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Accounting 2: Final Exam Review #2

Authored by Rhonda Platt

Business

10th - 12th Grade

Used 11+ times

Accounting 2: Final Exam Review #2
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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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