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78) A company's ledger is: A) A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item. B) A journal in which transactions are first recorded. C) A collection of documents that describe transactions and events entering the accounting process. D) A list of all identification numbers used by the company. E) A record containing all accounts and their balances used by the company. Answer: E Difficulty: 2 Medium Topic: Ledger and Chart of Accounts Learning Objective: 02-C3 Describe a ledger and a chart of accounts. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 79) A company's list of accounts and the identification numbers assigned to each account is called a: A) Source document. B) Journal. C) Trial balance. D) Chart of accounts. E) General Journal. Answer: D Difficulty: 2 Medium Topic: Ledger and Chart of Accounts Learning Objective: 02-C3 Describe a ledger and a chart of accounts. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Reporting 80) A credit: A) Always decreases an account. B) Is the right-hand side of a T-account. C) Always increases an account. D) Is the left-hand side of a T-account. E) Always increases asset accounts. Answer: B Difficulty: 2 Medium Topic: Ledger and Chart of Accounts Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Reporting 22 Copyright 2019 Š McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

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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...

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