ACC 557 Week 3 Chapter 2 Quiz (all possible questions)\t\u00a0\tThis Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)\t\u00a0\tSOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS\t\u00a0\tMultiple Choice Question 103\tTransactions in a journal are recorded in\talphabetical order.\tdollar amount order.\tchronological order.\taccount number order.\tMultiple Choice Question 70\tIn the first 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 a(n)\t$300 credit balance.\t$900 debit balance.\t$600 credit balance.\t$300 debit balance.\tMultiple Choice Question 61\tWhich of the following statements is true?\tCredits decrease assets and decrease liabilities.\tDebits increase assets and increase liabilities.\tCredits decrease assets and increase liabilities.\tDebits decrease liabilities and decrease assets\tMultiple Choice Question 95\tThe final step in the recording process is to transfer the journal information to the\ttrial balance.\tfinancial statements.\tledger.\tfile cabinets.\tMultiple Choice Question 88\tThe usual sequence of steps in the transaction recording process is:\tanalyze\u2192 journal \u2192 ledger.\tjournal\u2192 ledger \u2192 analyze.\tledger\u2192 journal \u2192 analyze.\tjournal\u2192 analyze \u2192 ledger.\tMultiple Choice Question 50\tWhich one of the following represents the expanded basic accounting equation?\t+ Common Stock + Retained Earnings + Dividends “\ufffd Revenue “\ufffd Expenses.\tAssets + Dividends + + Common Stock + Retained Earnings + Revenues.\tAssets “\ufffd Liabilities “\ufffd Stock + Retained Earnings + Revenues “\ufffd Expenses.\t+ Expenses “\ufffd Liabilities.\tMultiple Choice Question 133\tA trial balance may balance even when each of the following occurs except when\ta transposition error is made.\ta journal entry is posted twice.\tincorrect accounts are used in journalizing.\ta transaction is not journalized.\tMultiple Choice Question 43\tAn accounting time period that is one year in length, but does not begin on January 1, is referred to as\ta fiscal year.\tan interim period.\tthe time period assumption.\ta reporting period.\tMultiple Choice Question 87\tWhich of the following reflect the balances of prepayment accounts prior to adjustment?\tBalance sheet accounts are understated and income statement accounts are understated.\tBalance sheet accounts are overstated and income statement accounts are overstated.\tBalance sheet accounts are understated and income statement accounts are overstated.\tBalance sheet accounts are overstated and income statement accounts are understated.\tMultiple Choice Question 67\tCrue Company had the following transactions during 2013:\t“\ufffd Sales of $4,500 on account\t“\ufffd Collected $2,000 for services to be performed in 2014\t“\ufffd Paid $1,625 cash in salaries\t“\ufffd Purchased airline tickets for $250 in December for a trip to take place in 2014\tWhat is Crue’s 2013 net income using cash basis accounting?\t$375.\t$4,875.\t$4,625.\t$125.\tMultiple Choice Question 64\tWhich statement is correct?\tThe cash basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received.\tAs long as management is ethical, there are no problems with using the cash basis of accounting.\tAs long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use.\tThe use of the cash basis of accounting violates both the revenue recognition and expense recognition principles.\tMultiple Choice Question 61\tUnder accrual-basis accounting\tnet income is calculated by matching cash outflows against cash inflows.\tthe ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.\tcash must be received before revenue is recognized.\tevents that change a company’s financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.\tMultiple Choice Question 165\tExpenses paid and recorded as assets before they are used are called\taccrued expenses.\tinterim expenses.\tprepaid expenses.\tunearned expenses.\tMultiple Choice Question 152\tThe adjusted trial balance is prepared\tafter financial statements are prepared.\tafter adjusting entries have been journalized and posted.\tbefore the trial balance.\tto prove the equality of total assets and total liabilities\tMultiple Choice Question 45\tManagement usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns.\tquarterly, monthly\tmonthly, annual\tmonthly, monthly\tannual, annual<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 557 Week 3 Chapter 2 Quiz (all possible questions) \u00a0 This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set) \u00a0 SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200309","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200309"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200309\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}