Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.45Q
Which statement is false?
- a. A
trial balance lists all the accounts with their current balances. - b. A trial balance can be taken at any time.
- c. A trial balance can verify the equality of debits and credits.
- d. A trial balance is the same as a
balance sheet .
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Choose only one answer as well as state their reasons/rationale for the answer chosen.
8) A data entry application control that is designed to ensure that the total debits in a journal entry equal the total credits is called aa. Sign checkb. Hash totalc. Reasonableness checkd. Zero-balance checke. Financial total
Which one of the following is not a part of an account?
Select one:
a. Title
b. Credit side
c. Trial balance
d. Debit side
Which of the following checks the arithmetical accuracy of accounts?
O a. Balance sheet
O b. Journal
O c. Trial balance
O d. Ledger
Chapter 2 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 2 - All of the following events at a sandwich shop are...Ch. 2 - Identify the asset from the following list of...Ch. 2 - Amounts owed to a company by its customers would...Ch. 2 - Thorpe Corporation purchases a new delivery truck...Ch. 2 - Adam Corporation issues stock to Cara Riley in...Ch. 2 - Blake Company completed a consulting job and...Ch. 2 - Prob. 7QCCh. 2 - Accounts Payable had a normal beginning balance of...Ch. 2 - Which of the following debit and credit rules is...Ch. 2 - A companys beginning Cash balance was 8,000. At...
Ch. 2 - Prob. 11QCCh. 2 - Prob. 12QCCh. 2 - Prob. 13QCCh. 2 - In a double-entry accounting system, a. a debit...Ch. 2 - Prob. 15QCCh. 2 - Prob. 16QCCh. 2 - Prob. 2.1ECCh. 2 - LO 1 (Learning Objective 1: Identify transactions)...Ch. 2 - (Learning Objective 1: Differentiate between...Ch. 2 - (Learning Objective 1: Differentiate between...Ch. 2 - (Learning Objective 2: Show the impact of...Ch. 2 - (Learning Objective 2: Show the impact of...Ch. 2 - LO 3 (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 4: Journalize transactions)...Ch. 2 - (Learning Objective 4: Journalize and post...Ch. 2 - (Learning Objective 4: Journalize and post...Ch. 2 - (Learning Objective 4: Journalize transactions)...Ch. 2 - Prob. 2.13SCh. 2 - (Learning Objective 5: Use a trial balance)...Ch. 2 - Prob. 2.15SCh. 2 - (Learning Objectives 1, 2, 3, 4, 5: Define...Ch. 2 - Group A LO 1, 2, 4 (Learning Objectives 1, 2, 4:...Ch. 2 - LO 3 (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 2: Show the impact of business...Ch. 2 - (Learning Objective 4: Journalize transactions in...Ch. 2 - (Learning Objectives 4, 5: Post journal entries...Ch. 2 - Prob. 2.23AECh. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - (Learning Objective 5: Solve for cash and...Ch. 2 - (Learning Objectives 1, 2, 4: Identify...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 2: Show the impact of business...Ch. 2 - LO 4 (Learning Objective 4: Journalize...Ch. 2 - Prob. 2.32BECh. 2 - (Learning Objective 4: Journalize entries and...Ch. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - Prob. 2.35BECh. 2 - LO 5 (Learning Objective 5: Solve for cash and...Ch. 2 - (Learning Objectives 4, 5; Journalize and poet...Ch. 2 - Which of the following is an asset? a. Common...Ch. 2 - Prob. 2.39QCh. 2 - The journal entry to record the acquisition of...Ch. 2 - The journal entry to record the purchase of...Ch. 2 - If the credit to record the purchase of supplies...Ch. 2 - The journal entry to record a payment on account...Ch. 2 - If the credit to record the payment of an account...Ch. 2 - Which statement is false? a. A trial balance lists...Ch. 2 - If a corporation purchases a delivery van for...Ch. 2 - Prob. 2.47QCh. 2 - Prob. 2.48QCh. 2 - Prob. 2.49QCh. 2 - Prob. 2.50QCh. 2 - Receiving cash from a customer on account will a....Ch. 2 - Prob. 2.52QCh. 2 - Purchasing a building for 115,000 by paying cash...Ch. 2 - Prob. 2.54QCh. 2 - Prob. 2.55QCh. 2 - Prob. 2.56QCh. 2 - Prob. 2.57QCh. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - LO 2,3 (Learning Objectives 2, 3: Analyze the...Ch. 2 - (Learning Objective 4: Journalize transactions and...Ch. 2 - LO 4,5 (Learning Objectives 4, 5: Journalize and...Ch. 2 - Prob. 2.62APCh. 2 - Prob. 2.63BPCh. 2 - Prob. 2.64BPCh. 2 - Prob. 2.65BPCh. 2 - (Learning Objectives 4, 5: Journalize and post...Ch. 2 - (Learning Objectives 3, 5: Analyze the impact of...Ch. 2 - (Learning Objective 5: Analyzing accounts) The...Ch. 2 - Prob. 2.69CEPCh. 2 - Prob. 2.70CEPCh. 2 - (Learning Objectives 2, 3, 4: Analyze the impact...Ch. 2 - Prob. 2.72SCCh. 2 - Prob. 2.73DCCh. 2 - Prob. 2.74DCCh. 2 - Prob. 2.75EICCh. 2 - Prob. 2.76EICCh. 2 - Prob. 1FFCh. 2 - Prob. 1FA
