
Acctg 12/7/18
Authored by Lee Ann Ferguson
Business
9th - 12th Grade
Used 3+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There is a difference between your accounts and those on the bank statement. What document might you use to identify the error?
Check register
Income statement
Trial balance
Balance sheet
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law that protects investors from fraudulent accounting activity?
SOX
FASB
SACS
CPAS
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
XYZ Trucking rents trucks to ABC Computer Firm, who uses them to deliver their computer products. However, XYZ Trucking has yet to receive payment for the rentals. From an accounting perspective, what is this called?
Accounts Receivable
Deferred Expenses
Accrued Expenses
Interest Revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What method of accounting reports revenue when it is earned and expenses when they are incurred regardless of when revenue is received or expenses paid?
Accrual accounting
Expense accounting
Regular accounting
Cash basis accounting
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which accounting method is best for keeping track of cash inflows and cash outflows?
Cash Basis
Cash flow basis
Accrual Basis
Income Basis
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The report that lists all the accounts of a company and their balances after all adjustments and closing entries have been made is called the _____.
post-closing trial balance
adjustment report
adjusted trial balance
trial balance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sarah is an accountant for ABC Water Company. She is working on her closing entries for the company. In order to do her closing entries, she needs to see all the company's accounts and the balances of those accounts. What does Sarah need?
Trial balance
Statement of accounts
Revenue statement
Loss statement
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