Question 1.Sales are recorded under accrual basis accounting when: a.The actual

Question

Question 1.Sales are recorded under accrual basis accounting when:

a.The actual cash is collected from the customers

b.The bookkeeper has time to record the transactions

c.The costs are incurred to earn the revenue

d.The goods or services are provided regardless of whether the cash is collected from the customers

Question 2.Which one of the following is not a financial statement?

a.Profit & Loss

b.Trial Balance

c.Balance Sheet

d.Statement of Cash Flows

  Question 3.The types of reports that a business prepares include each of the following, except:

a.Management reports used by internal users

b.End of fiscal quarter reports

c.Tax forms

d.Financial statements used by investors, owners and creditors

  Question .The financial accounting definition of depreciation is the:

a.Allocation of an asset's cost to the periods used

b.Loss of value of the asset over time

c.Recovery of the asset's cost through depreciation deductions

d.Estimation of physical wear of an asset

  Question 5. At the end of an accounting period, adjusting journal entries are made to:

a.Prove the equality of the debits and credits

b.Debit or credit the checking account

c.Bring the accounts up to date

d.The general ledger

  Question 6.The Balance Sheet lists:

a.Revenues, Expenses, and Net Income

b.Assets, Liabilities, and Owner's Equity

c.All of a company's accounts and their ending balances

d.Cash flows from investing activities

Question 7.Which of the following is correct?

a.The balance sheet is reported for a specific time period

b.The income statement is reported on a particular date

c.The balance sheet is reported on a particular date

d.The statement of cash flows is reported on a particular date

  Question 8.Which one of the following classifications is not found on the Statement of Cash Flows?

a.Cash Flows from Operating Activities

b.Cash Flows from Selling Activities

c.Cash Flows from Financing Activities

d.Cash Flows from Investing Activities

Question 9.The General Ledger is a:

a.Collection of all the company's accounts and account activity

b.Listing of all of a company's accounts and their ending balances

c.Record that contains journal entries for all transactions

d.List of customer names and their outstanding balances

Question 10. Accrued Revenues are:

a.Revenues that have been earned, but not collected

b.Payment received in advance of receiving the service

c.Revenues that have been recorded

d.Revenues that have been collected, but not yet earned

Explanation / Answer

Question I D

Question II B

Question III D

Question IV D

Question V D

Question VI B

Question VII C

Question VIII B

Question IX C

Question X A

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