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Financial and Managerial Accounting 7th Edition Wild Test Bank
Financial and Managerial Accounting 7th Edition Wild Test Bank
Chapter 2
ACCOUNTING FOR BUSINESS TRANSACTIONS
Answer: True
Blooms: Remember
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
Learning Objective: 02-C1
y
Topic: Analyzing and Recording Process
nl
2. Preparation of a trial balance is the first step in processing a financial transaction.
Answer: False
tO
Blooms: Remember
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
f
3. Source documents identify and describe transactions and events entering the accounting
process.
D
Answer: True
Blooms: Remember
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
Learning Objective: 02-C1
Topic: Analyzing and Recording Process
2-1
Visit TestBankDeal.com to get complete for all chapters
4. Items such as sales tickets, bank statements, checks, and purchase orders are examples of
a business’s source documents.
Answer: True
Blooms: Remember
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
Learning Objective: 02-C1
Topic: Analyzing and Recording Process
Answer: True
y
Blooms: Remember
AACSB: Communication
nl
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
Learning Objective: 02-C2
tO
Topic: The Account and Its Analysis
Answer: False
f
ra
Blooms: Remember
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
D
Difficulty: 1 Easy
Learning Objective: 02-C2
Topic: The Account and Its Analysis
Answer: False
Blooms: Remember
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
Learning Objective: 02-C2
Topic: The Account and Its Analysis
2-2
8. The purchase of land and buildings will generally be recorded in the same ledger
account.
Answer: False
Blooms: Remember
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
Learning Objective: 02-C2
Topic: The Account and Its Analysis
Answer: True
Blooms: Remember
y
AACSB: Communication
AICPA BB: Industry
nl
AICPA FN: Decision Making
Difficulty: 1 Easy
Learning Objective: 02-C2
Topic: The Account and Its Analysis
tO
10. Dividends distributed to stockholders should be treated as an expense of the business.
Answer: False
f
Blooms: Remember
ra
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty: 1 Easy
D
11. When a company provides services for which cash will not be received until some
future date, the company should record the amount billed as accounts receivable.
Answer: True
Blooms: Understand
AACSB: Communication
AICPA BB: Industry
AICPA FN: Decision Making
Difficulty:2 Medium
Learning Objective: 02-C2
Topic: The Account and Its Analysis
2-3
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important measure of policy has escaped oblivion, though not through
Roman records. In the third century, it would seem, an Irish tribe which
dwelled in the kingdom of Meath was driven from its land. The name of
this tribe, the Dessi, still lives in their ancient home—the district of Deece.
[14] Some of them migrated southward to the lands of the Suir and the
Blackwater, where their name likewise survives in the districts of Decies.
[15] But others sought new abodes beyond the sea, and they settled largely in
South Wales. The migration of the Dessi rests on the records of Irish
tradition, but it is confirmed by the clear evidence of inscribed stones which
attest the presence of a Goidelic population in south-western Britain. Here
we have to do with an act of policy on the part of the Roman Government
similar to the policy pursued in other parts of the Empire. A foreign people
was allowed to settle, perhaps under certain conditions of military service,
[16] on the south-western sea-board. Nor need these Goidelic settlers have
consisted only of the Dessi, or the settlements have all been made at one
time, and there seem to have been other settlements in Somerset,
Devonshire, and Cornwall.[17]
General considerations, then, supported by particular IRELAND AND
fragments of evidence which exist, would prepare us to THE EMPIRE
learn, as something not surprising, but rather to be
expected, that, by the end of the fourth century, Christians, and some
knowledge of the Christian worship, should have found their way to the
Irish shores. Beyond the regular intercourse with Britain, Gaul, and Spain
there was the special circumstances of the Irish settlements in south-west
Britain—a highroad for the new creed to travel;[18] and the great invasion in
the middle of the fourth century, which will be mentioned in the next
chapter, must have conveyed Christian captives to Ireland. In the
conversion of this island, as elsewhere, captives played the part of
missionaries. It will not then amaze us to find, when we reach the fifth
century, that men go forth from Ireland to be trained in the Christian
theology. It will not astonish us to learn that Christian communities exist
which are ripe for organisation, or to find this religion penetrating into the
house of the High Kings. We shall see reasons for supposing that the Latin
alphabet had already made its way to Ireland,[19] and the reception of an
alphabet generally means the reception of other influences from the same
source.[20] For the present it is enough to have brought the relations of the
Empire to Ireland somewhat into line with its relations to other independent
neighbours.
