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POST ACC111 UNIT 3 CH 3 SELF QUIZ AND QUIZ

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Question;? Question;1;2 out of 2 points;The New York Yankees baseball;team has an account titled ?Unearned Ticket Revenue?. What type of account is;this and on what financial statement is it reported?;Type of account = Liability, Financial Statement = Balance;Sheet;Type of account = Revenue, Financial Statement = Balance Sheet;Type of;account = Revenue, Financial Statement =;Income Statement;? Question;2;2 out of 2 points;During November 200X John painted;a barn. The customer does not pay John until January this next year. Which of;the following statements is correct?;Using accrual accounting, the revenue is reported in;November.;Using;accrual accounting, the revenue is reported in the month John bought the paint;for the barn.;Using;accrual accounting, the revenue is reported when the wages expenses related to;the barn painting are paid by John.;? Question;3;2 out of 2 points;During June 200X Mary Jones;incurs $8,000 of legal expense. She;will pay the expense in July. She uses the accrual basis of accounting. How;will these transactions affect her financial statements?;The;income statement will show the effect of the transactions in July.;The;balance sheet will show no effect from the transactions in June.;The;transactions have no effect on the balance sheet.;? Question;1;0 out of 0 points;The matching principle requires;Assets;= Liabilities + Equity.;Expenses;be recorded when the revenues they generate are paid.;Net;income be transferred to the retained earnings account at the end of an;accounting period.;? Question;2;0 out of 0 points;When should companies that sell;gift cards to customers report revenue?;When;the gift card is sold and cash is received.;When the gift card is used by the customer.;At the;end of the year in which the gift card is sold..;? Question;3;0 out of 0 points;Webby Corporation reported the;following amounts on its income statement: service revenues, $ 32,500;utilities expense, $ 300, net income, $ 1,600, and income tax expense, $ 900.;If the only other amount reported on the income statement was for selling expenses;what amount would it be?;$ 2,200;$;30,000;$ 29,700;$;30,900;? Question;4;0 out of 0 points;What type of account is Unearned;Revenue?;Revenue;Asset;Liability;Equity;Expense;? Question;5;0 out of 0 points;In October 200X John signs a;contract to paint a house. During;November 200X John paints the house. He;is not paid until December 200X. Under;accrual accounting when should this job be recorded as revenue?;October;November;December;In any;of the three months;? Question;6;0 out of 0 points;During June 200X a customer pays;John in advance for a house painting job that is to be done in July 200X. Under accrual accounting the payment in June;would be recorded as;Unearned revenue (as a liability);Unearned;revenue (as an asset);Revenue;Expense;? Question;7;0 out of 0 points;Under accrual accounting an;expense paid in advance is recorded as;A debit to the asset account Prepaid Expense.;A;credit to the asset account Prepaid Expense.;A debit;to an expense account.;A;credit to an expense account.;\? Question 8;In regard to revenue accounts;A debit;entry will increase this account, a credit entry will decrease this account.;A credit entry will increase this account, a debit entry;will decrease this account.;A debit;entry can either increase or decrease this account.;A;credit entry can either increase or decrease this account.;? Question;9;0 out of 0 points;In regard to expense accounts;A debit entry will increase this account, a credit entry;will decrease this account.;A;credit entry will increase this account, a debit entry will decrease this;account.;A debit;entry can either increase or decrease this account.;A;credit entry can either increase or decrease this account.;? Question;10;0 out of 0 points;In regard to the Unearned Revenue;account;A debit;entry will increase this account, a credit entry will decrease this account.;A credit entry will increase this account, a debit entry;will decrease this account.;A debit;entry can either increase or decrease this account.;A;credit entry can either increase or decrease this account.

 

Paper#38797 | Written in 18-Jul-2015

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