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1、Chapter 2 ANALYZING AND RECORDING TRANSACTIONSTrue /False Questions1.The first step in the processing of a transaction is to analyze the transaction and source documents.Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 0
2、2-C1Topic: Processing Transactions2.Preparation of a trial balance is the first step in the analyzing and recording process.Answer: FalseBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C1Topic: Processing Transactions3.Source do
3、cuments provide evidence of business transactions and are the basis for accounting entries.Answer: TrueBlooms: Remember AACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C1Topic: Processing Transactions4.Items such as sales tickets, bank statemen
4、ts, checks, and purchase orders are source documents.Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C1Topic: Processing Transactions5.An account is a record of increases and decreases in a specific asset, liability,
5、 equity, revenue, or expense item.Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C2Topic: Accounts6.A customers promise to pay is called an account payable to the seller.Answer: FalseBlooms: RememberAACSB: Communica
6、tionAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C2Topic: Accounts7.Withdrawals by the owner are a business expense.Answer: FalseBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C2Topic: Acc
7、ounts8.Land and buildings are generally recorded in the same ledger account.Answer: FalseBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C2Topic: Accounts9.Unearned revenues are liabilities.Answer: TrueBlooms: RememberAACSB: Com
8、municationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C2Topic: Accounts10.Cash withdrawn by the owner of a proprietorship should be treated as an expense of the business.Answer: FalseBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision Maki
9、ngDifficulty: 1 Easy Learning Objective: 02-C2Topic: Accounts11.When a company provides services for which cash will not be received until some future date, the company should record the amount charged as unearned revenue.Answer: FalseBlooms: Understand AACSB: CommunicationAICPA BB: IndustryAICPA FN
10、: Decision MakingDifficulty:2 Medium Learning Objective: 02-C2Topic: Accounts12.The chart of accounts is a list of all the accounts used by a company and includes an identification number assigned to each account.Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision Ma
11、kingDifficulty: 1 EasyLearning Objective: 02-C3Topic: Ledger and Chart of Accounts13.An account balance is the difference between the debits and credits for an account including any beginning balance.Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficult
12、y: 1 EasyLearning Objective: 02-C2Topic: Account14.Debit means the right side of an account.Answer: FalseBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C4Topic: Debits and Credits15.In a double-entry accounting system, the tota
13、l amount debited must always equal the total amount credited.Answer: TrueBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C4Topic: Debits and Credits16.Increases in liability accounts are recorded as debits.Answer: FalseBlooms: U
14、nderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-C4Topic: Debits and Credits17.Debits increase asset and expense accounts.Answer: TrueBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 Mediu
15、mLearning Objective: 02-C4Topic: Debits and Credits18.Credits always increase account balances.Answer: FalseBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-C4Topic: Debits and Credits19.Crediting an expense account decreases it.Answer: TrueBlo
