Review Test Submission 1.docx - Review Test Submission Test...

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Review Test Submission: Test One Content User BRUCE COOPERJR Course 201620-Prin of Financial Accounting-22811 Test Test One Started 2/5/16 10:34 AM Submitted 2/5/16 12:34 PM Status Completed Attempt Score 86 out of 100 points Time Elapsed 1 hour, 59 minutes out of 2 hours Results Displayed All Answers, Submitted Answers, Correct Answers, Feedback Question 1 2 out of 2 points Patents, copyrights, and trademarks are examples of ________. Selected Answer: intangible assets Answers: short-term investments fixed assets long-term investments intangible assets Question 2 2 out of 2 points A business makes a payment in cash for advertising expense. Which of the following accounts will be debited? Selected Answer: Advertising Expense Answers: Cash Accounts Receivable Advertising Expense Bank Question 3 2 out of 2 points
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Which of the following factors is assessed using the debt ratio? Selected Answer: risk Answers: revenues expenses risk income Question 4 2 out of 2 points Which of the following is the correct accounting equation? Selected Answer: Assets = Liabilities + Equity Answers: Assets = Liabilities + Equity Assets + Revenues = Liabilities + Expenses Assets + Liabilities = Equity Assets + Revenues = Equity Question 5 2 out of 2 points Which of the following accounts would be used under the accrual method of accounting, but not under cash basis accounting? Selected Answer: Unearned Revenue Answers: Salary Expense Cash Service Revenue Unearned Revenue Question 6 2 out of 2 points Posting a transaction means ________.
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Selected Answer: transferring data from the journal to the ledger Answers: transferring data from the journal to the ledger calculating the balance in an account finding the account number in the chart of accounts preparing a summary of account balances Question 7 2 out of 2 points The Accounts Receivable account is a(n) ________ account and carries a ________ normal balance. Selected Answer: asset; debit Answers: liability; credit liability; debit asset; credit asset; debit Question 8 2 out of 2 points When is a trial balance usually prepared? Selected Answer: before the financial statements are prepared Answers: after each entry is journalized after the financial statements are prepared before the financial statements are prepared at the beginning of an accounting period Question 9 2 out of 2 points A company has $130,000 in current assets; $500,000 in total assets; $90,000 in current liabilities, and $110,000 in total liabilities. Calculate the current ratio of the company. Selected Answer: 1.44
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Answers: 1.73 1.44 1.18 1.48 Response Feedback: Current ratio = Total current assets ÷ Total current liabilities Current ratio = $130,000 ÷ $90,000 = 1.44 Question 10 2 out of 2 points Which of the following statements is true of a trial balance? Selected Answer: A trial balance is a list of all accounts with their balances.
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