Spring99Test1

Spring99Test1 - SPRING 99 BA 71 TEST #1 1. NAME_ SECTION_...

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SPRING 99 BA 71 TEST #1 NAME_________________ SECTION_____ 1. The father of double entry bookkeeping is A. Mia Hamm B. Mo McFadden C. Larry Miller D. C. D. Mock E. Luca Pacioli 2. Which of the following firms is NOT one of the Big Five? A. Andersen Worldwide B. Deloitte and Touche C. Ernst and Young D. HollyRichardsonValens E. PriceWaterhouseCoopers 3. The group that primarily determines how accounting is practiced in the United States is the A. FASB B. NBA C. NCAA D. NFL E. TNT 4. Which statement covers a point in time rather than a period of time? A. Statement of Retained Earnings B. Statement of Cash Flows C. Balance Sheet D. Income Statement E. Cash Budget 5. If assets increased $20,000 during a given period and liabilities decreased $4,000 during the same period, stockholders’ equity must have A. increased $24,000 B. increased $16,000 C. decreased $16,000 D. decreased $20,000 E. decreased $24,000 6. Beginning balance in total assets was $90,000. Beginning balance in stockholders’ equity was $20,000. Assets increased by 20% during the year, while liabilities decreased by 30%. Ending stockholders’ equity is A. $17,000 B. $23,000 C. $59,000 D. $82,000 E. $94,000 1 Ch 1 n/a 1 1 1 1
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7. A debit increases the balance of A. assets and liabilities B. assets and stockholders’ equity C. liabilities and expenses D. revenues and expenses E. assets and dividends 8. A credit decreases the balance of A. assets and liabilities B. liabilities and expenses C. expenses and dividends D. assets and stockholders’ equity E. revenues and dividends 9. Which of the following is an example of a real or permanent account? 1. Dividends B. Rent Revenue C. Gain on Sale of Land D. Prepaid Insurance E. Supplies Expense 10.Which of the following is an example of a nominal or temporary account? A. Accumulated Depreciation B. Interest Revenue C. Prepaid Rent Expense D. Interest Payable E. Available-for-Sale Securities 11. Which of the following is an example of a deferral? A. Interest Receivable B. Dues Payable C. Unearned Dues Revenue D. Prepaid Interest Expense E. Both of C and D 12. Which of the following is an example of an accrual? A. Interest Received in Advance B. Prepaid Dues C. Unearned Insurance Revenue D. Dues Payable E. Both of C and D 13. The adjusting entry for the expiration of a prepaid expense always involves a(n) A. expense account and an asset account B. expense account and a liability account C. asset account and a liability account D. liability account and a revenue account E. asset account and a revenue account 2 2 2 3 3 3 3 3
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14. The adjusting entry for the earning of revenue received in advance always involves a A. debit to liability and credit to revenue B. debit to revenue and credit to liability C. debit to asset and credit to liability D. debit to asset and credit to revenue E. debit to expense and credit to asset 15. The adjusting entry for recognition of accrued expense
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Spring99Test1 - SPRING 99 BA 71 TEST #1 1. NAME_ SECTION_...

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