
Accounting 101 Chapter 4
Authored by Jonathan Cole
Business
University
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accountants use a(an)__________to organize and check data before preparing the financial statements necessary to complete the accounting cycle
worksheet
spreadsheet
Trial Balance
Adjusted Trial Balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Most important function of the worksheet is to
find and correct errors before financial statements are prepared
record the adjusting entries
prepare the general ledger
create a trial balance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of calculating the latest up-to-date balance of each account at the end of an accounting period
posting
adjusting
totaling
closing
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When an asset such as prepaid rent begins to expire or be used up, it becomes a(an)
expense
liability
contra asset
revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Allocation of the cost of an asset over its expected useful life is called
historical cost
depreciation
residual value
accumulated depreciation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Actual cost of an asset at time of purchase
sale price
historical cost
residual value
depreciation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Estimated value of an asset after all the allowable depreciation has been taken
historical cost
original cost
residual value
depreciation
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