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Acct 1 Gateway - Unit 2 Test Review

Authored by Eric Swanson

Business

9th - 12th Grade

Used 1+ times

Acct 1 Gateway - Unit 2 Test Review
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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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