ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The asset created by a business when it makes a sale on account is termed accounts payable prepaid expense unearned revenue accounts receivable d ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.12 - Receivables Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The debt created by a business when it makes a purchase on account is referred to as an account payable account receivable asset expense payable a ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic If total assets decreased by $88,000 during a period of time and owner's equity increased by $71,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is $17,000 increase $88,000 decrease $159,000 increase $159,000 decrease d ANSWER: Moderate 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 The asset created by a business when it makes a sale on account is termed accounts payable prepaid expense unearned revenue accounts receivable ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.12 - Receivables Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The debt created by a business when it makes a purchase on account is referred to as an account payable account receivable asset expense payable ANSWER: a DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic If total assets decreased by $88,000 during a period of time and owner's equity increased by $71,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is $17,000 increase $88,000 decrease $159,000 increase $159,000 decrease ANSWER: d DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
Accouting-26th-Edition-Test-Bank.docx