ach_test_2 - Achievement Test 2: Chapters 3 and 4 Name

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Unformatted text preview: Achievement Test 2: Chapters 3 and 4 Name _________________________ Financial Accounting Instructor ______________________ Kimmel, Weygandt, & Kieso Section # _______ Date _________ Part I II III IV V Total Points 33 24 24 10 9 100 Score PART I MULTIPLE CHOICE (33 points) Instructions Designate the best answer for each of the following questions. ____ 1. The Accumulated Depreciation account is a(n) a. contra asset. b. liability. c. asset. d. operating expense. ____ 2. A post-closing trial balance contains a. real and nominal accounts. b. permanent and temporary accounts. c. balance sheet or permanent accounts. d. balance sheet and retained earnings statement accounts. ____ 3. The procedure of transferring journal entries to ledger accounts is called a. journalizing. b. ledgering. c. recording. d. posting. ____ 4. For which of the following types of adjusting entries are liabilities overstated and revenues understated before the adjusting entry is made? a. Unearned Revenues b. Accrued Revenues c. Prepaid Expenses d. Accrued Expenses ____ 5. Transactions are initially recorded in the a. ledger. b. trial balance. c. journal. d. balance sheet. ____ 6. A credit will reduce ________, but increase ________. a. accounts receivable; accounts payable b. expenses; accounts receivable c. accounts payable; common stock d. common stock; prepaid insurance Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition AT2-2 ____ 7. An accrued expense account represents expenses that have a. been used and paid. b. been paid but not used. c. not been used or paid. d. been used but not paid. ____ 8. What type of relationship exists with an unearned revenue adjusting entry? a. Receivable/revenue b. Liability/revenue c. Asset/revenue d. Expense/liability ____ 9. The book value of a depreciable asset is defined as the asset's a. cost less accumulated depreciation. b. current market value. c. replacement cost. d. cost. ____ 10. A business pays weekly salaries of $15,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is: a. debit Salaries Payable, $12,000; credit Cash $12,000. b. debit Salaries Expense, $12,000; credit Cash $12,000. c. debit Salaries Expense, $12,000; credit Accounts Payable $12,000. d. debit Salaries Expense, $12,000; credit Salaries Payable $12,000. ____ 11. Kanns Company signed a $3,000 ninety day note payable on November 1 that bears interest at a rate of 7%. The total interest to be accrued on this note at December 31 is a. $17.50. b. $35.00 c. $210. d. $52.50. Achievement Test 2 AT2-3 PART II JOURNAL ENTRIES (24 points) The ledger accounts given below, with an identification number for each, are used by Pender Company....
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