True ANSWER: Moderate DIFFICULTY: Remembering ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an owner invests assets in the business, the capital account increases due to revenue being earned. True False False ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an account receivable is collected in cash, the total assets of the business increase. True False ANSWER: Moderate DIFFICULTY: Remembering ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.15 - Current Assets Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an account payable is paid with cash, the equity in the business decreases. True ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 - Current Liabilities Reporting
ANSWER: True DIFFICULTY: Moderate Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an owner invests assets in the business, the capital account increases due to revenue being earned. True False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: - GAAP ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an account receivable is collected in cash, the total assets of the business increase. True ANSWER: False DIFFICULTY: Moderate Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.15 - Current Assets Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic When an account payable is paid with cash, the equity in the business decreases. True ANSWER: DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.16 - Current Liabilities Reporting
Test-Bank-for-Accounting-26th-Edition-by-Warren.docx