Week 3 Quiz

Week 3 Quiz - Grade Details 1. Question: An accountant...

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Grade Details 1. Question: An accountant records a transaction when cash is paid or received under which basis of accounting? Your Answer: cash CORRECT ANSWER deferred accrual INCORRECT liability Points Received: 0 of 1 2. Question: Under the cash basis of accounting, the receipt of cash from a customer in advance of performing the service would be credited to a_______. Your Answer: revenue account CORREC T deferred asset account deferred revenue account prepaid asset account Points Received: 1 of 1 3. Question: Accrued expenses are expenses that have_______. Your Answer: been paid but not incurred been paid and incurred not been paid nor incurred not been paid but incurred CORREC T Points Received: 1 of 1 4. Question: Accruals involve the recording of an expense or a revenue account_______. Your Answer: either before or at the same time the cash is paid or received before the cash is paid or received CORRECT ANSWER at the same time the cash is paid or received INCORRECT after the cash is paid or received Points Received: 0 of 1 5. Question: At the end of the fiscal period, Burton Company omitted the adjusting entry for
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depreciation on equipment. The effect of this error on the financial statements is to_______. Your Answer: understate liabilities understate owner's equity overstate expenses overstate assets CORREC T Points Received: 1 of 1 6. Question: If a required prepaid adjustment had not been made, the financial statements would have been affected as follows_______. Your Answer: net income understated, assets understated, liabilities understated, and owner’s equity unaffected net income understated, assets unaffected, liabilities overstated, and owner’s equity understated
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This note was uploaded on 01/11/2012 for the course ACC ACC100 taught by Professor Unknown during the Spring '11 term at Strayer.

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Week 3 Quiz - Grade Details 1. Question: An accountant...

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