Financial Accounting 3rd Edition Kemp Test Bank

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Financial Accounting 3rd Edition Kemp Test Bank Full download:https://goo.gl/tze2Tt financial accounting 3rd edition pdf financial accounting kemp pdf financial accounting ifrs 3rd edition pdf download myaccountinglab
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    Financial Accounting 3rd Edition Kemp Test Bank   Full download: http://testbanklive.com/download/financial-accounting-3rd-edition-kemp-test-bank/  Financial Accounting 3rd Edition Kemp Solutions Manual  Full download: http://testbanklive.com/download/financial-accounting-3rd-edition-kemp-solutions-manual/  Financial Accounting, 3e (Kemp/Waybright) Chapter 2 Analyzing and Recording Business Transactions 2.1 Questions 1) Account titles such as Marketing Expense and Depreciation Expense would be numbered starting with a 3. Answer: FALSE Diff: 1 LO: 2-1 EOC Ref: S2-4 AACSB: Analytical Thinking AICPA Business: Strategic/Critical Thinking AICPA Functional: Reporting 2) A listing of all accounts in numerical order is called a chart of accounts. Answer: TRUE Diff: 1 LO: 2-1 EOC Ref: S2-4 AACSB: Reflective Thinking (Able to understand oneself in the context of society) AICPA Business: Strategic/Critical Thinking AICPA Functional: Decision Modeling 3) An account numbered 321 would be considered a Stockholders' Equity account as it begins with a 3. Answer: TRUE Diff: 1 LO: 2-1 EOC Ref: S2-4 AACSB: Analytical Thinking AICPA Business: Strategic/Critical Thinking AICPA Functional: Reporting    4) The Stockholders' Equity section would include accounts such as Retained Earnings and Revenues. Answer: TRUE Diff: 1 LO: 2-1 EOC Ref: S2-2 AACSB: Analytical Thinking AICPA Business: Strategic/Critical Thinking AICPA Functional: Reporting    5) Items of value that a company owns are called Stockholders' Equity. Answer: FALSE Diff: 1 LO: 2-1 EOC Ref: Vocabulary AACSB: Reflective Thinking (Able to understand oneself in the context of society) AICPA Business: Strategic/Critical Thinking AICPA Functional: Decision Modeling 6) A business generally has fewer liability accounts than asset accounts. Answer: TRUE Diff: 1 LO: 2-1 EOC Ref: S2-1 AACSB: Reflective Thinking (Able to understand oneself in the context of society) 7) A business generally has just one expense account. Answer: FALSE Diff: 1 LO: 2-1 EOC Ref: S2-2 AACSB: Reflective Thinking (Able to understand oneself in the context of society) 8) Obligations that are owed to others due to past transactions are categorized as: A) Stockholders' Equity. B) expenses. C) assets. D) liabilities. Answer: D Diff: 1 LO: 2-1 EOC Ref: Vocabulary AACSB: Reflective Thinking (Able to understand oneself in the context of society) AICPA Business: Strategic/Critical Thinking AICPA Functional: Decision Modeling    9) Monies owed to a company on a written promise to pay a fixed amount of money by a certain date would be called a(n): A) note payable. B) note receivable. C) account payable. D) account receivable. Answer: A Diff: 1 LO: 2-1 EOC Ref: S2-2 AACSB: Reflective Thinking (Able to understand oneself in the context of society) AICPA Business: Strategic/Critical Thinking AICPA Functional: Decision Modeling 10) Items such as salaries and interest that have been incurred, but not yet paid, are called: A) accrued assets. B) accrued liabilities. C) accrued revenues. D) accrued notes. Answer: B Diff: 1 LO: 2-1 EOC Ref: S2-2 AACSB: Reflective Thinking (Able to understand oneself in the context of society) AICPA Business: Strategic/Critical Thinking AICPA Functional: Decision Modeling 11) The order in which accounts appear in the chart of accounts is: A) liabilities, assets, revenues, Stockholders' Equity, expenses. B) Stockholders' Equity, expenses, revenue, liabilities, assets. C) assets, Stockholders' Equity, revenues, expenses, liabilities. D) Assets, Liabilities, Stockholders' Equity, revenues, expenses. Answer: D Diff: 1 LO: 2-1 EOC Ref: S2-2 AACSB: Analytical Thinking AICPA Business: Strategic/Critical Thinking AICPA Functional: Measurement and Reporting
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