
   1. True
   2. False

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.05-01 – 05-01

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

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

3. Processing methods are the means by which the system collects, summarizes, and reports accounting information.
   1. True
   2. False

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.05-01 – 05-01

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

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

BUSPROG: Analytic

4. Accounting systems evolve through a three-step process: analysis, design, and feedback.
   1. True
   2. False

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.05-01 – 05-01

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

ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic

5. An accounting system design consists of internal controls and information processing methods.
   1. True
   2. False

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.05-01 – 05-01

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

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