$270,000? a. $45,000 b. $50,000 c. $106,000 d. $370,000 a ANSWER: Challenging DIFFICULTY: Applying Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following asset accounts is increased when a receivable is collected? Accounts receivable Supplies Accounts payable Cash d ANSWER: Easy DIFFICULTY: Bloom's: Knowledge ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.15 - Current Assets Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Transactions affecting owner's equity include owner's investments and payment of liabilities owner's investments, owner's withdrawals, earning of revenues, and incurrence of expenses owner's investments, earning of revenues, incurrence of expenses, and collection of accounts receivable owner's withdrawals, earning of revenues, incurrence of expenses, and purchase of supplies on account b ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Michael Anderson is starting his computer programming business and has deposited in initial investment of $15,000 into the business cash account. Identify how the accounting equation will be affected. Increase Assets (Cash) and increase Liabilities (Accounts Payable) Increase Assets (Cash) and increase Equity (Michael Anderson, Capital) Owner’s
$270,000? a. $45,000 b. $50,000 c. $106,000 d. $370,000 ANSWER: a DIFFICULTY: Challenging Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following asset accounts is increased when a receivable is collected? Accounts receivable Supplies Accounts payable Cash ANSWER: d DIFFICULTY: Easy Bloom's: Knowledge LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.15 - Current Assets Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Transactions affecting owner's equity include owner's investments and payment of liabilities owner's investments, owner's withdrawals, earning of revenues, and incurrence of expenses owner's investments, earning of revenues, incurrence of expenses, and collection of accounts receivable owner's withdrawals, earning of revenues, incurrence of expenses, and purchase of supplies on account ANSWER: b DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Michael Anderson is starting his computer programming business and has deposited in initial investment of $15,000 into the business cash account. Identify how the accounting equation will be affected. Increase Assets (Cash) and increase Liabilities (Accounts Payable) Increase Assets (Cash) and increase Owner’s Equity (Michael Anderson, Capital)
Accouting-26th-Edition-Test-Bank.docx