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Kaplan University AC 499 Quiz 2 (Graded)

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Question;Grade Details - All Questions 1. Question: In an accrual accounting system, Student Answer: all accounts have normal debit balances. a credit entry is recorded on the right-hand side of a T- account. liabilities, owner's capital, and dividends all have normal credit balances. revenues are recorded only when cash is received. 2. Question: Adjusting entries normally involve Student Answer: real accounts only. nominal accounts only. Both A & B. liability accounts only. 3. Question: The debit and credit analysis of a transaction normally takes place when the Student Answer: entry is posted to a subsidiary ledger. entry is recorded in a journal. trial balance is prepared. financial statements are prepared. 4. Question: Which of the following is not among the first five steps in the accounting cycle? Student Answer: Record transactions in journals. Prepare the Post-closing Trial Balance. Adjust the general ledger accounts. Post entries to general ledger accounts. 5. Question: Which of the following errors might not be detected when a trial balance is properly prepared? Student Answer: An amount that was entered in the wrong account A transaction that was entered twice A transaction that had been omitted None of the above would be detected 6. Question: If an inventory account is overstated at year end, the effect will be to overstate the Student Answer: net purchases. gross margin. cost of goods available for sale. assets. 7. Question: Which of the following is not presented in an income statement? Student Answer: Revenues Expenses Net income Accumulated Depreciation 8. Question: Accumulated Depreciation is an example of a(n) Student Answer: expense account. contra account. adjunct account. control account. 9. Question: An example of a temporary account would be Student Answer: Allowance for Doubtful Accounts. Notes Payable. Prepaid Expense. Cost of Goods Sold. 10. Question: Which of the following accounts most likely would not appear in a post-closing trial balance? Student Answer: Retained Earnings Inventory Cost of Goods Sold Common Stock 1. Question: Which of the following must receive IRS permission AND is reportable in the financial records? Student Answer: The value of goodwill earned through business operations The value of human resources Changes in personnel Changes in inventory costing methods 2. Question: The last step in the accounting cycle is to Student Answer: prepare a post-closing trial balance. journalize and post-closing entries. prepare financial statements. journalize and post adjusting entries. 3. Question: An example of a nominal account would be Student Answer: Allowance for Doubtful Accounts. Notes Payable. Prepaid Expense. Cost of Goods Sold. 4. Question: Adjusting entries normally involve Student Answer: real accounts only. nominal accounts only. real and nominal accounts. liability accounts only. 5. Question: The basic financial statements are listed below:(1) Balance sheet(2) Statement of retained earnings(3) Income statement(4) Statement of cash flowsIn which of the following sequences does the accountant ordinarily prepare the statements? Student Answer: 1, 4, 3, 2 2, 1, 3, 4 3, 2, 1, 4 3, 2, 4, 1 6. Question: Which of the following is not among the first five steps in the accounting cycle? Student Answer: Record transactions in journals. Record closing entries. Adjust the general ledger accounts. Post entries to general ledger accounts. 7. Question: Which of the following is not presented in an income statement? Student Answer: Revenues Expenses Net income Dividends 8. Question: The allowance for doubtful accounts is an example of a(n) Student Answer: expense account. contra account. adjunct account. control account. 9. Question: Under the cash basis of accounting, Student Answer: revenues are recorded when they are earned. accounts receivable would appear on the balance sheet. depreciation of assets having an economic life of more than one year is recognized. the matching principle is ignored. 10. Question: Failure to record depreciation expense at the end of an accounting period results in Student Answer: understated income. understated assets. overstated expenses. overstated assets.

 

Paper#40087 | Written in 18-Jul-2015

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