unit III assesment.docx

What was the ending balance in the accounts

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company collected $240,000 from its customers on account in January. What was the ending balance in the Accounts Receivable account at the end of January? Selected Answer:   $350,0 00 Correct Answer:   $350,0 00 Question 9 5 out of 5 points If a company is using accrual basis accounting, when should it record revenue? Selected Answer:   When services are performed, even though cash may be received at  a later date Correct Answer:   When services are performed, even though cash may be received at  a later date Question 10 5 out of 5 points Jupiter Company signed a one-year $36,000 note payable at 8% interest on March 1, 2019. How much interest expense must be accrued on May 31, 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole number.) Selected Answer:   $72 0 Correct Answer:   $72 0 Question 11 5 out of 5 points When does a company account for revenue if it uses cash basis accounting? Selected  
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Answer: When cash is received, either prior to, at the time of, or after the  services are performed Correct Answer:   When cash is received, either prior to, at the time of, or after the  services are performed Question 12 5 out of 5 points Which of the following statements is TRUE of accrual basis accounting? Selected Answer:   Accrual basis accounting is required by Generally Accepted  Accounting Principles (GAAP). Correct Answer:   Accrual basis accounting is required by Generally Accepted  Accounting Principles (GAAP). Question 13 5 out of 5 points Unearned revenue is a(n) __________ account and carries a normal __________  balance. Selected Answer:   liability; credit Correct Answer:   liability; credit Question 14 5 out of 5 points Which of the following accounting terms assumes that a business's activities can be  divided into small segments and that financial statements can be prepared for  specific periods of time?
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  • Spring '11
  • na
  • Accounting, Anthony, office supplies, event planning services, Martha Company

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