Answer Keys to iLearn of Week 5
1. Incorrect financial statements are due to errors and frauds. An accountant
intentionally omitted recording $5,500 that were received from a customer and
planned to steal the money to buy a new cell phone for himself. Thi
Answer Keys to iLearn of Week 8
1. Inventory is usually reported as a long-term asset in the balance sheet.
2. Cost of goods sold is an asset reported in the balance sheet and inventory is an expense
reported in the income statement.
Answer Keys to iLearn of Week 1
Did you take any accounting courses before?
There is no specified correct answer. Thank your for your input.
Which one of the following is not the primary purpose of financial accounting?
a. Measure business activities
Answer Keys to iLearn of Week 6
1. A trade discount results in:
a. A contra revenue account being recorded.
b. A contra asset being recorded.
c. Customers delaying cash payment.
d. Revenue being recorded for the discounted price.
2. When Great G
Answer Keys to iLearn of Week 2
Which of the following account is an Assets account?
a. Account Payable
b. Note Payable
c. Unearned Revenue
Which of the following is NOT a dual effect on the Basic Accounting Equation?
a. An increase in Ass
Answer Keys to iLearn of Week 10
1. Intangible assets with an indefinite useful life (goodwill and most trademarks) are not
2. Bridge Co. purchases a copyright for $50,000. The copyright has a remaining legal life of
25 years, but
Answer Keys to iLearn of Week 11
1. Paid-in Capital is the amount stockholders have invested in the company.
2. Common stockholders usually have all of the following rights except:
a. To receive dividends when declared.
b. To share in the dis
Answer Keys to iLearn of Week 3
1. Accrual-basis accounting records revenues in the period in which we_ them.
a. receive cash for
2. According to the matching principle, we recognize expenses:
a. in the same period as the cash is paid
b. in the sa
Answer Keys to iLearn of Week 4
1. Transactions that do NOT involve the recognition of revenues or expenses do NOT
require adjusting entries.
2. Which of the following events needs adjusting entries?
a. Tom Great Performers Company offere
Answer Keys to iLearn of Week 9
1. Freight-in is included in the cost of inventory.
2. The cost of the goods that a company sold during a period is shown in its financial
statements as _ and the cost of the goods that a company still has on h