LEARNING OBJECTIVES: SACC.WARR.18.2-1 - LO: 02.01

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• The basic elements of a financial accounting system include a framework for preparing financial statements.
• True

b.False

ANSWER:True

POINTS:1

DIFFICULTY: Easy

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-1 - LO: 02.01

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-01 - Purpose United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Remembering

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 7/19/2016 9:45 AM

QUESTION ID: JFND-GO3A-EW4R-GQNB

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

CC5N-4PUG-CJ1U-RCJZ-GTDI-GWN8-EPRW-EMJS-G71S-KC5R-CF1U-NA31-GHSU-

OATA-8RSU-OA3Z-GOSU-QQMR-GCSU-1ATU-CO5G-NA3U-E7JI-YT4D-JFNN-4OTI-

GO4W-NQNBEE

• The accounting equation is expressed as follows: Assets = Liabilities + Stockholders' Equity.
• True

b.False

ANSWER:True

POINTS:1

DIFFICULTY: Easy

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-1 - LO: 02.01

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-06 - Recording Transactions United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Remembering

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 7/19/2016 9:45 AM

QUESTION ID: JFND-GO3A-EW4R-GQB3

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

CC5N-4PUG-CJ1U-RCJZ-GTDI-GWN8-EPRW-EMMD-CE5U-NATI-GBTD-OCB1-CRSU-

EATI-8RSS-RP3T-GOSU-QA33-GHSS-G3UR-GRHU-CA3Z-E7JI-YT4D-JFNN-4OTI-

GO4W-NQNBEE

• Any given transaction must affect at least two different parts of the accounting equation.
• True

b.False Survey of Accounting 8th Edition Warren Test Bank Visit TestBankDeal.com to get complete for all chapters

Chapter 2 Copyright Cengage Learning. Powered by Cognero.Page 2

ANSWER:False

POINTS:1

DIFFICULTY: Easy

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-1 - LO: 02.01

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-06 - Recording Transactions United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Understanding

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 7/19/2016 9:45 AM

QUESTION ID: JFND-GO3A-EW4R-GQBA

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

CC5N-4PUG-CJ1U-RCJZ-GTDI-GWN8-EPRW-EMJ1-8Y3G-CCT3-GA5G-EPJW-CASU-

GQJU-CESU-YAMR-GOSU-OQDR-GOSS-NCBT-8YAD-1C5D-E7JI-YT4D-JFNN-4OTI-

GO4W-NQNBEE

• The accounting equation can be expressed as: Assets − Liabilities = Revenues.
• True

b.False

ANSWER:False

POINTS:1

DIFFICULTY: Easy

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-1 - LO: 02.01

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-06 - Recording Transactions United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Remembering

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 11/2/2016 4:53 AM

QUESTION ID: JFND-GO3A-EW4R-GQNG

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

CC5N-4PUG-CJ1U-RCJZ-GTDI-GWN8-EPRW-EMMD-8RAU-OATZ-GTTU-GPUG-

CRSU-NCDN-8RSS-CPTA-GOSU-13TU-CWSU-YPTS-CWHU-EPUD-E7JI-YT4D-JFNN-

4OTI-GO4W-NQNBEE

• On a statement of cash flows, each cash transaction is recorded and classified as an operating, investing, or financing

activity.

• True

b.False

ANSWER:True

POINTS:1

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DIFFICULTY: Easy

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-1 - LO: 02.01

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-06 - Recording Transactions United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Remembering

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 10/13/2016 3:31 AM

QUESTION ID: JFND-GO3A-EW4R-GQNF

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

CC5N-4PUG-CJ1U-RCJZ-GTDI-GWN8-EPRW-EMJU-CWAS-NC5N-8R4S-EPTT-GASU-

KCBW-CRSU-OCUB-GOSS-CPBZ-GCSU-1PB3-CEHS-NPUR-E7JI-YT4D-JFNN-4OTI-

GO4W-NQNBEE

• Equality of the accounting equation means that no errors have occurred.
• True

b.False

ANSWER:False

POINTS:1

DIFFICULTY: Easy

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-1 - LO: 02.01

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-06 - Recording Transactions United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Understanding

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 7/19/2016 9:45 AM

QUESTION ID: JFND-GO3A-EW4R-GQNR

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

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KPBT-8YSS-RA5N-GOSS-NP3O-GWSU-C3TA-GRAU-KP5N-E7JI-YT4D-JFNN-4OTI-

GO4W-NQNBEE

• Dividends are an example of an expense.
• True

b.False

ANSWER:False

POINTS:1

DIFFICULTY: Easy

QUESTION TYPE: True / False

HAS VARIABLES: False

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LEARNING OBJECTIVES: SACC.WARR.18.2-2 - LO: 02.02

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-06 - Recording Transactions United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Understanding

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 7/19/2016 9:45 AM

QUESTION ID: JFND-GO3A-EW4R-GQND

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

CC5N-4PUG-CJ1U-RCJZ-GTDI-GWN8-EPRW-EMMB-GAHU-EPBS-GFUD-GC3O-

GOSU-EQMB-8RSU-O3JI-GOSU-NPBS-CESS-ECMG-GF1U-RCJ1-E7JI-YT4D-JFNN-

4OTI-GO4W-NQNBEE

• Retained earnings will be increased by the amount in the dividend account.
• True

b.False

ANSWER:False

POINTS:1

DIFFICULTY: Moderate

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-2 - LO: 02.02

NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-06 - Recording Transactions United States - AK - DISC: AICPA: FN-Measurement KEYWORDS: Bloom's: Understanding

DATE CREATED: 7/19/2016 9:45 AM

DATE MODIFIED: 7/19/2016 9:45 AM

QUESTION ID: JFND-GO3A-EW4R-GQBU

QUESTION GLOBAL ID: GCID-E7BW-1TBP-CE4U-KPTI-8R4D-CQB1-GY5N-4A3W-COHN-4PTT-CE4N-4AUF-

CC5N-4PUG-CJ1U-RCJZ-GTDI-GWN8-EPRW-EMMR-8FTG-KQDR-GI1D-O3MR-8RSS-

E3JA-8RSU-RCDB-GOSU-YP3S-GCSU-GP5B-COHU-OQBO-E7JI-YT4D-JFNN-4OTI-

GO4W-NQNBEE

• By keeping a running total of the effects of transactions, the accounting equation provides a framework for

summarizing the effects of a series of transactions.

• True

b.False

ANSWER:True

POINTS:1

DIFFICULTY: Moderate

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: SACC.WARR.18.2-2 - LO: 02.02

NATIONAL STANDARDS: United States - BUSPROG: Analytic