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- A business entity is an individual, association, or organization with control over economic resources and which
- True
- False
engages in economic activities.
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.1 - LO: 2-1
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- Liabilities represent an "inside" interest in a business.
- True
- False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.1 - LO: 2-1
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- The accounting equation shows the relationship among the three basic accounting elements—assets, expenses, and
- True
- False
owner's equity.
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.2 - LO: 2-2
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Remembering NOTES: 1 min. CengageLearningTesting,Poweredby CogneroPage 1Chapter 2—Analyzing Transactions: The Accounting Equation College Accounting Chapters 1 27 22nd Edition Heintz Visit TestBankDeal.com to get complete for all chapters
- If owner's equity and liabilities increased during the period, then assets must also have increased.
- True
- False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.2 - LO: 2-2
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- An accounts payable is an unwritten promise to pay a supplier for assets purchased or services rendered.
- True
- False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.1 - LO: 2-1
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- If the revenue of a period exceeds the expenses, the excess represents a net loss.
- True
- False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.3 - LO: 2-5
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-09-Financial Statements KEYWORDS: Bloom's: Evaluating NOTES: 1 min. CengageLearningTesting,Poweredby CogneroPage 2Chapter 2—Analyzing Transactions: The Accounting Equation
- Any accounting period of twelve months' duration is usually referred to as a fiscal year.
- True
- False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.3 - LO: 2-5
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- Revenues received during an accounting period increase owner's equity.
- True
- False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.4 - LO: 2-4
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-09-Financial Statements KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- Since supplies last for several months, they are recorded as assets.
- True
- False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.4 - LO: 2-4
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Remembering NOTES: 1 min. CengageLearningTesting,Poweredby CogneroPage 3Chapter 2—Analyzing Transactions: The Accounting Equation
- Since insurance lasts for several months, it is recorded as owner's equity.
- True
- False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.4 - LO: 2-4
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- The income statement provides information about events over a period of a month, year, or other period of time.
- True
- False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.3 - LO: 2-5
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-09-Financial Statements KEYWORDS: Bloom's: Remembering
NOTES: 1 min.
- The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance
- True
- False
sheet.
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.3 - LO: 2-5
ACCREDITING STANDARDS: AICPA BB-Industry
BUSPROG: Communication
TOPICS: ACBSP: APC-09-Financial Statements KEYWORDS: Bloom's: Remembering NOTES: 1 min. CengageLearningTesting,Poweredby CogneroPage 4Chapter 2—Analyzing Transactions: The Accounting Equation
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