Test Bank for Corporate Financial Accounting 15th Edition by Warren A+

$35.00
Test Bank for Corporate Financial Accounting 15th Edition by Warren A+

Test Bank for Corporate Financial Accounting 15th Edition by Warren A+

$35.00
Test Bank for Corporate Financial Accounting 15th Edition by Warren A+

. A corporation is a business that is legally separate and distinct from its owners.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

2. The role of accounting is to provide many different users with financial information to make economic decisions.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

3. Accounting information users need reports about the economic activities and condition of businesses.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

4. Managerial accounting information is used by external and internal users equally.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where they work.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

7. Proper ethical conduct implies that you only consider what's in your best interest.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

8. Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which grew out of control.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

9. A business is an organization in which basic resources or inputs, like materials and labor, are assembled and processed to provide outputs in the form of goods or services to customers.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.BB.06 - Resource Management
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

10. Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

11. An example of a general-purpose financial statement would be a report about projected price increases related to transportation costs.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.09 - Financial Statements
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

12. The Sarbanes-Oxley Act established standards for corporate responsibility and disclosure.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.20 - Accounting for Corporations
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

13. The main objective for all businesses is to maximize unrealized profits.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

14. The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

15. The basic difference between manufacturing and retail companies is the completion level of the products they purchase for resale to customers.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-01 - LO: 01-01

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

16. Proprietorships are owned by one owner and provide only services to their customers.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

17. About 90% of the businesses in the United States are organized as corporations.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

18. An example of an external user of accounting information is the federal government.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

19. The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

20. The cost principle is the basis for entering the purchase price into the accounting records.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

21. The monetary unit assumption requires that economic data be recorded in dollars for companies in the United States.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

22. If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

23. The financial statements of a proprietorship should include the owner's personal assets and liabilities.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

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

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

24. No significant differences exist between the accounting standards issued by the FASB and the IASB.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

25. Generally accepted accounting principles regulate how and what financial information is reported by businesses.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-02 - LO: 01-02

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

26. The accounting equation can be expressed as Assets – Liabilities = Stockholder's Equity.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-03 - LO: 01-03

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

27. The rights or claims to the assets of a business may be subdivided into rights of creditors and rights of stockholders.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Challenging
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-03 - LO: 01-03

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

28. The stockholders' rights to the assets rank ahead of the creditors' rights to the assets.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-03 - LO: 01-03

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

29. If the liabilities owed by a business total $300,000 and stockholders' equity is equal to $300,000, then the assets also total $300,000.

a.

True

b.

False

ANSWER:

False

RATIONALE:

Assets = Liabilities + Stockholders’ Equity = $300,000 + $300,000 = $600,000

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-03 - LO: 01-03

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

30. If total assets decreased by $30,000 during a specific period and stockholders' equity decreased by $35,000 during the same period, the period's change in total liabilities was a $65,000 increase.

a.

True

b.

False

ANSWER:

False

RATIONALE:

Assets = Liabilities + Stockholders’ Equity

–$30,000 = Liabilities + (–$35,000)

Liabilities = +$5,000

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-03 - LO: 01-03

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

31. If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total stockholders' equity was a $200,000 increase.

a.

True

b.

False

ANSWER:

True

RATIONALE:

Assets = Liabilities + Stockholders’ Equity

+$190,000 = –10,000 + Stockholders’ Equity

Stockholders’ Equity = +$200,000

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Applying

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-03 - LO: 01-03

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

32. If net income for a company was $50,000, $20,000 in cash dividends were paid and the shareholders invested $10,000 in cash, the stockholders' equity increased by $40,000.

a.

True

b.

False

ANSWER:

True

RATIONALE:

Increase in the stockholders' equity = Net income for the year – Cash dividends + Shareholders' investment = $50,000 – $20,000 + $10,000 = $40,000​

POINTS:

1

DIFFICULTY:

c
Bloom's: Applying

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-04 - LO: 01-04

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

33. An account receivable is typically classified as a revenue.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-04 - LO: 01-04

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.15 - Current Assets Reporting
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

34. An account receivable is a claim against a customer resulting from a sale on account.

a.

True

b.

False

ANSWER:

True

POINTS:

1

DIFFICULTY:

Easy
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-04 - LO: 01-04

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.12 - Receivables Reporting
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

35. Paying an account payable increases liabilities and decreases assets.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-04 - LO: 01-04

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.16 - Current Liabilities Reporting
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

36. Receiving payments on an account receivable increases both equity and assets.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Challenging
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-04 - LO: 01-04

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

37. Dividends paid to stockholders decrease assets and increase equity.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-04 - LO: 01-04

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

38. Purchasing supplies on account increases liabilities and decreases equity.

a.

True

b.

False

ANSWER:

False

POINTS:

1

DIFFICULTY:

Moderate
Bloom's: Remembering

QUESTION TYPE:

True / False

HAS VARIABLES:

False

LEARNING OBJECTIVES:

FNMN.WAJO.19.01-04 - LO: 01-04

ACCREDITING STANDARDS:

ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

DATE CREATED:

7/26/2017 4:27 PM

DATE MODIFIED:

10/16/2017 3:33 PM

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