(ACC100 -Accountng) Wk 3 Chptr 3 Qz

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

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Grade for SHANNA HAWXHURST: Week 3 Quiz Numeric grade: 4.96/6.25 Letter grade: C Comments: (none) Close Window Autograde Summary These 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 PM Time Spent: 2:18:49 (12:00 allowed) Points Received: 27 / 34 (79.4%) Question Type: # Questions: # Correct: Multiple choice 34 27 Grade Details 1. Question: An accountant records a transaction when cash is paid or received under which basis of accounting? Your Answer: cash CORRECT deferred accrual liability Points Received: 1 of 1 Comments: 2. Question: An accountant recognizes the impact of a business expense when it is incurred under which basis of accounting? Your Answer: financial managerial cash accrual CORRECT Points Received: 1 of 1 Comments: 3. Question: An accountant records revenue when earned under which basis of accounting? Your Answer: accrual CORRECT tax accrual financial Points Received: 1 of 1 Comments: 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_______. Your Answer: revenue account CORRECT deferred asset account deferred revenue account prepaid asset account Points Received: 1 of 1 Page 1 of 7 SHANNA HAWXHURST: Week 3 Quiz 9/7/2008 ..
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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 account prepaid asset account deferred revenue account CORRECT deferred asset account Points Received: 1 of 1 Comments: 6. 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 CORRECT ANSWER Points Received: (not graded) Comments: 7. 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 at the same time the cash is paid or received after the cash is paid or received Points Received: 1 of 1 Comments: 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_______. Your Answer: understate liabilities understate owner's equity INCORRECT overstate expenses overstate assets CORRECT ANSWER Points Received: 0 of 1 Comments: 9. Question: If a required prepaid adjustment had not been made, the financial statements would have been affected as follows_______. Your
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This note was uploaded on 01/19/2012 for the course ACCOUNING ACC100 taught by Professor Rebecca during the Spring '11 term at Strayer.

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

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