
Accounting March
Authored by Nicole Chuchmach
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Professional Development
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12 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Prepaid Expenses are costs paid for in advance of receiving their benefit
True
False
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Depreciation is calculated for land only
True
False
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Straight Line Depreciation is the cost of an asset minus the estimated value or salvage value of the asset at the end of its useful life
True
False
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What account(s) require adjustments at the end of the accounting period
Depreciation
Prepaid Rent
Supplies
All of the answers are correct
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Accrual basis accounting recognizes revenues and expenses only when the cash is received or paid
True
False
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The matching principle matches expenses in the same accounting period as the revenues they helped to earn
True
False
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Financial records “MUST” reflect the “TRUE” financial position of a hospitality operation at a specific date.
True
False
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