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ch03 - CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM IFRS...

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CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM IFRS questions are available at the end of this chapter. TRUE/FALSE Answer No. Description F 1. Recording transactions. T 2. Nominal accounts. F 3. Real (permanent) accounts. F 4. Internal event example. F 5. Liability and stockholders’ equity accounts. F 6. Debits and credits. F 7. Steps in accounting cycle. T 8. Purpose of trial balance. T 9. General journal. F 10. Posting and trial balance. T 11. Adjusting entries for prepayments. T 12. Example of accrued expense. F 13. Book value of depreciable assets. T 14. Reporting ending retained earnings. F 15. Post-closing trial balance. F 16. Closing entries and Income Summary. F 17. Posting closing entries. F *18. Accrual basis accounting. F *19. Purpose of reversing entries. F *20. Adjusted trial balance. MULTIPLE CHOICE —Conceptual Answer No. Description d 21. Purpose of an accounting system. d 22. Necessity of accounting records. d 23. Purpose of an accounting system. d 24. Book of original entry. d 25. Purpose of trial balance. d 26. Identification of a real account. b 27. Identification of a temporary account. a 28. Temporary vs. permanent accounts. c 29. Meaning of debit. c 30. Double-entry system. a 31. Effect on stockholders’ equity. a 32. Transaction analysis. a 33. Accounting equation. b 34. Accounting process vs. accounting cycle.
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Test Bank for Intermediate Accounting, Thirteenth Edition d 35. Accounting cycle steps. d 36. Criteria for recording events. d 37. Identification of a recordable event. c 38. Identification of internal events. d 39. External events. d 40. Limitations of trial balance. a 41. General journal. b 42. Journal entry. c 43. Journal entry. d 44. Journal entry. d 45. Imbalance in a trial balance. d 46. Purpose of unadjusted trial balance. b 47. Format of adjusting entry. b 48. Example of accrued expense. d 49. Accrual basis of accounting. c 50. Accrued expense adjusting entry. a 51. Effect of not recording accrued expense. b 52. Description of a deferral. d 53. Effect of not recording accrued revenue. a 54. Effect of not recording depreciation expense. a 55. Timing of adjustments. a 56. Prepaid expense. a 57. Expiration of prepaid expenses. b 58. Effect of depreciation entry. a 59. Unearned revenue relationships. a 60. Computation of interest expense for adjusting entry. d 61. Purpose of adjusting entries. c 62. Matching principle. a 63. Prepaid items. d 64. Accrued items. c 65. Definition of unearned revenue. d 66. Definition of accrued expense. c 67. Adjusting entry for accrued expense. d 68. Factors to consider in estimating depreciation. d 69. Adjusting entries. d 70. Effect of adjusting entries. b 71. Prepaid expense and the matching principle. c 72. Accrued revenue and the matching principle. b 73. Unearned revenue and the matching principle. b 74. Adjusted trial balance. c 75. Closing entry process. c 76. Purpose of closing entries. d 77. Cash collections vs. revenue earned.
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