BMGT 220 QUIZ 9 ON CHAPTER 12
Important: PRINT your responses in the space provided next to each question.
Multiple Choice Questions - identify the letter of the choice (A, B, C or D) that best completes the statement or
answers the question. (1.5 points
PRACTICE QUESTIONS CHAPTER 3 (THE ADJUSTING PROCESS)
1. Under the accrual basis of accounting:
A. cash must be received before revenue is recognized.
B. net income is calculated by matching cash outflows against cash inflows.
C. events that change a com
Here are the questions from [BMGTChapter3b.mp4]
1. Which account would normally NOT require an adjusting entry?
1. Accounts Receivable
2. Retained Earnings
3. Accumulated Depreciation
4. Wages Expenses
2. Using accrual acco
Here are the questions from [BMGTChapter5b.mp4]
1. Which of the following statements are true?
1. Cost of beginning inventory + Cost of ending inventory = Cost of goods available for sale
2. Cost of beginning inventory + Ne
Here are the questions from [BMGTChapter1a (1).mp4]
1. Profit is the difference between
1. The assets purchased with cash invested by stockholders and the cash spent to operate the business
2. The amounts received from cust
Here are the questions from [BMGTChapter2a - Quiz - Quiz]
1. What components make up Retained Earnings?
1. Common Stock, Dividends, Revenues, Expenses
2. Dividends, Revenues, Expenses
3. Dividends, Assets, Expenses
Here are the questions from [BMGTChapter1b - Quiz]
1. Which of the following is a legitimate transaction?
1. Increase Assets and decrease Liabilities
2. Decrease Assets and decrease Stockholders' Equity
3. Decrease Assets a
Here are the questions from [BMGTChapter3a - Quiz]
1. Using accrual accounting, revenue is recorded and reported only
1. When the services are rendered without regard to when cash is received
2. When cash is received withou
PRACTICE QUESTIONS - CHAPTER 2 (ANALYZING TRANSACTIONS)
1. Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction
could have been a(n):
A. Purchase of office equipment for $12,000, paying $7
PRACTICE QUESTIONS CHAPTER 1 (INTRODUCTION TO ACCOUNTING AND BUSINESS)
MULTIPLE CHOICE QUESTIONS: Identify the letter of the choice (A, B, C or D) that best completes the
statement or answers the question.
1. A basic assumption of accounting assumes tha