(ACC100 -Accountng) Wk 3 Chptr 3 Qz - SHANNA HAWXHURST Week...

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Grade for SHANNA HAWXHURST: Week 3 Quiz Numeric grade:4.96/6.25 Letter grade:C Comments: (none) Close WindowAutograde SummaryThese are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken:7/18/2008 12:00:25 PMTime Spent:2:18:49 (12:00 allowed) Points Received:27 / 34(79.4%)Question Type:# Questions:# Correct:Multiple choice3427Grade Details 1.Question: An accountant records a transaction when cash is paid or received under which basis of accounting?
Points Received:1 of 1Comments:2.Question: An accountant recognizes the impact of a business expense when it is incurred under which basis of accounting?
CORRECTPoints Received:1 of 1Comments:3.Question: An accountant records revenue when earned under which basis of accounting?
Points Received:1 of 1Comments:4.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_______.
Points Received:1 of 1Page 1 of 7SHANNA HAWXHURST: Week 3 Quiz9/7/2008...
Comments:5.Question: Under the accrual basis of accounting, the receipt of cash from a customer in advance of performing the service would be credited to a(n) _______. Your Answer:accrued revenue accountprepaid asset accountdeferred revenue accountCORRECTdeferred asset account
Points Received:1 of 1Comments:6.Question: Accrued expenses are expenses that have_______.
CORRECT ANSWERPoints Received:(not graded)Comments:7.Question: Accruals involve the recording of an expense or a revenue account_______.
Points Received:1 of 1Comments:8.Question: At the end of the fiscal period, Burton Company omitted the adjusting entry for depreciation on equipment. The effect of this error on the financial statements is to_______.
CORRECT ANSWERPoints Received:0 of 1Comments:9.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 unaffectednet income understated, assets unaffected, liabilities overstated, and owner’s equity understatednet income overstated, assets understated, liabilities understated, and owner’s equity unaffected

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