Question 1

Accounting periods of greater than a year are called interim periods.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following accounts would be found on the credit side of the adjusted trial balance?

Accepted Answer

A) Accumulated Depreciation-Equipment 
B) Prepaid Insurance 
C) Dividends 
D) Depreciation Expense 
A) Accumulated Depreciation-Equipment 
B) Prepaid Insurance 
C) Dividends 
D) Depreciation Expense

Question 3

Almost every revenue or expense account on the income statement has one or more related accounts on the balance sheet.

Accepted Answer

A) True 
 B)False

Question 4

If an adjusting entry is not made at the end of an accounting period to remove the earned revenue from the Unearned Revenue account,

Accepted Answer

A) assets would be understated. 
B) stockholders' equity would be overstated. 
C) liabilities would be understated. 
D) liabilities would be overstated. 
A) assets would be understated. 
B) stockholders' equity would be overstated. 
C) liabilities would be understated. 
D) liabilities would be overstated.

Question 5

Which of the following transactions will result in the recognition of an expense?

Accepted Answer

A) Interest accrued on a bank loan. 
B) The declaration and payment of dividends. 
C) Payment on accounts payable. 
D) All of these choices. 
A) Interest accrued on a bank loan. 
B) The declaration and payment of dividends. 
C) Payment on accounts payable. 
D) All of these choices.

Question 6

Which of the following transactions results in an increase in revenues?

Accepted Answer

A) Receipt of accounts receivable. 
B) Purchase of inventory. 
C) Receipt of principal from a bank loan. 
D) Delivery of a service in exchange for future payment. 
A) Receipt of accounts receivable. 
B) Purchase of inventory. 
C) Receipt of principal from a bank loan. 
D) Delivery of a service in exchange for future payment.

Question 7

The going concern assumption helps solve the

Accepted Answer

A) matching issue. 
B) accounting period issue. 
C) revenue recognition issue. 
D) continuity issue. 
A) matching issue. 
B) accounting period issue. 
C) revenue recognition issue. 
D) continuity issue.

Question 8

A company's five-day weekly payroll of $890 is paid on Fridays.Assume that the last day of the month falls on Tuesday.Which of the following is the required adjusting entry for the month end?

Accepted Answer

A) Debit Salaries Payable $534 and credit Salaries Expense $534. 
B) Debit Salaries Expense $534 and credit Salaries Payable $534. 
C) Debit Unpaid Salaries $356 and credit Salaries Payable $356. 
D) Debit Salaries Expense $356 and credit Salaries Payable $356. 
A) Debit Salaries Payable $534 and credit Salaries Expense $534. 
B) Debit Salaries Expense $534 and credit Salaries Payable $534. 
C) Debit Unpaid Salaries $356 and credit Salaries Payable $356. 
D) Debit Salaries Expense $356 and credit Salaries Payable $356.

Accounting periods of greater than a year are called interim periods.

Which of the following accounts would be found on the credit side of the adjusted trial balance?

Almost every revenue or expense account on the income statement has one or more related accounts on the balance sheet.

If an adjusting entry is not made at the end of an accounting period to remove the earned revenue from the Unearned Revenue account,

Which of the following transactions will result in the recognition of an expense?

Which of the following transactions results in an increase in revenues?

The going concern assumption helps solve the

A company's five-day weekly payroll of $890 is paid on Fridays.Assume that the last day of the month falls on Tuesday.Which of the following is the required adjusting entry for the month end?

Uses of Accounting Information and the Financial Statements

Measurement Concepts: Recording Business Transactions

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long-Term Assets

Current Liabilities and Fair Value Accounting

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting and Cost Concepts

Costing Systems: Job Order Costing

Costing Systems: Process Costing

Value-Based Systems: Activity-Based Costing and Lean Accounting

Cost-Volume-Profit Analysis

The Budgeting Process

Flexible Budgets and Performance Analysis

Standard Costing and Variance Analysis

Short-Run Decision Analysis

Capital Investment Analysis

Pricing Decisions, including Target Costing and Transfer Pricing

Quality Management and Measurement

Accounting for Unincorporated Businesses

Accounting for Investments

Filters

Exam 3: Measuring Business Income: Adjusting the Accounts

Accounting periods of greater than a year are called interim periods.

Which of the following accounts would be found on the credit side of the adjusted trial balance?

Almost every revenue or expense account on the income statement has one or more related accounts on the balance sheet.

If an adjusting entry is not made at the end of an accounting period to remove the earned revenue from the Unearned Revenue account,

Which of the following transactions will result in the recognition of an expense?

Which of the following transactions results in an increase in revenues?

The going concern assumption helps solve the

A company's five-day weekly payroll of $890 is paid on Fridays.Assume that the last day of the month falls on Tuesday.Which of the following is the required adjusting entry for the month end?

Uses of Accounting Information and the Financial Statements

Measurement Concepts: Recording Business Transactions

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long-Term Assets

Current Liabilities and Fair Value Accounting

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting and Cost Concepts

Costing Systems: Job Order Costing

Costing Systems: Process Costing

Value-Based Systems: Activity-Based Costing and Lean Accounting

Cost-Volume-Profit Analysis

The Budgeting Process

Flexible Budgets and Performance Analysis

Standard Costing and Variance Analysis

Short-Run Decision Analysis

Capital Investment Analysis

Pricing Decisions, including Target Costing and Transfer Pricing

Quality Management and Measurement

Accounting for Unincorporated Businesses

Accounting for Investments

Filters