Test Bank For Intermediate Accounting 15th Edition By Donald E.-Kieso
THE ACCOUNTING INFORMATION SYSTEM
IFRS questions are available at the end of this chapter.
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. Posting closing entries.
T 17. Closing entries and Income Summary.
F *18. Accrual basis accounting.
F *19. Purpose of reversing entries.
F *20. Adjusted trial balance.
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