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Ferg Acctg Bellringer 18 Financial

Authored by Lee Ann Ferguson

Life Skills

9th - 12th Grade

Used 16+ times

Ferg Acctg Bellringer 18 Financial
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suzie owns a tailoring shop and was recently contracted to create a wedding dress for $6,500. What type of accounting method does she use if she does not record anything for this transaction until she receives cash in hand?

Cash basis

Accrual basis

Currency basis

Credit basis

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is an example of a deferred expense?

Suzie pays her insurance bill one year in advance.

Suzie uses her bank's auto pay feature to pay her cable bill each month.

Suzie pays her rent each month.

Suzie pays for her music lessons 30 days after the bill arrives.

3.

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

Accrued revenue

Deferred revenue

Deferred expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method of accounting does an excellent job matching revenues and a poor job tracking cash flow because it recognizes income before it is received and expenses before they're paid?

Accrual basis

Cash basis

Credit basis

Currency basis

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of accounts have balances that are not carried over from one accounting period to another?

Temporary

Adjusted

Short-term

Permanent

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suzie is an accountant making a debit entry to the income summary account and a credit entry to the retained earnings account. What is she doing?

Closing the income summary account

Opening the income summary account

Creating a permanent account

Creating a REID account

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement details dividends, retained earnings, and current retained earnings?

Retained earnings statement

Owner's equity statement

Reserved earnings statement

Income statement

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