Category The process of identifying the specific effects of economic events on the accounting equation is referred to as:

ACC 561 WEEK 2 Quiz Chapters 3 and 4

ACC 561 WEEK 2 Quiz Chapters 3 and 4

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ACC 561 WEEK 2 Quiz Chapters 3 and 4

ACC 561 WEEK 2 Quiz Chapters 3 and 4

ACC 561 WEEK 2 Quiz Chapters 3 and 4

Chapter 3

  1. The process of identifying the specific effects of economic events on the accounting equation is referred to as:
  2. posting.
  3. transaction analysis.
  4. journalizing.
  5. balancing.

 

  1. When cash is received before services have been performed, which accounts are increased?
  2. cash and service revenue.
  3. cash and prepaid accounts receivable.
  4. cash and unearned revenue.
  5. unearned revenue and service revenue.

 

  1. Dividends are:
  2. recorded on the income statement.
  3. recorded as assets.
  4. increased with a credit.
  5. decreases on the retained earnings statement.

 

  1. Items such as a sales slip, a check, a bill, or a cash register tape are examples of:
  2. balance sheet accounts.
  3. income statement accounts.
  4. cost of goods sold.
  5. source documents.

 

  1. The process of entering transaction data into the journal is called:
  2. posting.
  3. journalizing.
  4. balancing.
  5. none of the above.

 

  1. Which of the following is not a contribution of the general journal to the recording process?
  2. The determination of net income.
  3. It discloses in one place the complete effect of a transaction.
  4. It provides a chronological record of transactions.
  5. It helps to prevent or locate errors because the debit and credit amounts for each entry can be readily compared.

 

  1. The basic steps in the recording process are:
  2. Analyze the transaction, enter the transaction in the journal, and transfer the information to the general ledger.
  3. Enter the transaction in the journal, analyze the transaction, and transfer the information to the general ledger.
  4. Analyze the transaction, enter the transaction in the financial statements, and enter the transaction in the journal.
  5. None of the above.

 

  1. All of the following accounts have debit balances with the exception of:
  2. cash
  3. wages expense.
  4. unearned advertising fees.
  5. prepaid insurance.

 

  1. All of the following accounts would have credit balances with the exceptionof:
  2. accounts payable.
  3. notes payable.
  4. unearned advertising fees.
  5. dividends.

 

  1. Which of the following mistakes will a trial balance most likely detect?
  2. A transaction is not journalized.
  3. A debit balance is recorded as a credit balance.
  4. A journal entry is posted twice.
  5. Incorrect accounts are used in journalizing or posting.

Chapter 4

  1. Accountants have developed two principles to use as guidelines in determining the amount of revenues and expenses to be reported in a given period. These principles are the:
  2. cash basis accounting principle.
  3. revenue recognition principle.
  4. expense recognition principle.
  5. both cash basis accounting principle and revenue recognition principle are correct.

 

  1. Which of the following is not true concerning cash basis accounting?
  2. Does not follow GAAP.
  3. Records revenue when cash is received.
  4. Matches expenses with the revenues they help to produce.
  5. Records expenses when cash is paid.

 

  1. In order for revenues to be recorded in the period in which the services are performed, and for expenses to be recognized in the period in which they are incurred:
  2. adjusting entries are made.
  3. cash basis accounting is used.
  4. closing entries are made.
  5. none of these answer choices are correct.

 

  1. Unearned revenues are:
  2. deferrals.
  3. liabilities.
  4. temporary accounts.
  5. both deferrals and liabilities are correct.

 

  1. All of the following are examples of prepaid expenses except:
  2. prepaid rent.
  3. prepaid insurance.
  4. supplies.
  5. unearned revenues.

 

  1. Depreciation is:
  2. the wearing away of an asset.
  3. the process of an asset becoming obsolete.
  4. a valuation process.
  5. The process of allocating the cost of an asset to expense over its useful life.

 

  1. Accumulated depreciation is a:
  2. contra asset account.
  3. contra revenue account.
  4. unearned revenue account.
  5. expense account.

 

  1. Which of the following companies would probably not have unearned revenue:
  2. Delta Airlines.
  3. Hurst Publishing Company.
  4. Poppa John’s Pizza.
  5. All State Insurance Company.

 

  1. Adjusting entries for accruals:
  2. are required in order to record revenues for services performed and expenses incurred in the current accounting period that have not been recognized through daily entries and thus are not yet reflected in the accounts.
  3. will increase both a balance sheet and an income statement account.
  4. are not required under GAAP.
  5. both are required in order to record revenues for services performed and expenses incurred in the current accounting period that have not been recognized through daily entries and thus are not yet reflected in the accounts and will increase both a balance sheet and an income statement account are correct.

 

  1. An assumption that the economic life of a business can be divided into artificial time periods is the:
  2. cash basis assumption.
  3. accrual assumption.
  4. calendar year assumption.
  5. periodicity assumption. ACC 561 WEEK 2 Quiz Chapters 3 and 4

ACC 561 WEEK 2 Quiz Chapters 3 and 4

ACC 561 WEEK 2 Quiz Chapters 3 and 4

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