CHAPTER II
THE CAPTIVITY AND ESCAPE OF PATRICK
This feeling comes out in his writings; it may have been strengthened by the
experiences of his life, but the idea must have been with him from his very
cradle. Peaceful folk in Britain in those days could have imagined no more
terrible disaster than to be sundered from the Empire; Rome was the symbol
of peace and civilisation, and to Rome they passionately clung. The worst
thing they had to dread from year to year was that the Roman army should
be summoned to meet some sudden need in another province.
But as Patrick grew up, the waves were already gathering, to close slowly
over the island, and to sweep the whole of western Europe. The great
Theodosius died, and his two feeble successors slumbered at Milan and
Constantinople, while along all the borders, or even pressing through the
gates, were the barbarians, armed and ready, impressed by the majesty of
Rome, but hungry for the spoils of the world. Hardly was Theodosius at rest
in his tomb when Greece was laid waste by the Goths, and Athens trembled
at the presence of Alaric. But men did not yet realise, even in their dreams,
the strange things to come, whereof this was the menace and the presage.
When the rumour of Alaric and his Goths reached the homesteads of
Britain, it must have struck men’s ears as a thing far off, a trouble in which
they could have no part. And the danger that stole upon the Empire was
muffled and disguised. Alaric was a Goth, but at the same time he was an
imperial general, a Master of Soldiers, a servant of the Roman State,
profoundly loyal to the Empire, the integrity of which he was undermining.
A few years later Britain was startled by sudden tidings. Alaric and his
Goths had entered Italy itself; the Emperor Honorius was trembling on his
throne, and the armies of the west must hasten to defend him. The message
came from Stilicho, the general on whose strength and craft the safety of
western Europe in these years depended, and one Britannic legion obeyed
the summons to Italy. The islanders must again have been sick at heart in
daily expectation of the assaults of their old enemies.
Those enemies were not asleep, and they rose up KING NIALL’S
presently to take advantage of the favourable time. At INVASION
this point we encounter an Irish king, whose name is
famous in the obscure history of his own land. King Niall was the High-
king of Ireland in the days of the rebellion of Maximus, and may possibly
have joined in the marauding expeditions which vexed Britain during those
years. His deeds are enveloped in legend, but the exalted notion which his
countrymen formed of his prowess is expressed in the vain tale that he
invaded Gaul and conquered as far as the Alps. To the annals of the Empire
king Niall is as unknown as the princelings of remotest Scythia, but in
Britain his name must have been a familiar word. The tradition that he died
out of his own country, but slain by the hand of a fellow-countryman, can
hardly fail to be founded on fact; and when the Irish annals tell us that he
met his death “by the Sea of Wight,” there is nothing in the circumstances
of the time which forbids us to believe the record. If the date assigned to his
death, . . 405, is roughly correct, this last hosting of Niall was made
before the Roman army had finally left the island, but during the disorders
which preceded its departure.
It may have been at this crisis[28] in the history of Britain that the event
happened which shaped the whole life of the son of Calpurnius, who had
now reached the age of sixteen, in his home near the western sea. A fleet of
Irish freebooters came to the coasts or river-banks in the neighbourhood
seeking plunder and loading their vessels with captives. Patrick was at his
father’s farmstead, and was one of the victims. Men-servants and maid-
servants were taken, but his parents escaped; perhaps they were not there,
or perhaps the pirates could not carry more than a certain number of slaves,
and chose the young.
