Question 1

Discuss the difference between business events that are transactions and those that are not. Why is the distinction important?

Accepted Answer

Business events become transactions and

Question 2

In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write "no entry." Omit explanations.

Accepted Answer

The answer of In the journal provided, prepare journal entries...

Question 3

A credit to an asset account means that asset account has been increased.

Accepted Answer

A) True 
 B)False

Question 4

In accounting, to recognize means to record a transaction or event.

Accepted Answer

A) True 
 B)False

Question 5

Which pair of accounts follows the rules of debit and credit in the opposite manner?

Accepted Answer

A)  Prepaid Insurance and Owner's Withdrawals 
B)  Advertising Expense and Land 
C)  Owner's Withdrawals and Medical Fees Earned 
D)  Interest Payable and Owner's Capital 
A)  Prepaid Insurance and Owner's Withdrawals 
B)  Advertising Expense and Land 
C)  Owner's Withdrawals and Medical Fees Earned 
D)  Interest Payable and Owner's Capital

Question 6

The process of transferring journal entry information from the journal to the ledger is called

Accepted Answer

A)  journalizing. 
B)  posting. 
C)  footing. 
D)  analyzing. 
A)  journalizing. 
B)  posting. 
C)  footing. 
D)  analyzing.

Question 7

Post the following transaction.

Accepted Answer

The answer of Post the following transaction.
   ...

Question 8

Which of the following is an illustration of the classification issue?

Accepted Answer

A)  At what amount should an old machine be shown on the balance sheet? 
B)  At what point should the purchase of art supplies be recorded? 
C)  Should tools be recorded as an asset or as an expense? 
D)  At what point should a bill be paid for the purchase of an item? 
A)  At what amount should an old machine be shown on the balance sheet? 
B)  At what point should the purchase of art supplies be recorded? 
C)  Should tools be recorded as an asset or as an expense? 
D)  At what point should a bill be paid for the purchase of an item?

Question 9

In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write "no entry." Omit explanations.

Accepted Answer

The answer of In the journal provided, prepare journal entries...

Discuss the difference between business events that are transactions and those that are not. Why is the distinction important?

In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write "no entry." Omit explanations.

A credit to an asset account means that asset account has been increased.

In accounting, to recognize means to record a transaction or event.

Which pair of accounts follows the rules of debit and credit in the opposite manner?

The process of transferring journal entry information from the journal to the ledger is called

Post the following transaction.

Which of the following is an illustration of the classification issue?

In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write "no entry." Omit explanations.

Uses of Accounting Information and the Financial Statements

Measuring Business Income

Completing the Accounting Cycle

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Internal Control

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Contributed Capital

Long Term Liabilities

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

Financial Performance Measurement

Partnerships

The Changing Business Environment-A Managers Pers

Cost Concepts and Cost Allocation

Costing Systems: Job Order Costing

Costing Systems Process Costing

Activity-Based Systems-Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

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Exam 2: Analyzing Business Transactions

Discuss the difference between business events that are transactions and those that are not. Why is the distinction important?

In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write "no entry." Omit explanations.

A credit to an asset account means that asset account has been increased.

In accounting, to recognize means to record a transaction or event.

Which pair of accounts follows the rules of debit and credit in the opposite manner?

The process of transferring journal entry information from the journal to the ledger is called

Post the following transaction.

Which of the following is an illustration of the classification issue?

In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write "no entry." Omit explanations.

Uses of Accounting Information and the Financial Statements

Measuring Business Income

Completing the Accounting Cycle

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Internal Control

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Contributed Capital

Long Term Liabilities

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

Financial Performance Measurement

Partnerships

The Changing Business Environment-A Managers Pers

Cost Concepts and Cost Allocation

Costing Systems: Job Order Costing

Costing Systems Process Costing

Activity-Based Systems-Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Filters