financial accounting quiz 4

financial accounting quiz 4 - Financial Accounting Quiz...

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Financial Accounting Quiz – Spring 2008 Name: Page 1 of 2 1. Pluto Co. debits Prepaid Rent for the next quarter’s rent that it paid in advance to Mickey Co. When Mickey receives the rent check from Pluto, it should credit: a. rent revenue. b. cash. c. prepaid rent. d. unearned rent revenue. 2. Goods in transit should be included in the inventory of the a. buyer when the terms are FOB destination. b. seller when the terms are FOB shipping point. c. buyer when the terms are FOB shipping point. d. transportation company when the terms are FOB destination. 3. Which of the following bank reconciliation items would require an adjusting entry on the company’s books? a. An error by the bank b. Outstanding checks c. A bank service charge d. A deposit in transit 4. Which internal control principle is primarily related to not having the same person authorize purchases and pay for the goods? a. establishment of responsibility. b.
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financial accounting quiz 4 - Financial Accounting Quiz...

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