Test Bank For Intermediate Accounting 15th Edition By Donald E.-Kieso

Test Bank For Intermediate Accounting 15th Edition By Donald E.-Kieso

CHAPTER 3

THE ACCOUNTING INFORMATION SYSTEM

IFRS questions are available at the end of this chapter.

TRUE/FALSE

Answer No. Description

F1.Recording transactions.

T2.Nominal accounts.

F3.Real (permanent) accounts.

F4.Internal event example.

F5.Liability and stockholders’ equity accounts.

F6.Debits and credits.

F7.Steps in accounting cycle.

T8.Purpose of trial balance.

T9.General journal.

F10.Posting and trial balance.

T11.Adjusting entries for prepayments.

T12.Example of accrued expense.

F13.Book value of depreciable assets.

T14.Reporting ending retained earnings.

F15.Post-closing trial balance.

F16.Posting closing entries.

T17.Closing entries and Income Summary.

F*18.Accrual basis accounting.

F*19.Purpose of reversing entries.

F*20.Adjusted trial balance.