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University of Phoenix ACC 290 Wiley Week 4 quiz

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Question;University of Phoenix ACC 290 Wiley Week 4 quizWhat is the time period assumption?(a) Companies should recognize revenue in the accounting period in which it is earned.(b) Companies should match expenses with revenues.(c) The economic life of a business can be divided into artificial time periods.(d) The fiscal year should correspond with the calendar year.(a) Matching principle.(b) Cost principle.(c) Periodicity principle.(d) Revenue recognition principle.4 Adjusting entries are made to ensure that:(a) expenses are recognized in the period in which they are incurred.(b) revenues are recorded in the period in which they are earned.(c) balance sheet and income statement accounts have correct balances at the end of an accounting period.(d) All of the above.5 Each of the following is a major type (or category) of adjusting entry except:(a) prepaid expenses.(b) accrued revenues.(c) accrued expenses.(d) earned expenses.6 The trial balance shows Supplies $1,350 and Supplies Expense $0. If $600 of supplies are on hand at the end of the period, the adjusting entry is:(a)Supplies 600 Supplies Expense 600 (b) Supplies 750 Supplies Expense 750(c) Supplies Expense 750 Supplies 750(d) Supplies Expense 600 Supplies 6007 Adjustments for unearned revenues:(a) decrease liabilities and increase revenues.(b) increase liabilities and increase revenues.(c) increase assets and increase revenues.(d) decrease revenues and decrease assets.8 Adjustments for prepaid expenses:(a) decrease assets and increase revenues.(b) decrease expenses and increase assets.(c) decrease assets and increase expenses.(d) decrease revenues and increase assets.9 Queenan Company computes depreciation on delivery equipment at $1,000 for the month of June. The adjusting entry to record this depreciation is as follows:(a) Depreciation Expense 1,000 Accumulated Depreciation?Queenan Company 1,000(b) Depreciation Expense 1,000 Delivery Equipment 1,000(c) Depreciation Expense 1,000 Accumulated Depreciation?Delivery Equipment 1,000(d) Delivery Equipment Expense 1,000 Accumulated Depreciation?Delivery Equipment 1,00010 Adjustments for accrued revenues:(a) increase assets and increase liabilities.(b) increase assets and increase revenues.(c) decrease assets and decrease revenues.(d) decrease liabilities and increase revenues.11 Colleen Mooney earned a salary of $400 for the last week of September. She will be paid on October 1. The adjusting entry for Colleen's employer at September 30 is:(a) No entry is required.(b) Salaries Expense 400 Salaries Payable 400(c) Salaries Expense 400 Cash 400(d) Salaries Payable 400 Cash 40012 Which statement is incorrect concerning the adjusted trial balance?(a) An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made.(b) The adjusted trial balance provides the primary basis for the preparation of financial statements.(c) The adjusted trial balance does not list temporary accounts.(d) The company prepares the adjusted trial balance after it has journalized and posted the adjusting entries.13 Which account will have a zero balance after a company has journalized and posted closing entries?(a) Service Revenue.(b) Advertising Supplies.(c) Prepaid Insurance.(d) Accumulated Depreciation.14 Which types of accounts will appear in the post-closing trial balance?(a) Permanent accounts.(b) Temporary accounts.(c) Accounts shown in the income statement columns of a work sheet.(d) None of the above.15 All of the following are required steps in the accounting cycle except:(a) journalizing and posting closing entries.(b) preparing an adjusted trial balance.(c) preparing a post-closing trial balance.(d) preparing a work sheet.

 

Paper#40552 | Written in 18-Jul-2015

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