THE RECORDING PROCES S

Name: THE RECORDING PROCES S
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CHAPTER 2 THE RECORDING PROCES S

SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOO M’S TAXONOMY

Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements

1. 1 K 9. 2 K 17. 3 K 25. 5 K

33. 4 K

2. 1 K 10. 2 K 18. 3 K 26. 5 C

34. 5 K

3. 1 K 11. 2 K 19. 4 K 27. 5 K

35. 6 C

4. 1 K 12. 2 K 20. 4 K 28. 6 K

36. 7 K

5. 2 K 13. 2 K 21. 4 K 29. 6 K

37. 7 K

6. 2 K 14. 2 K 22. 4 K 30. 7 K

7. 2 K 15. 3 K 23. 4 K

31. 2 K

8. 2 K 16. 3 K 24. 5 K

32. 2 K

Multiple Choice Questions

38. 1 K 63. 2 C 88. 3 K 113. 5 K 138. 7 C

39. 1 K 64. 2 C 89. 3 K 114. 5 K

139. 1 K

40. 1 K 65. 2 K 90. 3 K 115. 5 C

140. 2 K

41. 1 C 66. 2 K 91. 3 K 116. 5 K

141. 2 K

42. 1 K 67. 2 K 92. 3 C 117. 5 K

142. 3 K

43. 1 K 68. 2 K 93. 3 K 118. 5 AP

143. 3 K

44. 1 K 69. 2 K 94. 3 K 119. 6 K

144. 4 K

45. 2 K 70. 2 C 95. 3 K 120. 6 K

145. 4 K

46. 2 K 71. 2 K 96. 3 K 121. 6 K

146. 4 K

47. 2 K 72. 2 K 97. 4 K 122. 6 K

147. 4 C

48. 2 K 73. 2 K 98. 4 K 123. 6 K

148. 6 K

49. 2 K 74. 2 C 99. 4 K 124. 6 K

149. 6 K

50. 2 K 75. 2 K 100. 4 K 125. 6 K

150. 7 K

51. 2 K 76. 2 K 101. 4 K 126. 6 K

151. 7 C

52. 2 K 77. 2 C 102. 4 K 127. 6 K 152. 8 K

53. 2 K 78. 2 AP 103. 4 K 128. 6 K 153. 8 K

54. 2 C 79. 2 AP 104. 4 C 129. 6 K 154. 8 K

55. 2 C 80. 2 AP 105. 4 K 130. 6 K 155. 8 K

56. 2 C 81. 3 AP 106. 4 K 131. 6 K 156. 8 K

57. 2 K 82. 3 AP 107. 4 K 132. 7 K 157. 8 K

58. 2 K 83. 3 AP 108. 4 K 133. 7 C 158. 8 K

59. 2 K 84. 3 C 109. 4 C 134. 7 K

60. 2 K 85. 3 AP 110. 4 AN 135. 7 C

61. 2 K 86. 3 AP 111. 5 K 136. 7 K

62. 2 K 87. 3 K 112. 5 K 137. 7 K

Brief Exercises

159. 2 AP 162. 4 AP 164. 4 K 166. 6 AP 168. 7 AP

160. 2 C 163. 4 AP 165. 4 AP 167. 6 AP 169. 7 AP

161. 2 K

sg This question also appears in the Study Guide.st This question also appears in a self-test at the student companion website.Financial Accounting 9th Edition Weygandt Test Bank Visit TestBankDeal.com to get complete for all chapters

Test Bank for Financial Accounting, Ninth Edition

FOR INSTRUCTOR USE ONLY

SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOO M’S TAXONOMY

Exercises

170. 1 AP 175. 2 C 180. 3 C 185. 5 AP 190. 7 AP

171. 1 C 176. 2 C 181. 3 AP 186. 6 AN 191. 7 AP

172. 2 C 177. 2 C 182. 3 C 187. 6 AP 192. 7 AP

173. 2 C 178. 2 C 183. 4 AP 188. 7 AN 193. 7 AN

174. 2 C 179. 4 AP 184. 5 AP 189. 7 AN

Completion Statements

194. 1 K 196. 2 K 198. 3 K 200. 4 K 202. 5 K

195. 2 K 197. 2 K 199. 4 K 201. 4 K 203. 7 K

Short-Answer Essay 205.3

1,2 C 208. 7 AN 211. 4 C 214. 4-6 S

206. 2 C 209. 3 S 212. 5,6 C 215. 1 E

207. 2 S 210. 3 C 213. 6 S 216. 2 S

Matching: Q204

SUMMARY OF LEARNING OBJECTIVES BY QUEST ION TYPE

Item Type Item Type Item Type Item Type Item Type Item Type Item Type Learning Objective 1

TF 4. TF 40. MC 43. MC 170. Ex 205. SA
TF 38. MC 41. MC 44. MC 171. Ex 215. SA

3. TF 39. MC 42. MC 139. MC 194. C

Learning Objective 2

5. TF 31. TF 53. MC 63. MC 73. MC 159. BE 195. C

6. TF 32. TF 54. MC 64. MC 74. MC 160. BE 196. C

7. TF 45. MC 55. MC 65. MC 75. MC 161. BE 197. C

TF 46. MC 56. MC 66. MC 76. MC 172. Ex 205. SA
TF 47. MC 57. MC 67. MC 77. MC 173. Ex 206. SA
TF 48. MC 58. MC 68. MC 78. MC 174. Ex 207. SA
TF 49. MC 59. MC 69. MC 79. MC 175. Ex 216. SA
TF 50. MC 60. MC 70. MC 80. MC 176. Ex
TF 51. MC 61. MC 71. MC 140. MC 177. Ex
TF 52. MC 62. MC 72. MC 141. MC 178. Ex

