基础会计学第二章答案.docx

1、基础会计学第二章答案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 Ob

2、jective: 02-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

3、.Source documents 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, ban

4、k statements, 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,

5、liability, 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:

6、 CommunicationAICPA 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-C2

7、Topic: Accounts8.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: Remember

8、AACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C2Topic: Accounts10.Cash withdrawn by the owner of a proprietorship should be treated as an expense of the business.Answer: FalseBlooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Dec

9、ision MakingDifficulty: 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: Indust

10、ryAICPA FN: 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: D

11、ecision MakingDifficulty: 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 Makin

12、gDifficulty: 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

13、, the total 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: Fals

14、eBlooms: UnderstandAACSB: 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 MakingDifficult

15、y: 2 MediumLearning 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

16、 decreases it.Answer: TrueBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-C4Topic: Debits and Credits20.A revenue account normally has a debit balance.Answer: FalseBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICP

17、A FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-C4Topic: Debits and Credits21.Accounts are normally decreased by debits.Answer: FalseBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-C4Topic: Debits and Credits

18、22.The owners withdrawal account normally has a credit balance since it is an equity account.Answer: FalseBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-C4Topic: Debits and Credits23.Asset accounts normally have credit bala

19、nces and revenue accounts normally have debit balances.Answer: FalseBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-C4Topic: Debits and Credits 24.An owners capital account normally has a debit balance.Answer: FalseBlooms: R

20、ememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-C4Topic: Debits and Credits25.A debit entry is always favorable.Answer: FalseBlooms: UnderstandAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Ob

21、jective: 02-C4Topic: Debits and Credits26.A transaction that decreases an asset account and increases a liability account must also affect one or more other accounts.Answer: TrueBlooms: ApplyAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 3 HardLearning Objective: 02-A1Topic: T

22、ransaction Analysis27.A transaction that increases an asset and decreases a liability must also affect one or more other accounts.Answer: TrueBlooms: ApplyAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 3 HardLearning Objective: 02-A1Topic: Transaction Analysis28.If insurance c

23、overage for the next three years is paid for in advance, the amount of the payment is debited to an asset account called Prepaid Insurance.Answer: TrueBlooms: UnderstandAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-A1Topic: Transaction Analysis2

24、9.The purchase of supplies on credit should be recorded with a debit to Supplies and a credit to Accounts Payable.Answer: TrueBlooms: UnderstandAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-A1Topic: Transaction Analysis30.If a company purchases

25、land paying cash, the journal entry to record this transaction will include a debit to Cash.Answer: FalseBlooms: UnderstandAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-A1Topic: Transaction Analysis31.If a company provides services to a customer

26、 on credit the selling company should credit Accounts Receivable.Answer: FalseBlooms: UnderstandAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-A1Topic: Transaction Analysis 32.When a company bills a customer for $600 for services rendered, the jo

27、urnal entry to record this transaction will include a $600 debit to Services Revenue.Answer: False Blooms: ApplyAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 3 HardLearning Objective: 02-A1Topic: Transaction Analysis33.The debt ratio helps to assess the risk a company has of

28、failing to pay its debts and is helpful to both its owners and creditors.Answer: TrueBlooms: UnderstandAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-A2Topic: Debt Ratio 34.The higher a companys debt ratio is, the higher the risk of a company not

29、 being able to meet its obligations.Answer: TrueBlooms: UnderstandAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-A2Topic: Debt Ratio 35.The debt ratio is calculated by dividing total assets by total liabilities.Answer: FalseBlooms: RememberAACSB:

30、 AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 02-A2Topic: Debt Ratio 36.A company that finances a relatively large portion of its assets with liabilities is said to have a high degree of financial leverage.Answer: TrueBlooms: UnderstandAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 02-A2Topic