Thus was Patrick, in his seventeenth year, carried into captivity in Ireland
—“to the ultimate places of the earth,” as he says himself, as if Ireland were
severed by half the globe from Britain. The phrase shows how thoroughly,
how touchingly Roman was Patrick’s geographical view. The Roman
Empire was the world, and all outside its fringe was in darkness, the
ultimate places of the earth.
Thus the years of his bondage were also the years of his “conversion,” and
he looked back upon this stage in his spiritual development as the most
important and critical in his life.
But he was homesick, and he was too young to THE ESCAPE
abandon hope of deliverance and escape from the wild
outland into which fate had cast him. He longed and hoped, and we may be
sure that he prayed, to win his way back within the borders of the Roman
Empire. His waking hopes came back to him at night as responsive voices
in his dreams. He heard a voice that said to him in his sleep, “Thou doest
well to fast; thou shalt soon return to thy native land.” And another night it
said, “Behold, thy ship is ready.” Patrick took these dream-voices for divine
intimations, and they heartened him to make an attempt to escape. Escape
was not easy, and was beset with many perils. For the port where he might
hope to find a foreign vessel was about a hundred and eighty miles from his
master’s house. Patrick, in describing his escape, does not name the port,
but we may conjecture that it was Inver-dea, at the mouth of the stream,
which is now called the Vartry, and reaches the sea near the town of
Wicklow. The resolution of attempting this long flight, with the danger of
falling into the hands of some other master, if not of being overtaken by his
own, is ascribed by Patrick to the promptings of a higher will than his. He
escaped all dangers and reached the port, where he knew no man. But at all
events he had chosen the season of his flight well. The ship of his dreams
was there, and was soon to sail. It was a ship of traders; their cargo was
aboard, and part of the cargo consisted of dogs, probably Irish wolf-hounds.
Patrick spoke to some of the crew, and made a proposal of service. He was
willing to work his passage to the port to which the vessel was bound. The
proposal seems to have been at first entertained, but afterwards the
shipmaster objected, and said sharply, “Nay, in no wise shalt thou come
with us.” The disappointment, as safety seemed within grasp, must have
been bitter, and Patrick turned away from the mariners to seek the lodging
where he had found shelter. As he went he prayed, and before he finished
his prayer he heard one of the crew shouting behind him, “Come quickly,
for they are calling you.” The shipmaster had been persuaded to forego his
objections, and Patrick set sail from the shores of Ireland with this rough
company.
To what country or race the crew belonged we are not told; we learn only
that they were heathen. They wished to enter into some solemn compact of
abiding friendship with Patrick, but he refused to be adopted by them. “I
would not,” he says, using a quaint phrase,[34] “suck their breasts because of
the fear of God. Nevertheless I hoped of them that they might come to the
faith of Christ, for they were heathen, and therefore I held on with them.”
They sailed for three days before they made land. The name of the coast
which they reached is hidden from us, and there is something very strange
about the whole story. The voyage was clearly uneventful. They were not
driven by storm or stress of weather out of their course to some undesired
shore. There is nothing in the tale, as Patrick tells it himself, to suggest that
the ship did not reach the port to which it was bound. Yet when they landed,
their way lay through a desert, and they journeyed through the desert for
eight and twenty days in all. Their food ran short, and at last starvation
threatened them; many of their dogs were exhausted and left to die on the
wayside. Then the shipmaster said to Patrick, “Now, O Christian, thou
sayest thy God is great and almighty. Why then dost thou not pray for us?
For we are in danger of starvation, and there is no likelihood of our seeing
any man.” And Patrick, in the spirit of the missionary, replied, “Nothing is
impossible to the Lord, my God. Turn to him truly, that he may send you
food in your path this day till ye are filled, for he has plenty in all places.”
Presently a drove of pigs appeared on the road, and the starving wayfarers
killed many, and rested there two nights, and were refreshed. They were as
ready as Patrick himself to believe that the appearance of the swine was a
miraculous answer to his prayer, and he won high esteem in their eyes.
