ACCT.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 only credit entries. True False False ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-02 - 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: - Measurement BUSPROG: Analytic A debit is abbreviated as and a credit is abbreviated as Db Cr. True False ANSWER: Easy DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-02 - 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: - Accounting Cycle ACCT.AICPA.FN.03 - Measurement BUSPROG: 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: Remembering ACCT.WARD.16.02-02 - 02-02 LEARNING OBJECTIVES: - Recording Transactions ACCREDITING STANDARDS: - Current Liabilities Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic For a month's transactions for a typical medium-sized business, the accounts payable account is likely to have only credit entries. True False False ANSWER:
ACCT.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 only credit entries. True False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions - Measurement BUSPROG: Analytic A debit is abbreviated as Db and a credit is abbreviated as Cr. True ANSWER: False DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP - Accounting Cycle ACCT.AICPA.FN.03 - Measurement BUSPROG: 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 Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: - Recording Transactions - Current Liabilities Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic For a month's transactions for a typical medium-sized business, the accounts payable account is likely to have only credit entries. True False ANSWER: False
Test-Bank-for-Accounting-26th-Edition-by-Warren.docx