ACCT 220 Quiz 1 - True or False Indicate whether the...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
True or False Indicate whether the following statements are true or false. Question 1 4 / 4 points Generally Accepted Accounting Principles (GAAP) allow companies to issue financial statements, using either the cash basis or the accrual basis of accounting, depending on their needs. True False View Feedback Question 2 4 / 4 points Adjusting entries are done to make sure that expenses and revenues are recorded in the proper accounting period. True False View Feedback Question 3 4 / 4 points A single journal entry must debit only one account and credit only one account for the same amount so that the entry is in balance. True False View Feedback Question 4 4 / 4 points The current ratio is cash divided by current liabilities. True False View Feedback Question 5 4 / 4 points Materiality is subjective. One company may consider $1,000 material and another company may not. True
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
False View Feedback Multiple Choice Select the best answer for each of the following questions. Question 6 4 / 4 points Revenues are recorded when _______________. a check is received from a customer a contract is signed goods or services are delivered to the customer the check has cleared and the money is available for use View Feedback Question 7 4 / 4 points Which of the following is NOT a liability? accounts payable long-term debt unearned revenue accumulated depreciation View Feedback Question 8 4 / 4 points Management failing to reveal a default on a loan agreement will have violated what principle?
Image of page 2
ethics principle cost principle full-disclosure principle matching principle View Feedback
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern