Indeed, accounting is not the nicest of things, but in the world of business, any person should have skills. That is why the proper materials are needed. With the Test Bank For Intermediate Accounting 19e, written by authors Earl K. Stice and James D. Stice, students, and professionals will benefit from the resource interchangeably or vertically depending on their levels. This test bank is a broad tool consisting of numerous question-and-answer formats formulated to enhance the user’s comprehension of the accounting tenets.
Why Use a Test Bank?
The test bank can augment the learning process of an individual tremendously. It includes many questions that are based on realistic situations to prepare you well for the test. Provided by the Intermediate Accounting 19e Test Bank, you will be more talented since you are given sufficient practice.
Key Topics Covered
Financial Statements: Be familiar with the preparation and the use of financial statements that such is needed in accounting.
Revenue Recognition: Have insight into revenue recognition principles and the pieces of these in their business case.
Inventory Management: Look at a variety of stock systems, evaluating their effect on the accounts.
Asset Valuation: Ensure that there are ways to value assets that will be perfect for use in business cases.
Liabilities and Equity: Analyze the intricacies of liabilities and equity and their impact on the financial situation of a business corporation.
Advantage Features of the Test Bank
Exhaustive Coverage: The test bank covers all chapters in the textbook, providing for no topics that are left unturned.
Question Variety: It includes multiple-choice, true/false questions along with essays to assess this knowledge completely.
Practical Relevance: The context of the questions will target actual accounting issues thus improving practical appreciation.
Self-Paced Learning: You can manage your time as you need the most attention to particular areas.
Using the Test Bank
For optimal benefits from the Intermediate Accounting 19e Test Bank, begin with the textbook by going through the content of each chapter first. After that, turn to the test yourself for understanding. Only concentrate on those areas that you find difficult to understand and look back at the textbook. This repeated activity will enhance your knowledge and increase your level of competence.
Summary
The purchase of the Test Bank For Intermediate Accounting 19e by Earl K. Stice and James D. Stice is advisable to anyone who would want to learn the principles of accounting. It is not only a collection of tasks to be solved; it is an environment that prepares the student for success. This test bank will encourage students and professionals alike to further their endeavors in accounting and do better than average in their careers.
Test Bank For Intermediate Accounting 19e Earl K Stice James D Stice
Chapter 2—A Review of the Accounting Cycle
MULTIPLE CHOICE
1. In an accrual accounting system,
a.
all accounts have normal debit balances.
b.
a debit entry is recorded on the left-hand side of an account.
c.
liabilities, owner’s capital, and dividends all have normal credit balances.
d.
revenues are recorded only when cash is received.
ANS: B PTS: 1 DIF: Easy OBJ: LO 2
TOP:AICPA FN-MeasurementMSC:AACSB Analytic
2.A common business transaction that would not affect the amount of owners’ equity is
a.
signing a note payable to purchase equipment.
b.
payment of property taxes.
c.
billing of customers for services rendered.
d.
payment of dividends.
ANS: A PTS: 1 DIF: Medium OBJ: LO 2
TOP:AICPA FN-MeasurementMSC:AACSB Analytic
3.Failure to record the expired amount of prepaid rent expense would not
a.
understate expense.
b.
overstate net income.
c.
overstate owners’ equity.
d.
understate liabilities.
ANS: D PTS: 1 DIF: Medium OBJ: LO 3
TOP:AICPA FN-MeasurementMSC:AACSB Analytic
4.On June 30, a company paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31, the bookkeeper forgot to record the amount expired. The omission has the following effect on the financial statements prepared December 31:
a.
overstates owners’ equity.
b.
overstates assets.
c.
understates net income.
d.
overstates both owners’ equity and assets.
ANS: D PTS: 1 DIF: Medium OBJ: LO 3
TOP: AICPA FN-MeasurementMSC:AACSB Analytic
5.A chart of accounts is a
a.
subsidiary ledger.
b.
listing of all account titles.
c.
general ledger.
d.
general journal.
ANS: B PTS: 1 DIF: Easy OBJ: LO 2
TOP:AICPA FN-MeasurementMSC:AACSB Analytic
6.Which of the following criteria must be met before an event should be recorded for accounting purposes?
a.
The event must be an arm’s-length transaction.
b.
The event must be repeatable in a future period.
c.
The event must be measurable in financial terms.
d.
The event must be disclosed in the reported footnotes.
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