Quiz 2 key - 4. Which of the following errors will be...

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Quiz 2 (Chapter 2) KEY 1. Which of the following criteria must be met before an event should be recorded for accounting purposes? 1. The event must be an arm's-length transaction. 2. The event must be repeatable in a future period. 3. The event must be measurable in monetary terms. 4. The event must be disclosed in the reported footnotes. 2. The debit and credit analysis of a transaction normally takes place 1. when the entry is posted to a subsidiary ledger. 2. when the entry is recorded in a journal. 3. when the trial balance is prepared. 4. when the financial statements are prepared. 3. An accrued expense can be described as an amount which is 1. incurred and paid in the current period. 2. not incurred but paid in the current period. 3. not incurred nor paid in the current period. 4. incurred but not paid in the current period.
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Unformatted text preview: 4. Which of the following errors will be detected when a trial balance is properly prepared? 1. An amount that was entered in the wrong account 2. A transaction that was entered twice 3. A transaction that had been omitted 4. None of the above 5. An adjusting entry will not take the format of which one of the following entries? 1. A debit to an expense account and a credit to an asset account. 2. A debit to an expense account and a credit to a revenue account. 3. A debit to an asset account and a credit to a revenue account. 4. A debit to a liability account and a credit to a revenue account. 6. The last step in the accounting cycle is to 1. prepare a post-closing trial balance. 2. analyze transactions. 3. prepare financial statements. 4. journalize and post adjusting entries....
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Quiz 2 key - 4. Which of the following errors will be...

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