Practice Exam 1 ch 1-3

Practice Exam 1 ch 1-3 - 6/8/08 8:27 PM 2291 Practice Exam...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
6/8/08 8:27 PM 2291 Practice Exam 1
Background image of page 1

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

View Full DocumentRight Arrow Icon
Question 1 0 out of 0 points Accrued revenues would appear on the balance sheet as Correct Answer: Question 2 0 out of 0 points Expenses can best be defined as Correct Answer: Question 3 0 out of 0 points The supplies account has a balance of $1,000 at the beginning of the year and was debited during the year for $2,800, representing the total of supplies purchased during the year. If $750 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is Correct Answer: Question 4 0 out of 0 points July 14 Accounts Payable 1,000 Cash 1,000 Paid creditors on account What effect does this journal have on the accounts?
Background image of page 2
Correct Answer: Question 5 0 out of 0 points Which of the following is one of the sound principles for ethical behavior? Correct Answer: Question 6 0 out of 0 points How will the following adjusting journal entry affect the accounting equation?. Unearned Subscriptions 12,000 Subscriptions earned 12,000 Correct Answer: Question 7 0 out of 0 points Expenses are recorded when Correct Answer:
Background image of page 3

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

View Full DocumentRight Arrow Icon
Question 8 0 out of 0 points Presently, the dominant body in the development of accounting principles is the Correct Answer: Question 9 0 out of 0 points Which of the accounts below would appear on an adjusted trial balance but probably would not appear on the trial balance? Correct Answer: Question 10 0 out of 0 points Which of the following errors will cause the trial balance totals to be unequal? Correct Answer: Question 11 0 out of 0 points Expenses follow the same debit and credit rules as Correct Answer: Question 12 0 out of 0 points XYZ Hospital purchased X-ray equipment for $3,000, paid $750 down, with the remainder to be paid later. The correct entry would be Correct Answer:
Background image of page 4
12 0 out of 0 points Question 13 0 out of 0 points Which of the following is an example of an accrued expense? Correct Answer: Question 14 0 out of 0 points Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? Correct Answer: Question 15 0 out of 0 points Prepaid advertising, representing payment for the next quarter, would be reported on the balance sheet as a(n) Correct Answer: Question 16 0 out of 0 points Which of the following is not true regarding Depreciation? Correct Answer:
Background image of page 5

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

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/20/2011 for the course ACT 2291 taught by Professor Leedaniel during the Summer '09 term at Troy.

Page1 / 17

Practice Exam 1 ch 1-3 - 6/8/08 8:27 PM 2291 Practice Exam...

This preview shows document pages 1 - 6. Sign up to view the full document.

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