Acct 1100 Chapter 3 Test - Question 1 0 out of 4 points A...

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Question 1 0 out of 4 points A balance sheet that places the liabilities and equity to the right of the assets is a(n): Selected Answer: Unclassified balance sheet. Answers: Account form balance sheet. Report form balance sheet. Interim balance sheet. Classified balance sheet. Unclassified balance sheet. Response Feedback: incorrect MC Qu. 154 A balance sheet that places the liabilities... AACSB: Communication Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Reporting Blooms: Remember Difficulty: 1 Easy Learning Objective: 03-P3 Prepare financial statements from an adjusted trial balance. Topic: Preparing Financial Statements Question 2 4 out of 4 points
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The accrual basis of accounting: Selected Answer: Is generally accepted for external reporting because it is more useful than cash basis for most business decisions. Answers: Is generally accepted for external reporting because it is more useful than cash basis for most business decisions. Is flawed because it gives complete information about cash flows. Recognizes revenues when received in cash. Recognizes expenses when paid in cash. Eliminates the need for adjusting entries at the end of each period. Response Feedback: correct MC Qu. 85 The accrual basis of accounting: AACSB: Analytical Thinking Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Measurement Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-C2 Explain accrual accounting and how it improves financial statements. Topic: Accrual Basis versus Cash Basis Question 3 0 out of 4 points
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If a company failed to make the end-of-period adjustment to move the amount of management fees that were earned from the Unearned Management Fees account to the Management Fees Revenue account, this omission would cause: Selected Answer: An overstatement of net income. Answers: An overstatement of net income. An overstatement of assets. An overstatement of liabilities. An overstatement of equity. An understatement of liabilities. Response Feedback: incorrect MC Qu. 92 If a company failed to make... AACSB: Analytical Thinking Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Measurement Blooms: Apply Difficulty: 3 Hard Learning Objective: 03-A1 Explain how accounting adjustments link to financial statements. Topic: Links to Financial Statements Question 4 4 out of 4 points
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A trial balance prepared before any adjustments have been recorded is: Selected Answer: An unadjusted trial balance. Answers: An adjusted trial balance. Used to prepare financial statements. An unadjusted trial balance. Correct with respect to proper balance sheet and income statement amounts. Only prepared once a year. Response Feedback: correct MC Qu. 150 A trial balance prepared before any... AACSB: Communication Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Measurement Blooms: Remember Difficulty: 1 Easy Learning Objective: 03-P2 Explain and prepare an adjusted trial balance.
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