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Quiz-Ch12-Review

Authored by Caroline Bachour

Life Skills

9th - 12th Grade

Used 4+ times

Quiz-Ch12-Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Accrued expenses are:

used in the current period but are not yet paid and are not yet recorded in the accounting records

paid for, recorded, and used in one period.

paid for and recorded in one period but not fully used until a later period.

budgeted but not paid for or used during the period.

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

On July 1, 20X1, a firm purchased equipment for $9,300. Depreciation expense for the year ended December 31, 20X1, given the straight-line method, a 6-year useful life, and a salvage value of $300, is:

$750.

$775.

$1,500.

$1,550.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Allowance for Doubtful Accounts is:

deducted from Sales in the Revenue section of the income statement.

listed in the Liabilities section of the balance sheet.

subtracted from Accounts Receivable in the Assets section of the balance sheet.

listed in the Liabilities section of the balance sheet.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following statements regarding the accrual basis of accounting is accurate?

Revenue is recognized when earned, while expenses are recognized when cash is paid

Revenue is recognized when earned, while expenses are recognized when incurred

Revenue is recognized when cash is received, while expenses are recognized when cash is paid

Revenue is recognized when cash is received, while expenses are recognized when incurred

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

On October 1, 20X1, Fairbanks Company accepted from a customer a four-month, 15 percent note for $1,000. As of December 31, 20X1, the adjusting entry to record the accrued interest on the note receivable would include a debit to Interest Receivable for:

$37.50.

$333.33.

$1,000.

$1,250.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The Notes Payable account appears on the worksheet in the:

Credit column of the Balance Sheet section.

Debit column of the Balance Sheet section.

Credit column of the Income Statement section.

Debit column of the Income Statement section.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The amount of net income appears on the worksheet in the:

Credit column of the Adjusted Trial Balance section.

Debit column of the Balance Sheet section.

Credit column of the Income Statement section.

Debit column of the Income Statement section.

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