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Accounting quiz questions




Question;1.Making insurance;payments in advance is an example of: (Points: 1);An accrued revenue transaction.;An accrued expense transaction.;A deferred revenue transaction.;A deferred expense transaction.;Question 2. 2.In its 2004 annual;report, Apple Computer reported the following in one of its disclosure;notes: "Warranty Expense: The Company provides currently for the;estimated cost for product warranties at the time the related revenue is;recognized." This note exemplifies Apple's use of: (Points: 1);Conservatism;The matching principle;Realization principle;Full disclosure principle;Question 3. 3.The purpose of;closing entries is to transfer: (Points: 1);Accounts receivable to retained earnings when an account is fully paid.;Balances in temporary accounts to a permanent;account.;Inventory to cost of goods sold when merchandise is sold.;Assets and liabilities when operations are discontinued.;Question 4. 4.The best argument;in support of historical cost information is: (Points: 1);Relevance.;Predictive quality for future cash flows.;Materiality.;Verifiability.;Question 5. 5.Rent collected in;advance is: (Points: 1);An asset account in the balance sheet.;A liability account in the balance sheet.;A shareholders' equity account in the balance sheet.;A temporary account, not in the balance sheet at all.;Question 6. 6.Which of the;following accounts are closed at the end of the accounting period?;(Points: 1);Allowance for uncollectibles;Unearned revenue;Retained earnings;Provision for income taxes;Question 7. 7.The principal;concern with accounting for related party transactions is: (Points: 1);The size of the transactions.;Differences between economic substance and legal;form.;The absence of legally binding contracts.;The lack of accurate data to record transactions.;Question 8. 8.The adjusting entry;required to record accrued expenses includes: (Points: 1);A credit to cash.;A debit to an asset.;A credit to an asset.;A credit to liability.;Question 9. 9.When converting an;income statement from a cash basis to an accrual basis, cash received for;services: (Points: 1);Exceed service revenue.;May exceed or be less than service revenue.;Is less than service revenue.;Equals service revenue.;Question 10. 10.Accrued expenses;(Points: 1);Are generally paid in services rather than cash.;Result from payment before services are received.;Result from services received before payment.;Are deferred charges to expense.


Paper#43480 | Written in 18-Jul-2015

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