
Acct 1 Gateway - Unit 2 Test Review
Quiz
•
Business
•
9th - 12th Grade
•
Medium
Eric Swanson
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting period used for the annual financial statements is called the fiscal year.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepaid Rent is an expense account that appears on the income statement.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A contra account's normal balance (debit or credit) is the opposite of the normal balance of the related account.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entry to record depreciation includes a debit to the ________ account.
Equipment
Cash
Accumulated Depreciation
Depreciation Expense
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a contra account?
Depreciation Expense
Accumulated Depreciation
Unearned Revenue
Book Value
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement is prepared last?
income statement
balance sheet
statement of owner's equity
The financial statements can be prepared in any order.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year, are called ________
plant
long-term
current
intangible
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