Page 78

CLICK HERE TO ACCESS FULL VERSION

66) Which of the following statements is not true: A) Accounts receivable are held by a seller. B) Accounts receivable arise from credit sales. C) Accounts receivable are increased by customer payments. D) Accounts receivable are classified as assets. E) Accounts receivable are increased by billings to customers. Answer: C Difficulty: 1 Easy Topic: The Account and Its Analysis Learning Objective: 02-C2 Describe an account and its use in recording transactions. Bloom's: Remember AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 67) A business's source documents may include all of the following except: A) Sales receipts. B) Ledgers. C) Checks. D) Purchase orders. E) Bank statements. Answer: B Difficulty: 2 Medium Topic: Analyzing and Recording Process Learning Objective: 02-C1 Explain the steps in processing transactions and the role of source documents. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 68) A business's source documents: A) Include the ledger. B) Provide objective evidence that a transaction has taken place. C) Must be in electronic form. D) Are records of all increases and decreases in specific asset. E) Include the chart of accounts. Answer: B Difficulty: 2 Medium Topic: Analyzing and Recording Process Learning Objective: 02-C1 Explain the steps in processing transactions and the role of source documents. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 18 Copyright 2019 Š McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Profile for rami talalweh

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Advertisement