ch 3_quiz a - Question 1(1 point Which of the following is...

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Question 1    (1 point) Which of the following is NOT a temporary account?  Student response: Student Response Answer Choices a. sales b. interest expense c. accumulated  depreciation d. cost of goods sold Score: 1 / 1   Question 2    (1 point) Under accrual-basis accounting, sales made to customers on credit are usually reported as 
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Student response: Student Response Answer Choices a. liabilities b. accounts payable c. cash from  operating  activities d. sales revenue Score: 0 / 1   Question 3    (1 point) On April 1, 2008, a two-year insurance policy was purchased and the total premium of $5,280 was paid. At  December 31, 2008, the financial statements should report 
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Student response: Student Response Answer  Choices a. Insurance  Expense  $2,640;  Prepaid  Insurance  $2,640 b. Insurance  Expense  $5,280;  Prepaid  Insurance  $0 c. Insurance  Expense  $3,300;  Prepaid  Insurance  $1,980 d. Insurance  Expense  $1,980;  Prepaid  Insurance  $3,300
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Score: 1 / 1   Question 4    (1 point) Which of the following is considered a liability?  Student response: Student Response Answer Choices a. interest revenue b. unearned revenue c. sales revenue d. rent revenue Score: 1 / 1   Question 5    (1 point) The ______ basis of accounting measurement recognizes revenues when resources are created as part of an  organization's operating activities. 
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Student response: Student Response
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ch 3_quiz a - Question 1(1 point Which of the following is...

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