Learning Objective 3

TF 81. MC 85. MC 89. MC 93. MC 142. MC 182. Ex

16. TF 82. MC 86. MC 90. MC 94. MC 143. MC 198. C

TF 83. MC 87. MC 91. MC 95. MC 180. Ex 209. SA
TF 84. MC 88. MC 92. MC 96. MC 181. Ex 210. SA

Learning Objective 4

19. TF 33. TF 101. MC 106. MC 144. MC 163. BE 199. C

20. TF 97. MC 102. MC 107. MC 145. MC 164. BE 200. C

21. TF 98. MC 103. MC 108. MC 146. MC 165. BE 201. C

TF 99. MC 104. MC 109. MC 147. MC 179. Ex 211. SA
TF 100. MC 105. MC 110. MC 162. BE 183. Ex 214. SA

The Recording Process

FOR INSTRUCTOR USE ONLY

SUMMARY OF LEARNING OBJECTIVES BY QUESTI ON TYPE

Learning Objective 5

24. TF 27. TF 112. MC 115. MC 118. MC 202. C

TF 34. TF 113. MC 116. MC 184. Ex 212. SA
TF 111. MC 114. MC 117. MC 185. Ex 214. SA

Learning Objective 6

TF 120. MC 124. MC 128. MC 148. MC 186. Ex 214. SA
TF 121. MC 125. MC 129. MC 149. MC 187. Ex

35. TF 122. MC 126. MC 130. MC 166. BE 212. SA .

119. MC 123. MC 127. MC 131. MC 167. BE 213. SA

Learning Objective 7

TF 133. MC 137. MC 168. BE 190. Ex 203. C
TF 134. MC 138. MC 169. BE 191. Ex 208. SA
TF 135. MC 150. MC 188. Ex 192. Ex
MC 136. MC 151. MC 189. Ex 193. Ex

Learning Objective 8

152. MC 153. MC 154. MC 155. MC 156. MC 157. MC 158. MC

Note: TF = True-False BE = Brief Exercise C = Completion

MC = Multiple Choice Ex = Exercise SA = Short-Answer Essay

Matching Question: 204

CHAPTER LEARNING OBJECTIVES

Explain what an account is and how it helps in the recording process. An account is a

record of increases and decreases in specific asset, liability, or stockholders’ equity items.

Define debits and credits and explain their use in recording business transactions. The

terms debit and credit are synonymous with left and right. Assets, dividends, and expenses are increased by debits and decreased by credits. Liabilities, common stock, retained earnings, and revenues are increased by credits and decreased by debits.

Identify the basic steps in the recording process. The basic steps in the recording process

are (a) analyze each transaction for its effects on the accounts, (b) enter the transaction information in a journal, (c) transfer the journal information to the appropriate accounts in the ledger.

Explain what a journal is and how it helps in the recording process. The initial

accounting record of a transaction is entered in a journal before the data are entered in the accounts. A journal (a) discloses in one place the complete effects of a transaction, (b) provides a chronological record of transactions, and (c) prevents or locates errors because the debit and credit amounts for each entry can be easily compared.

Explain what a ledger is and how it helps in the recording process. The ledger is the

entire group of accounts maintained by a company. The ledger provides the balance in each of the accounts as well as keeps track of changes in these balances.

Test Bank for Financial Accounting, Ninth Edition

FOR INSTRUCTOR USE ONLY

- 4
Explain what posting is and how it helps in the recording process. Posting is the transfer

of journal entries to the ledger accounts. This phase of the recording process accumulates the effects of journalized transactions in the individual accounts.

Prepare a trial balance and explain its purposes. A trial balance is a list of accounts and

their balances at a given time. Its primary purpose is to prove the equality of debits and credits after posting. A trial balance also uncovers errors in journalizing and posting and is useful in preparing financial statements.

TRUE-FALSE STATEMENTS

A new account is opened for each transaction entered into by a business firm.

Ans: F LO1 BT: K Difficulty: Easy TOT: .5 min. AACSB: RT AICPA BB: CT AICPA FN: Reporting

The recording process becomes more efficient and informative if all transactions are

recorded in one account.

Ans: F LO1 BT: K Difficulty: Easy TOT: .5 min. AACSB: RT AICPA BB: CT AICPA FN: Reporting

When the volume of transactions is large, recording them in tabular form is more efficient

than using journals and ledgers.

Ans: F LO1 BT: K Difficulty: Easy TOT: .5 min. AACSB: RT AICPA BB: CT AICPA FN: Reporting

An account is often referred to as a T-account because of the way it is constructed.

Ans: T LO1 BT: K Difficulty: Easy TOT: .5 min. AACSB: RT AICPA BB: CT AICPA FN: Reporting

A debit to an account indicates an increase in that account.