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Acctg 12/12/18

Authored by Lee Ann Ferguson

Business

9th - 12th Grade

Used 2+ times

Acctg 12/12/18
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10 questions

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1.

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

2.

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

3.

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

4.

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

5.

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement utilizes the majority of the accounts on the adjusted trial balance but does not use expenses?

Balance sheet

Income statement

Statement of retained earnings

Post-adjusted trial balance

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suzie received a bill at the end of the second quarter, which she will not pay until the third quarter. What type of account adjustment is this?

Accrued expense

Deferred revenue

Deferred expense

Accrued revenue

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