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?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Asset
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Liability
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Revenue
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Expense
 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$2,700.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$1,900.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$1,500.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
$1,200.
 

 

 

 

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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