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Test Bank for Fundamentals of Financial Accounting 3rd Edition Phillips, Libby, Libby 129 PAGES

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[Solved] Test Bank for Fundamentals of Financial Accounting 3rd Edition Phillips, Libby, Libby 129 PAGES

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Test Bank for Fundamentals of Financial Accounting 3rd Edition Phillips, Libby, Libby 129 PAGES Exam (elaborations) Test Bank for Fundamentals of Financial Accounting 3rd Edition Phillips, Libby, Libby Test Bank for Fundamentals of Financial Accounti ng 3rd Edition Phillips, Libby, Libby Reporting Investing and Financing Results on the Balance Sheet True / False Questions 1. A transaction is an exchange or event that directly affects the assets, liabilities, or stockholders' equity of a company. True False 2. A transaction can cause only one account on the balance sheet to change. True False 3. If a company uses $100 million in cash to pay off debt, its stockholders' equity will rise $100 million. True False 4. General Motors (GM) signs a new labor agreement that its workers will receive a 5% wage increase next year. This is considered a transaction that affects GM's financial statements in the current year. True False 5. All of a company's business activities have a direct economic effect on the company. True False 6. If total assets increase, then either liabilities or stockholders' equity also must increase. True False 7. Company X issues $40 million in new stock for cash. This does not affect stockholders' equity because as new shares are sold the value of existing shares falls. True False 2-1 Full file at Libby,-Libby 8. Transactions are analyzed from the point of view of the company, not the company's owners. True False 9. You are pleasantly surprised to discover that a popular actress appears on The Tonight Show wearing your company's jeans. Later, your company's sales increase by $500,000 as a result. When the actress appeared on TV, you would have recorded an asset because the TV appearance was expected to bring future economic benefits to your company. True False 10. If the total dollar value of credits to an account exceeds the total dollar value of debits to that account, the ending balance of the account will be a debit balance. True False 11. A company signed an agreement to rent store space from another company. This is an example of a recordable transaction. True False 12. Retained earnings is the cumulative earnings of a company which have not been distributed to owners. True False 13. An internal accounting report called a Trial Balance checks whether recorded debits equal recorded credits. True False 14. The journal is a chronological record of transactions using a debit/credit framework. True False 2-2 Full file at Libby,-Libby 15. The ledger consists of all of the accounts used by a business. True False 16. A business is obliged to repay debt and equity financing. True False 17. The list of names and reference numbers that the company will use when accounting for transactions is called the Chart of Accounts. True False 18. Journal entries show the effects of transactions on the elements of the accounting equation, as well as the amount of the account balances. True False 19. The acquisition of equipment in an exchange for a company's stock would increase the current ratio of the company. the accounts in this transaction is classified as current. True False 20. The current ratio can be used to evaluate a company's ability to pay liabilities in the shortterm, and in general, a lower ratio means better ability to pay. Tr...
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