quiz1page2b - B(1 0 Points Multiple Choice 7 Select the...

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Unformatted text preview: B. (1 0 Points) Multiple Choice 7 Select the best answer for each of the following questions. Remember to place your answers on to the separate answer sheet. 1. Which of the following would not be a correct form for an adjusting entry? a. A debit to revenue and a credit to a liability t/ inrnkpz 92V . b. A debit to an expense and a credit to a liability Prcc (ch 5K P ~ c. A debit to a liability and a credit to revenue ‘1wa 31" d. A debit to an expense and a credit to a contra asset 0L? / Lam-J 9445+ gel? A debit to an asset and a credit to a liability / When an item of revenue or expense has been earned or incurred but not yet collected or paid, it is normally called a(n) W revenue or expense. a. prepaid b. adjusted c. estimated d. nadjusted gone of these What accounting concept justifies the usage of accruals and deferrals? Going concern assumption _b’ Materiality constraint - c. Consistency characteristic .1. d. Monetary unit assumption 1— e. Conservatism principle 'l' A common set of accounting standards and procedures is called: Financial accounting standards. , Generally accepted accounting principles. ~ 0. Objectives of financial reporting. d. Statements of financial accounting concepts. - e. Financial accounting reporting releases. - Strawser Corporation received cash of $12,000 on August 1, 2006 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The Becernber 31, 2006 adjusting entry is: . Debit Rent Revenue and credit Uneained Rent, $7,000. ‘ . Debit Rent Revenue and credit Unearned Rent, $5,000. 0. Debit Uneamed Rent and credit cht Revenue, $5,000. d. Debit Cash and credit Unearned Rent, $7,000. ...
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