30) A chart of accounts provides more detail than a ledger. Answer: FALSE Diff: 1 LO: 2-1 AICPA Functional: Measurement PE Question Type: Concept H2 : Ledger 31) Which of the following is the record holding all the accounts, the changes in those accounts, and their balances? A) Source document B) Journal C) Ledger D) Trial balance Answer: C Diff: 1 LO: 2-1 AICPA Functional: Measurement PE Question Type: Concept H2 : Ledger Learning Objective 2-2 1) The system of accounting in which every transaction affects at least two accounts is called the double- entry system. Answer: TRUE Diff: 1 LO: 2-2 AICPA Functional: Measurement PE Question Type: Concept H2 : What is Double-Entry Accounting? (H1) 2) Debit refers to the right side of the T-account, and credit refers to the left side. Answer: FALSE Diff: 1 LO: 2-2 AICPA Functional: Measurement PE Question Type: Concept H2 : The T-Account 3) A T-account is a summary device with credits posted on the left side of the vertical line. Answer: FALSE Diff: 1 LO: 2-2 AICPA Functional: Measurement PE Question Type: Concept H2 : The T-Account
30) A chart of accounts provides more detail than a ledger. Answer: FALSE Diff: 1 LO: 2-1 AICPA Functional: Measurement PE Question Type: Concept H2 : Ledger 31) Which of the following is the record holding all the accounts, the changes in those accounts, and their balances? A) Source document B) Journal C) Ledger D) Trial balance Answer: C Diff: 1 LO: 2-1 AICPA Functional: Measurement PE Question Type: Concept H2 : Ledger Learning Objective 2-2 1) The system of accounting in which every transaction affects at least two accounts is called the double- entry system. Answer: TRUE Diff: 1 LO: 2-2 AICPA Functional: Measurement PE Question Type: Concept H2 : What is Double-Entry Accounting? (H1) 2) Debit refers to the right side of the T-account, and credit refers to the left side. Answer: FALSE Diff: 1 LO: 2-2 AICPA Functional: Measurement PE Question Type: Concept H2 : The T-Account 3) A T-account is a summary device with credits posted on the left side of the vertical line. Answer: FALSE Diff: 1 LO: 2-2 AICPA Functional: Measurement PE Question Type: Concept H2 : The T-Account
Horngrens-Accounting-11th-Edition-Miller-Nobles-Test-Bank.docx