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which statement is false?a. A trial balance lists all the accounts with their current balances.b. A trial balance can be taken at any time.c. A trial balance can verify the equality of debits and credits.d. A trial balance is the same as a balance sheetarrow_forwardWill an accounts receivable balance increase with a debit or a credit entry? How do you know?arrow_forwardWhich of the following is provided by a trial balance inwhich total debits equal total credits?a. Proof that no transaction was completely omitted fromthe ledger during the posting process.b. Proof that the correct debit or credit balance has beencomputed for each account.c. Proof that the ledger is in balance.d. Proof that transactions have been correctly analyzed andrecorded in the proper accounts.arrow_forward
- What is the difference between an account and a ledger? What are the parts of a T account? How are transactions recorded in a journal? Do the terms debit and credit signify increase or decrease, or can they signify either? What is a trial balance? If the two totals of a trial balance are equal, does it mean there are no errors in the accounting records?arrow_forwardAn account balance is: Multiple Choice The total of the credit side of the account. The total of the debit side of the account. The difference between the total debits and total credits for an account including the beginning balance. Used to identify source documents. Always a credit.arrow_forwardSelect all that apply Which of the following statements are true? Credit entries produce increases in some account balances and decreases in other account balances. Increases in account balances are always recorded with debit entries. Decreases in account balances are always recorded with debit entries. Debit entries produce increases in some account balances and decreases in other account balances. Need help? Review these concept resources. Read About the Concept-arrow_forward
- Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.arrow_forwardBank charged a check against the company that should have been charged to anther company add to cash balance per bank True Falsearrow_forwardA debit balance in which of the following accounts would indicate a likely error? a.Notes Payable b.Supplies c.Salaries Expense d.Accounts Receivablearrow_forward
- The balance of an account is determined by a.adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum b.always subtracting the debits from the credits c.adding all of the debits to all of the credits d.always subtracting the credits from the debits The matching principle a.requires that the dollar amount of debits equal the dollar amount of credits on a trial balance b.states that the revenues and related expenses should be reported in the same period c.addresses the relationship between the journal and the balance sheet d.determines whether the normal balance of an account is a debit or credit Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether or not cash is paid b.when they are incurred and paid at the same time c.if they are paid before they are incurred d.if they are paid after they are incurredarrow_forwardDO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??arrow_forwardWhich of the following is true regarding 'Credit Balance' in ledger account? a. All options are correct O b. Debit total equal to credit total O C. Excess of debit total over credit total O d. Excess of credit total over debit totalarrow_forward
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