Ch 2 Quiz student

Ch 2 Quiz student - BUAD 2040 Chapter 2 Quiz Due: September...

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BUAD 2040 – Chapter 2 Quiz Due: September 17, 2009 Name: __________________________ Sec:___________ Date: _____________ 1. Which of the following financial statement elements is closed at the end of an accounting cycle? A) Liabilities B) Common Stock C) Assets D) Dividends 2. Which of the following accounts would not be closed at the end of an accounting cycle? A) Assets B) Revenues C) Dividends D) Expenses 3. Which of the following financial statement elements contain cumulative information rather than current period information? A) Dividends B) Revenues C) Expenses D) Retained Earnings 4. Which of the following lists represents the correct sequence of stages in an accounting cycle? A) Record Transactions, Prepare Statements, Close Nominal Accounts B) Prepare Statements, Close Nominal Accounts, Record Transactions C) Close Nominal Accounts, Record Transactions, Prepare Statements D) Record Transactions, Close Nominal Accounts, Prepare Statements Page 1
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5. The purpose of the accrual basis of accounting is to: A) Report revenue when received B) Improve the matching of revenue and expense in the proper period. C) Report expenses when cash disbursements are made. D) Improve the company's earnings per share. 6. Which of the following is an asset source transaction? A) Purchased machine by issuing a note payable. B) Paid a cash dividend to stockholders. C) Invested cash in a 12-month certificate of deposit. D) Collected cash from an account receivable. 7. Which of the following is an asset exchange transaction? A)
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Ch 2 Quiz student - BUAD 2040 Chapter 2 Quiz Due: September...

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