
Accounting 2: Final Exam Review #2
Quiz
•
Business
•
10th - 12th Grade
•
Medium
Rhonda Platt
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The book value of accounts receivable at year end is an estimate of amounts receivable the business expects to collect during the next fiscal year
true
false
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amounts of dividends declared during the year is presented on the income statement.
true
false
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A qualified retirement plan that allows tax-free withdrawal from the account is the
401(k)
individual retirement account
Roth individual retirement account
403(b)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The depreciation adjusting entry includes a debit to Depreciation Expense-Office Equipment and a credit to
income summary
office equipment
retained earnings
accumulated depreciation-office expense
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are
adjusting and correcting entries
closing and correcting entries
adjusting and closing entries
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of the post-closing trial balance is to prove the general ledger equality of debits and credits
true
false
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Increasing operating revenue while keeping cost of merchandise sold the same will increase gross profit
true
false
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