[Question] 85. Double-entry accounting is an accounting system: A. That records each transaction twice. B. That records the effects of transactions and other events in at least two accounts with equal debits and credits. C. In which the impact of each transaction is checked twice to ensure there are no errors. D. That may only be used if T-accounts are used. E. That records the effects of transactions on at least two financial statements. Answer: B Blooms Taxonomy: Apply AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 3 Hard Learning Objective: 02-C4 Topic: Double Entry Accounting System Topic: Debit Topic: Credit Topic: Common Stock Topic: Retained Earnings Topic: T Account Topic: Financial Statements Topic: Transaction Analysis
[Question] 85. Double-entry accounting is an accounting system: A. That records each transaction twice. B. That records the effects of transactions and other events in at least two accounts with equal debits and credits. C. In which the impact of each transaction is checked twice to ensure there are no errors. D. That may only be used if T-accounts are used. E. That records the effects of transactions on at least two financial statements. Answer: B Blooms Taxonomy: Apply AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 3 Hard Learning Objective: 02-C4 Topic: Double Entry Accounting System Topic: Debit Topic: Credit Topic: Common Stock Topic: Retained Earnings Topic: T Account Topic: Financial Statements Topic: Transaction Analysis
Test-Bank-for-Financial-Accounting-Fundamentals-4th-Edition-by-Wild.docx