Test Bank and Solutions For Financial & Managerial Accounting 16th Edition By Carl S. Warren PDF
| Title | Test Bank and Solutions For Financial & Managerial Accounting 16th Edition By Carl S. Warren |
|---|---|
| Author | Maqbool Sial |
| Course | Intro to financial accounting |
| Institution | New York University |
| Pages | 77 |
| File Size | 4.1 MB |
| File Type | |
| Total Downloads | 100 |
| Total Views | 176 |
Summary
Test bank, Solution Manual, eBook For Financial & Managerial Accounting 16th Edition By Carl Warren, Jefferson Jones, William Tayler ; 9780357714041, 0357714040 + APLIA, MINDTAP Assignments & Quizzes Available....
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Indicatewhetherthestatementistrueorfalse. 1. Theprocessoftransferringthedatafromthejournaltotheledgeraccountsiscalledposting. a. True b. False 2. Atransactionthatisrecordedinthejournaliscalledajournalentry. a. True b. False 3. Accountsintheledgerareusuallymaintainedinalphabeticalorder. a. True b. False 4. Expenseaccountsareincreasedbycredits. a. True b. False 5. Thecashaccountwillalwaysbedebited. a. True b. False 6. Thenormalbalanceofthedividendsaccountisadebit. a. True b. False 7. Acredittothecashaccountwillincreasetheaccount. a. True b. False 8. Consuminggoodsandservicesintheprocessofgeneratingrevenuesresultsinexpenses. a. True b. False 9. Thechartofaccountsshouldbethesameforeachbusiness. a. True b. False 10. Dividendsdecreasestockholders'equityandarelistedontheincomestatementasadeductionfromrevenue. a. True b. False 11. Journalizingistheprocessofenteringamountsintheledger. a. True b. False
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12.Theaccountspayableaccountislistedinthechartofaccountsasanasset. a.True b.False 13.Assetsareincreasedwithdebitsanddecreasedwithcredits. a.True b.False 14.Whenabusinessreceivesabillfromtheutilitycompany,noentryshouldbemadeuntiltheinvoiceispaid. a.True b.False 15.Whenanaccountpayableispaidwithcash,thestockholders'equityinthebusinessdecreases. a.True b.False 16.Achartofaccountsisalistingofaccountsthatmakeupthejournal. a.True b.False 17.Liabilitiesareincreasedwithdebitsanddecreasedwithcredits. a.True b.False 18.Journalizingalwayseliminatesfraudulentactivity. a.True b.False 19.Revenueaccountsareincreasedbycredits. a.True b.False 20.Journalentriescanhavemorethantwoaccountsaslongasthedebitsequalthecredits. a.True b.False 21.Foramonth'stransactionsforatypicalmedium-sizedbusiness,thesalaryexpenseaccountislikelytohaveonly creditentries. a.True b.False 22.Journalentriesincludebothdebitandcreditaccountsforeachtransaction. a.True b.False
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23.Transactionsareinitiallyenteredintoarecordcalledajournal. a.True b.False 24.Theprocessoftransferringthedebitsandcreditsfromthejournalentriestotheaccountsisknownasposting. a.True b.False 25.Allstockholders'equityaccountsrecordincreasestotheaccountswithcredits. a.True b.False 26.AdebitisabbreviatedasDb.andacreditisabbreviatedasCr. a.True b.False 27.Stockholders'equityisreducedbytheamountinthedividendsaccount. a.True b.False 28.Whenanownerinvestsassetsinthebusiness,theretainedearningsaccountincreasesduetorevenuebeing earned. a.True b.False 29.Debitingthecashaccountwillincreasetheaccount. a.True b.False 30.Aproofoftheequalityofdebitsandcreditsintheledgerattheendofanaccountingperiodiscalledabalance sheet. a.True b.False 31.Adividendsaccountrepresentstheamountofearningspaidtothestockholders. a.True b.False 32.Postingsmadetostandardaccountformsshowanewbalanceaftereachentry. a.True b.False 33.Revenuesareequaltothedifferencebetweencashreceiptsandcashpayments. a.True b.False
