
Account101
Authored by Francis TSOI
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the Queen's Budget Model?
To ensure resources and funding allocations are aligned with academic goals
To encourage revenue growth and cost containment
To manage employee salaries and benefits
To track daily expenses and revenues
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account type represents debts or obligations of the university?
Liability
Asset
Equity
Revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key principle for recording revenues according to the text?
Revenues are recorded when payment is received
Revenues are recorded when goods are delivered
Revenues are recorded when they have been earned
Revenues are recorded when services are provided
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of account normally has a credit balance?
Expense
Equity
Liability
Asset
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of accruals in accounting?
To adjust for past expenses incurred
To delay recognition of an accounting transaction
To report a revenue or expense that has occurred
To record future expenses in advance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main function of journal entries in accounting?
To manage revenue transfers between departments
To track employee salaries and benefits
To calculate the total assets of the organization
To summarize a transaction and its effects on various accounts
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are deferred expenses in accounting?
Expenses that were incurred but not recorded
Expenses that were recorded but not yet paid
Expenses that were paid in advance
Expenses that are due in the future
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