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ACC 557 Week 3 Quiz


ACC 557 Week 3 Quiz fin571

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ACC 557 Week 3 Quiz
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 25 views.

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Date Created: 11/11/15
Multiple Choice Question 103 Transactions in a journal are recorded in re alphabetical order fa dollar amount order F chronological order fa account number order Multiple Choice Question 70 In the rst month of operations the total of the debit entries to the cash account amounted to 900 and the total of the credit entries to the cash account amounted to 600 The cash account has an is 300 credit balance r 900 debit balance is 600 credit balance a 300 debit balance Multiple Choice Question 61 Which of the following statements is true fu Credits decrease assets and decrease liabilities r Debits increase assets and increase liabilities r Credits decrease assets and increase liabilities r Debits decrease liabilities and decrease assets Multiple Choice Question 95 The nal step in the recording process is to transfer the journal information to the fu trial balance f u nancial statements r ledger fu le cabinets Multiple Choice Question 88 The usual sequence of steps in the transaction recording process is F analyze gt journal gt ledger 5ft journal gt ledger gt analyze r ledger gt journal gt analyze r journal gt analyze gt ledger Multiple Choice Question 50 Which one of the following represents the expanded basic accounting equation f Assets Liabilities Common Stock Retained Earnings Dividends Revenue Expenses a Assets Dividends Expenses Liabilities Common Stock Retained Earnings Revenues fu Assets Liabilities Dividends Common Stock Retained Earnings Revenues Expenses fu Assets Revenues Expenses Liabilities Multiple Choice Question 133 A trial balance may balance even when each of the following occurs except when r a transposition error is made If a journal entry is posted twice If incorrect accounts are used in journalizing in a transaction is notjournalized Multiple Choice Question 43 An accounting time period that is one year in length but does not begin on January 1 is referred to as p a scal year p an interim period p the time period assumption p a reporting period Multiple Choice Question 87 Which of the following re ect the balances of prepayment accounts prior to adjustment p Balance sheet accounts are understated and income statement accounts are understated p Balance sheet accounts are overstated and income statement accounts are overstated r Balance sheet accounts are understated and income statement accounts are overstated r Balance sheet accounts are overstated and income statement accounts are understated Multiple Choice Question 67 Crue Company had the following transactions during 2013 Sales of 4500 on account Collected 2000 for services to be performed in 2014 Paid 1625 cash in salaries Purchased airline tickets for 250 in December for a trip to take place in 2014 What is Crue s 2013 net income using cash basis accounting 375 4875 f 4625 Ir 125 Multiple Choice Question 64 Which statement is correct The cash basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received p As long as management is ethical there are no problems with using the cash basis of accounting p As long as a company consistently uses the cash basis of accounting generally accepted accounting principles allow its use p The use of the cash basis of accounting violates both the revenue recognition and expense recognition principles Multiple Choice Question 61 Under accrualbasis accounting p net income is calculated by matching cash out ows against cash in ows p the ledger accounts must be adjusted to re ect a cash basis of accounting before nancial statements are prepared under generally accepted accounting principles r cash must be received before revenue is recognized r events that change a company39s nancial statements are recognized in the period they occur rather than in the period in which cash is paid or received Multiple Choice Question 165 Expenses paid and recorded as assets before they are used are called a accrued expenses a interim expenses a prepaid expenses It unearned expenses Multiple Choice Question 152 The adjusted trial balance is prepared Irvu after nancial statements are prepared r after adjusting entries have been journalized and posted fu before the trial balance gr to prove the equality of total assets and total liabilities Multiple Choice Question 45 Management usually desires nancial statements and the IRS requires all businesses to le tax returns fu quarterly monthly Irvu monthly annual Irvu monthly monthly p annual annual


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