As Patrick slept here, his body satisfied, after long privation, by a
plenteous meal, he had a dream, which he remembered vividly as long as he
lived. He dreamed that a great stone fell upon him, and that he could not
move his limbs. Then he called upon Elias,[35] and the beams of the rising
sun awoke him, and the feeling of heaviness fell away. Patrick regarded this
nightmare as a temptation of Satan, and imagined that Christ had come to
his aid. The incident has a ridiculous side, but it shows the intense religious
excitement of Patrick at this period, ready to see in the most trivial
occurrence a direct interposition from heaven; and we must remember how
in those days dreams were universally invested with a certain mystery and
dread.
For nine days more Patrick and his companions travelled through
deserted places, but were not in want of food or shelter; on the tenth they
came to the habitations of men. Patrick had no thoughts of remaining with
them longer than he needed. He had heard in a dream a divine voice
answering his thoughts and saying, “Thou shalt remain with them two
months.” This dream naturally guided him in choosing the time of his
escape. At the end of two months he succeeded in releasing himself from
his masters.
In his description of this strange adventure he leaves JOURNEY IN
us to divine the geography as best we may, for he relates GAUL
it as if it had happened in some nameless land beyond
the borders of the known world. But the circumstances enable us to
determine that the ship made for the coast of Gaul. It can be shown that its
destination was not Britain, and Gaul is the only other land which could
have been reached in three days or thereabouts. The aim of the traders with
their Irish dogs must have been to reach southern Europe, and the place of
disembarkation would naturally have been Nantes or Bordeaux. The story
of the long faring through a wilderness might be taken to illustrate the
condition of western and south-western Gaul at this period.[36] For much
about the time at which Patrick’s adventures happened, Gallic poets were
writing heartbreaking descriptions of the desolation which had been brought
upon this country by the great invasion of Vandals and Sueves and other
barbarous peoples. The Vandals and Sueves had indeed already left it to
pass into Spain, but they had left it waste. Strong castles, walled cities,
sings one poet, could not escape; the hands of the barbarians reached even
lonely lodges in dismal wilds and the very caves in the hills. “If the whole
ocean,” cries another, “had poured its waters into the fields of Gaul, its
vasty waves would have spared more than the invaders.”
But even in the exceptional conditions of the time, it is surprising that a
party, starting from a port on the west coast and travelling to the
Mediterranean, should have walked for four weeks without seeing a human
abode and in dire peril of starvation. We must suppose that they avoided,
deliberately and carefully, beaten roads, and perhaps made considerable
halts, in order to avoid encounters with roaming bands of the Teutonic
barbarians.
Though Patrick did not mention the scene of his journey in the narrative
which he left behind him, he used to tell his disciples how he had “the fear
of God as a guide in his journey through Gaul and Italy.” This confirms the
conclusion, to which the other evidence points, that Gaul was the
destination of the crew, and also intimates that he travelled with his
companions through Gaul to Italy. It was in Italy, then, we must suppose,
that he succeeded in escaping from them.
The book in which he described this episode was written by Patrick, as
we shall see hereafter, when he was an old man. He rigidly omitted all
details which did not bear upon his special purpose in writing it. The whole
tale of his captivity and escape, undefined or vaguely defined by landmarks
or seamarks, as if the places of the adventures had no name or lay beyond
the range of all human charts, is designed to display exclusively the
spiritual significance of those experiences. That the land of his captivity
was Ireland, this was indeed significant; but otherwise names of men and
places were of no concern and might be allowed to drop away. Patrick, in
reviewing this critical period of his life, reproduces the select incidents as
they impressed him at the moment, contributing, as he believed, to his own
spiritual development, or illustrating the wonderful ways in which Heaven
had dealt with him.
CHAPTER III
IN GAUL AND BRITAIN
§ 1. At Lérins
§ 2. At Home in Britain