Chapter 3 FA

Chapter 3 FA

5th Grade

17 Qs

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Chapter 3 FA

Chapter 3 FA

Assessment

Quiz

Specialty

5th Grade

Practice Problem

Hard

Created by

Phương Linh

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The revenue recognition principle states that:

a. revenue should be recognized in the accounting period in which a performance obligation is satisfied.

b. expenses should be matched with revenues.

c. the economic life of a business can be divided into artificial time periods.

d. the fiscal year should correspond with the calendar year.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The time period assumption states that:

a. companies must wait until the calendar year is completed to prepare financial statements.

b. companies use the fiscal year to report financial information.

c. the economic life of a business can be divided into artificial time periods.

d. companies record information in the time period in which the events occur.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about the accrual basis of accounting is false?

a. Events that change a company’s financial statements are recorded in the periods in which the events occur.

b. Revenue is recognized in the period in which services are performed.

c. This basis is in accordance with International Financial Reporting Standards.

d. Revenue is recorded only when cash is received, and expense is recorded only when cash is paid.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The principle or assumption dictating that eff orts (expenses) should be recognized in the period in which a company consumes assets or incurs liabilities to generate revenue is the:

a. expense recognition principle.

b. cost assumption.

c. time period assumption.

d. revenue recognition principle.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adjusting entries are made to ensure that:

a. expenses are recognized in the period in which they are incurred.

b. revenues are recorded in the period in which services are performed.

c. statement of financial position and income statement accounts have correct balances at the end of an accounting period.

d. All the responses above are correct.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each of the following is a major type (or category) of adjusting entries except:

a. prepaid expenses.

b. accrued revenues.

c. accrued expenses.

d. recognized revenues.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The trial balance shows Supplies €1,350 and Supplies Expense €0. If €600 of supplies are on hand at the end of the period, the adjusting entry is:

a. Supplies 600

Supplies Expense 600

b. Supplies 750

Supplies Expense 750

c. Supplies Expense 750

Supplies 750

d. Supplies Expense 600

Supplies 600

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