Quiz 2 2008 sol

Quiz 2 2008 sol - Acc410 Professor Hung Quiz 2, Spring 2008...

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1 Acc410 Professor Hung Quiz 2, Spring 2008 Student Name: ________________ Session (Circle one): MW 10:00-11:50, 12:00-1:50 Section 1: Multiple Choice: Circle and write down the single best answer (5 points each) 1. _______ A firm performed services for a client in September for $100. It collected $70 in September and $30 in October. Based on this information, for the month of September the firm should recognize a. no revenue. b. revenue of $100. c. revenue of $70. d. revenue of $30. 2. _______ Expense should be included in the income statement in the period in which a. it is paid. b. the related revenue is collected in cash. c. the related revenue is subject to tax. d. the related revenue is recognized. e. it is deductible for tax purposes. 3. ________ Company ABC declares and pays dividends of $900. How would this transaction affect balance sheet? Total Assets Total Liabilities Total Equity a. Decrease Decrease No net effects b. Decrease No net effects Decrease c. No net effects Increase
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Quiz 2 2008 sol - Acc410 Professor Hung Quiz 2, Spring 2008...

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