False True ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-03 - LO: 02-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare thefinancial statements. True False False ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-03 - LO: 02-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.05 - Accounting Cycle ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic The process of transferring the debits and credits from the journal entries to the accounts is known as posting. True False True ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-03 - LO: 02-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Postings made to standard account forms show a new balance after each entry. True False True ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-03 - LO: 02-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.05 - Accounting Cycle ACCREDITING STANDARDS:
False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-03 - LO: 02-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.06 - Recording TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare thefinancial statements. True False ANSWER: False DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-03 - LO: 02-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic The process of transferring the debits and credits from the journal entries to the accounts is known as posting. True False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-03 - LO: 02-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.06 - Recording TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Postings made to standard account forms show a new balance after each entry. True False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-03 - LO: 02-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle
Financial-Managerial-Accounting-13th-Edition-Test-Bank-Warren-Reeve-Duchac.docx