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.

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ISBN10: 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 Questions

1. Owners’ equity can be expressed as assets minus liabilities.

TRUE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning 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 Easy
Topic Area: Accounting equation

2. Debits increase asset accounts and decrease liability accounts.

TRUE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning 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 Easy
Topic Area: Account relationships and records

3. Balance sheet accounts are referred to as temporary accounts because their balances are always changing.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation

2-1

Blooms: Remember
Learning 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 Easy
Topic Area: Account relationships and records

4. After an unadjusted trial balance is prepared, the next step in the accounting processing cycle is

the preparation of financial statements.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning 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 Easy
Topic Area: Accounting processing cycle steps

5. Adjusting journal entries are recorded at the end of any period when financial statements are prepared.

TRUE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-04 Identify and describe the different types of adjusting journal entries. Level of Difficulty: 1 Easy
Topic Area: Analyze updating-Record adjusting entry

6. Accruals occur when the cash flow precedes either revenue or expense recognition.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-04 Identify and describe the different types of adjusting journal entries.

2-2

Level of Difficulty: 1 Easy
Topic Area: Analyze the updating-Identify type of adjustment

7. The adjusted trial balance contains only permanent accounts.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-05 Record adjusting journal entries in general journal format; post entries; and prepare an adjusted trial balance.

Level of Difficulty: 1 Easy
Topic Area: Trial balance―Adjusted

8. The income statement summarizes the operating activity of a firm at a particular point in time.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking
AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-06 Describe the four basic financial statements. Level of Difficulty: 1 Easy
Topic Area: Financial statement―Income Statement

9. The balance sheet can be considered a change or flow statement.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking
AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-06 Describe the four basic financial statements. Level of Difficulty: 1 Easy
Topic Area: Financial statement―Balance sheet

2-3

10. The statement of cash flows summarizes transactions that caused cash to change during a reporting period.

TRUE

AACSB: Reflective Thinking AICPA: BB Critical Thinking
AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-06 Describe the four basic financial statements. Level of Difficulty: 1 Easy
Topic Area: Financial statement―Cash flow

11. The statement of shareholders’ equity discloses the changes in the temporary shareholders’ equity accounts.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking
AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-06 Describe the four basic financial statements. Level of Difficulty: 2 Medium
Topic Area: Financial statement―Shareholders’ equity

12. The post-closing trial balance contains only permanent accounts.

TRUE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-07 Explain the closing process. Level of Difficulty: 1 Easy
Topic Area: The closing process

2-4

13. The closing process brings all temporary accounts to a zero balance and updates the balance in

the retained earnings account.

TRUE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-07 Explain the closing process. Level of Difficulty: 1 Easy
Topic Area: The closing process

14. A reversing entry at the beginning of a period for salaries would include a debit to salaries expense.

FALSE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-Appendix 2B Reversing Entries. Level of Difficulty: 2 Medium
Topic Area: Reversing entries–Appendix B

15. The sale of merchandise on account would be recorded in a sales journal.

TRUE

AACSB: Reflective Thinking AICPA: BB Critical Thinking Accessibility: Keyboard Navigation Blooms: Remember

Learning Objective: 02-Appendix 2C Subsidiary Ledgers and Special Journals. Level of Difficulty: 1 Easy
Topic Area: Subsidiary ledger-Special journal–App C

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