ACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic When a business receives a bill from the utility company, no entry should be made until the invoice is paid. True False False ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-02 - LO: 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 - Current Liabilities ReportingACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic A debit is abbreviated as and a credit is abbreviated as Db. Cr. True False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-02 - LO: 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting CycleACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic For a month's transactions for a typical medium-sized business, the accounts payable account is likely to have onlycredit entries. True False False ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-02 - LO: 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue. True False False ANSWER:
ACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic When a business receives a bill from the utility company, no entry should be made until the invoice is paid. True False ANSWER: False DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.16 - Current Liabilities ReportingACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic A debit is abbreviated as Db. and a credit is abbreviated as Cr. True False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.05 - Accounting CycleACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic For a month's transactions for a typical medium-sized business, the accounts payable account is likely to have onlycredit entries. True False ANSWER: False DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue. True False ANSWER: False
Financial-Managerial-Accounting-13th-Edition-Test-Bank-Warren-Reeve-Duchac.docx