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34.Liabilityaccountsareincreasedbydebits. a.True b.False 35.Expensesresultfromsellingservicesorproductstocustomers. a.True b.False 36.Journalizingtransactionsusingthedouble-entrybookkeepingsystemwilleliminatefraud. a.True b.False 37.Thepostreferencenotationusedinthejournalisthepagenumber. a.True b.False 38.Thenormalbalanceofrevenueaccountsisacredit. a.True b.False 39.Thepostreferencenotationusedintheledgeristheaccountnumber. a.True b.False 40.Prepaidexpensesareanexampleofanexpense. a.True b.False 41.TheTaccountgotitsnamebecauseitresemblestheletter“T.” a.True b.False 42.Accountspayableareaccountsthatyouexpectwillbepaidtoyou. a.True b.False 43.Postingapartofatransactiontothewrongaccountwillcausethetrialbalancetotalstobeunequal. a.True b.False 44.Accountsarerecordsofincreasesanddecreasesinindividualaccountingequationelements. a.True b.False
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45.Todeterminethebalanceinanaccount,alwayssubtractcreditsfromdebits. a.True b.False 46.Thedouble-entryaccountingsystemrecordseachtransactiontwice. a.True b.False 47.Therecordingofcashreceiptstothecashaccountwillbedonebydebitingtheaccount. a.True b.False 48.Liabilitiesaredebtsowedbythebusinessentity. a.True b.False 49.Thenormalbalanceofanexpenseaccountisacredit. a.True b.False 50.Evenwhenatrialbalanceisinbalance,theremaybeerrorsintheindividualaccounts. a.True b.False 51.Theorderoftheflowofaccountingdatais(1)recordintheledger,(2)recordinthejournal,(3)preparethe financialstatements. a.True b.False 52.Theprocessofrecordingatransactioninthejournaliscalledjournalizing. a.True b.False 53.Foramonth'stransactionsforatypicalmedium-sizedbusiness,theaccountspayableaccountislikelytohave onlycreditentries. a.True b.False 54.Theerroneousarrangementofdigits,suchaswriting$45as$54,iscalledaslide. a.True b.False 55.TheUnearnedRevenuesaccountisanexampleofaliability. a.True b.False
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56.Atrialbalancedeterminesthecompleteaccuracyofthenumbers. a.True b.False 57.TherightsideofaTaccountisknownasadebitandtheleftsideisknownasacredit. a.True b.False 58.Thetotalsatthebottomofthetrialbalanceandthetotalsatthebottomofthebalancesheetbothshowequality andbalancing,andthereforeshouldbeequal. a.True b.False 59.Dependingontheaccounttitle,therightsideoftheaccountisreferredtoasthecreditside. a.True b.False 60.Debitswillincreaseunearnedrevenuesandrevenues. a.True b.False 61.TheDividendsaccountisanexpense. a.True b.False 62.Transactionsarelistedinthejournalchronologically. a.True b.False 63.Therecordingofcashpaymentsfromthecashaccountisdonebyenteringtheamountasacredit. a.True b.False 64.Whenanaccountreceivableiscollectedincash,thetotalassetsofthebusinessincrease. a.True b.False 65.Journalizingatransactionwithboththedebitandthecreditfor$69insteadof$96willcausethetrialbalanceto beoutofbalance. a.True b.False 66.Anotationinthepostreferencecolumnofthegeneraljournalindicatesthattheamounthasbeenpostedtothe ledger. a.True b.False Copyright Cengage Learning. Powered by Cognero.
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67.Theincreasesideofanaccountisalsothesideofthenormalbalance. a.True b.False 68.Thebalanceoftheaccountcanbedeterminedbyaddingallofthedebits,addingallofthecredits,andadding theamountstogether. a.True b.False 69.Ifthetrialbalanceisinbalance,itcanbeassumedthatalljournalentrieswerepostedcorrectlyandnoerrors weremade. a.True b.False 70.Theerroneousmovingofanentirenumberoneormorespacestotherightorleft,suchaswriting$85as$850, iscalledatransposition. a.True b.False 71.Anaccountinitssimplestformhasthreepartstoit:atitle,anincreaseside,andadecreaseside. a.True b.False Indicatetheanswerchoicethatbestcompletesthestatementoranswersthequestion. 72.Whichstatement(s)concerningcashis(are)true? a.cashwillalwayshavemoredebitsthancredits b.cashwillneverhaveacreditbalance c.cashisincreasedwithadebit d.allaretrue
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ThechartofaccountsfortheCorningCompanyincludesthefollowing: AccountName
AccountNumber 11 13 15 21 24 31 32 41 54 56
Cash AccountsReceivable PrepaidInsurance AccountsPayable UnearnedRevenue CommonStock Dividends FeesEarned SalariesExpense RentExpense Page3ofthejournalcontainsthefollowingentry: Description PrepaidInsurance Cash
Post.Ref.
Debit
Credit 1,530 1,530
Usetheaboveinformationtoanswerthequestionsthatfollow.
73.Whatisthepostingreferencethatwillbefoundintheprepaidinsuranceaccount? a.11 b.15 c.3 d.13 74. March
10
AccountsPayable Cash Paidcreditorsonaccount.
800
800
Whateffectsdoesthisjournalentryhaveontheaccounts? a.decreaseAccountsPayable,increaseCash b.increaseAccountsPayable,decreaseCash c.increaseAccountsPayable,increaseCash d.decreaseAccountsPayable,decreaseCash
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75.Whichofthefollowingaccountsisastockholders'equityaccount? a.Cash b.AccountsPayable c.PrepaidInsurance d.CommonStock 76.Aclienthasamassageandasksthecompanybookkeepertomailherthebill.Thebookkeepershouldmake whichentrytorecordtheinvoice? a.Noentryuntilthecashisreceived b.FeesEarned,debit;AccountsReceivable,credit c.Cash,debit;FeesEarned,credit d.AccountsReceivable,debit;FeesEarned,credit 77.ThechartofaccountsfortheMiguelCompanyincludesthefollowing: AccountName
AccountNumber 11 13 15 21 24 31 32 41 54 56
Cash AccountsReceivable PrepaidInsurance AccountsPayable UnearnedRevenue CommonStock Dividends FeesEarned SalariesExpense RentExpense Page3ofthejournalcontainsthefollowingtransaction: Description Cash FeesEarned
Post.Ref.
Debit
Credit 640
640
Whatpostingreferenceswillbefoundinthejournalentry? a.41,3 b.3,11 c.11,41 d.11,3
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ThechartofaccountsfortheCorningCompanyincludesthefollowing: AccountName
AccountNumber 11 13 15 21 24 31 32 41 54 56
Cash AccountsReceivable PrepaidInsurance AccountsPayable UnearnedRevenue CommonStock Dividends FeesEarned SalariesExpense RentExpense Page3ofthejournalcontainsthefollowingentry: Description PrepaidInsurance Cash
Post.Ref.
Debit
Credit 1,530 1,530
Usetheaboveinformationtoanswerthequestionsthatfollow.
78.Whatpostingreferenceswillbefoundinthejournalentry? a.15,11 b.15,3 c.11,3 d.3,15 79.FasoFabricating,Inc.andSpinozaFabricationCorp.areinthesameindustryandarelocatedinthesameregion thecountry.Theyhavecondensedincomestatementsasshown.
Sales Totaloperatingexpenses Netincome
FasoFabricating,Inc. Year2 Year1 $362,000 $338,000 285,000 245,000 77,000 93,000
SpinozaFabricationCorp. Year2 Year1 $395 $422,000 305,000 285 117,000 110
Usinghorizontalanalysis,calculatethepercentchangeforsalesforeachcompany.Roundpercentagestoone decimalplace. a.Faso:27.5%;Spinoza:27.8% b.Faso:6.6%;Spinoza:6.4% c.Faso:7.1%;Spinoza:6.8% d.Faso:16.3%;Spinoza:7.0% Copyright Cengage Learning. Powered by Cognero.
