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Kieso Intermediate Accounting ch03 Solutions

Kieso Intermediate Accounting ch03 Solutions - CHAPTER 3...

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CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM TRUE/FALSE Answer No. Description F 1. Recording transactions. T 2. Nominal accounts. F 3. Liability and stockholders’ equity accounts. F 4. Steps in accounting cycle. T 5. General journal. T 6. Adjusting entries for prepayments. F 7. Book value of depreciable assets. T 8. Reporting ending retained earnings. F 9. Closing entries and Income Summary. T 10. Perpetual inventory system. MULTIPLE CHOICE —Conceptual Answer No. Description d 11. Purpose of an accounting system. d 12. Necessity of accounting records. d 13. Purpose of an accounting system. c 14. Meaning of debit. c 15. Double-entry system. a 16. Effect on stockholders’ equity. d 17. Criteria for recording events. d 18. Identification of a recordable event. c 19. Identification of internal events. d 20. Book of original entry. a 21. Transaction analysis. d 22. Purpose of trial balance. d 23. Limitations of trial balance. d 24. Identification of a real account. b 25. Identification of a temporary account. a 26. Temporary vs. permanent accounts. d 27. External events. a 28. General journal. b 29. Journal entry. c 30. Journal entry. d 31. Journal entry. a 32. Timing of adjustments. a 33. Prepaid expense. a 34. Expiration of prepaid expenses. b 35. Effect of depreciation entry. a 36. Unearned revenue relationships.
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