ACC 290 Week 2 Practice Quiz

ACC 290 Week 2 Practice Quiz

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 ACC 290 Week 2 Practice Quiz


Complete the Week 1 Practice Quiz in WileyPLUS


Practice Question 20

Which accounts normally have debit balances?

Assets, liabilities, and dividends


Assets, dividends, and expenses


Assets, expenses, and retained earnings


Assets, expenses, and revenues




Practice Question 26

Which of the following is the correct sequence of events?

Analyze a transaction; record it in the journal; post it to the ledger


Record a transaction in the journal; analyze the transaction; post it to the ledger


None of the answer choices provides the correct sequence


Analyze a transaction; post it to the ledger; record it in the journal




Practice Question 32

Where is the first place every transaction is recorded?

In the ledger


In the respective accounts


In the basic accounting equation


In the journal




Practice Question 38

What type of account is unearned revenue?











Practice Question 45

Accounts are listed on the trial balance in

the order that they appear in the ledger.


the order in which they are posted.


alphabetical order.


chronological order.




Practice Question 05

The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the


revenue recognition principle.


accrued revenues principle.


periodicity assumption.


expense recognition principle.




Practice Question 10

Which statement is correct?


As long as a company consistently uses the cash-basis of accounting, generally accepted accounting principles allow its use.


The use of the cash-basis of accounting violates both the revenue recognition and expense recognition principles.


The cash-basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received.


As long as management is ethical, there are no problems with using the cash-basis of accounting.




Practice Question 21

Adjustments for unearned revenues


decrease revenues and decrease assets.


increase assets and increase revenues.


increase liabilities and increase revenues.


decrease liabilities and increase revenues.




Practice Question 26

At December 31, 2017, before any year-end adjustments, Macarty Company’s Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be












Practice Question 53

Which is the correct order of steps in the accounting cycle?


Prepare financial statements, prepare adjusting entries, prepare closing entries, prepare a post-closing trial balance.


Journalize and post transactions, journalize and post closing entries, journalize and post adjusting entries.


Post transactions, journalize transactions, prepare a trial balance, prepare financial statements.


Journalize and post transactions, journalize and post adjusting entries, journalize and post closing entries.
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