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80.Whichofthefollowinggroupsofaccountshaveanormaldebitbalance? a.revenues,liabilities,andstockholders'equity b.stockholders'equityandassets c.liabilitiesandstockholders'equity d.assetsandexpenses 81.GentlyLaserClinicpurchasedlaserequipmentfor$8,500andpaid$2,250down,withtheremaindertobepaid later.Thecorrectentrywouldbe a.Equipment2,250 Cash2,250 b.Cash2,250 AccountsPayable6,250 Equipment8,500 c.EquipmentExpense8,500 AccountsPayable2,250 Cash6,250 d.Equipment8,500 AccountsPayable6,250 Cash2,250 82.Whichofthefollowingerrors,eachconsideredindividually,wouldcausethetrialbalancetotalstobeunequal? a.Atransactionwasnotposted. b.Apaymentof$67forinsurancewaspostedasadebitof$76toPrepaidInsuranceandacreditof$76to Cash. c.Apaymentof$4,450toacreditorwaspostedasadebitof$4,500toAccountsPayableandacreditof $450toCash. d.Cashreceivedfromcustomersonaccountwaspostedasadebitof$720toCashandacreditof$720to AccountsPayable. 83.Thepostingprocesswillincludethetransferofwhichofthefollowingdatafromthejournaltotheaccount? a.date,amount(debitorcredit) b.date,amount(debitorcredit),journalpagenumber c.amount(debitorcredit),accountnumber d.date,amount(debitorcredit),accountnumber 84.Whichofthefollowingisnotausefulstepinfindingerrorsonthetrialbalance? a.Determinethedifferencebetweendebitsandcreditsandlookfortheamount. b.Determinethedifferencebetweendebitsandcreditsandchangeanyaccounttomakethetrialbalance correct. c.Determinethedifferencebetweendebitsandcredits,dividetheamountby2,andlookfortheamount. d.Determinethedifferencebetweendebitsandcredits,dividetheamountby9,andifitdividesevenly,look foratranspositionorslideerror.
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85.Whichofthefollowingwillincreasestockholders'equity? a.expenses>revenues b.thecompanypaysdividends c.revenues>expenses d.cashisreceivedfromcustomersonaccount 86.WhicharethepartsoftheTaccount? a.title,date,total b.date,debitside,creditside c.title,debitside,creditside d.title,debitside,total 87.Whenatranspositionerrorismadeonthetrialbalance,thedifferencebetweenthedebitandcredittotalsonthe trialbalancewillbe a.zero b.twicetheamountofthetransposition c.one-halftheamountofthetransposition d.divisibleby9 88.Ofthefollowing,whichisaninternalreportthatwilldetermineifthetotalofthedebitbalancesequalthetotal ofthecreditbalancesintheledger? a.chartofaccounts b.incomestatement c.trialbalance d.horizontalanalysis 89.Whichofthefollowingentriesrecordsthepaymentofinsuranceforthecurrentmonth? a.Cash,debit;InsuranceExpense,credit b.InsuranceExpense,debit;Cash,credit c.InsuranceExpense,debit;AccountsReceivable,credit d.PrepaidInsurance,debit;Cash,credit 90.Whichofthefollowingentriesrecordsthereceiptofcashfromcashcustomersforservicesprovided? a.FeesEarned,debit;Cash,credit b.FeesEarned,debit;AccountsReceivable,credit c.Cash,debit;FeesEarned,credit d.AccountsReceivable,debit;FeesEarned,credit
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91.Whichofthefollowingerrorscouldcausethetrialbalancetotalstobeunequal? a.postingthedebitportionofajournalentryincorrectlywhenthecreditportionoftheentryiscorrectly posted b.failuretorecordatransactionortopostatransaction c.recordingthesametransactionmorethanonce d.recordingthesameerroneousamountforboththedebitandthecreditpartsofatransaction 92.Alistoftheaccountsusedbyabusinessiscalledthe a.journal b.chartofaccounts c.Tchart d.debitlisting 93.Accountsareclassifiedintheledger a.chronologically b.alphabetically c.inaccordancewiththeirappearanceinthefinancialstatements d.withtheaccountsusedmostoftenlistedfirst 94.Whichofthefollowingentriesrecordstheacquisitionofofficesuppliesonaccount? a.OfficeSupplies,debit;Cash,credit b.Cash,debit;OfficeSupplies,credit c.OfficeSupplies,debit;AccountsPayable,credit d.AccountsReceivable,debit;OfficeSupplies,credit 95.The____iswhereatransactioncanfirstbefoundintheaccountingrecords. a.chartofaccounts b.incomestatement c.balancesheet d.journal 96.Whichofthefollowingabbreviationsiscorrect? a.Debit,“Dr”;Credit,“Cd” b.Debit,“Db”;Credit,“Cr” c.Debit,“Db”;Credit,“Cd” d.Debit,“Dr”;Credit,“Cr”
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97.ThechartofaccountsfortheMiguelCompanyincludesthefollowing: AccountName
AccountNumber 11 13 15 21 24 31 32 41 54 56
Cash AccountsReceivable PrepaidInsurance AccountsPayable UnearnedRevenue CommonStock Dividends FeesEarned SalariesExpense RentExpense Page5ofthejournalcontainsthefollowingtransaction: Description SalariesExpense Ca...
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