ACC201 QUIZ-2

ACC201 QUIZ-2 - 1. Answer The asset section of a classified...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. The asset section of a classified balance sheet usually includes: Answer Current assets, investments, plant assets and intangible assets Current assets, long-term assets, revenues and intangible assets Current assets, investments, plant assets and equity Current liabilities, investments, plant assets and intangible assets Current assets, liabilities, plant assets and intangible assets 1 points Question 2 1. A trial balance prepared before any adjustments have been recorded is: Answer An adjusted trial balance Used to prepare financial statements An unadjusted trial balance Correct with respect to proper balance sheet and income statement amounts Only prepared once a year 1 points Question 3 1. The 12-month period that ends when a company's activities are at their lowest point is called the: Answer Fiscal year Calendar year Natural business year Accounting period Interim period 1 points Question 4 1. A post-closing trial balance reports:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/18/2011 for the course ACC 201 taught by Professor Pendarvis during the Spring '09 term at St. Leo.

Page1 / 3

ACC201 QUIZ-2 - 1. Answer The asset section of a classified...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online