Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-01 - LO: 02-01 LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.15 - Current Assets ReportingACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an account payable is paid with cash, the stockholders' equity in the business decreases. True False False ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.02-01 - LO: 02-01 LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 - Current Liabilities ReportingACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The normal balance of a stockholders' equity account is a debit. 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.06 - Recording TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic For a month's transactions for a typical medium-sized business, the salary expense 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:
DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-01 - LO: 02-01 FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.15 - Current Assets ReportingACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an account payable is paid with cash, the stockholders' equity in the business decreases. True False ANSWER: False DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.02-01 - LO: 02-01 FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.16 - Current Liabilities ReportingACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The normal balance of a stockholders' equity account is a debit. 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.06 - Recording TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic For a month's transactions for a typical medium-sized business, the salary expense 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
Financial-Managerial-Accounting-13th-Edition-Test-Bank-Warren-Reeve-Duchac.docx