ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Goods purchased on account for future use in the business, such as supplies, are called prepaid liabilities revenues prepaid expenses liabilities c ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The asset created by a business when it makes a sale on account is termed accounts payable prepaid expense unearned revenue accounts receivable d ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.12 - Receivables Reporting ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The debt created by a business when it makes a purchase on account is referred to as an account payable account receivable asset expense payable a ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic If total assets decreased by $88,000 during a period of time and stockholders' equity increased by $71,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is a $17,000 increase an $88,000 decrease a $159,000 increase a $159,000 decrease
ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Goods purchased on account for future use in the business, such as supplies, are called prepaid liabilities revenues prepaid expenses liabilities ANSWER: c DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The asset created by a business when it makes a sale on account is termed accounts payable prepaid expense unearned revenue accounts receivable ANSWER: d DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.12 - Receivables Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The debt created by a business when it makes a purchase on account is referred to as an account payable account receivable asset expense payable ANSWER: a DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic If total assets decreased by $88,000 during a period of time and stockholders' equity increased by $71,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is a $17,000 increase an $88,000 decrease a $159,000 increase a $159,000 decrease
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx