xsss

xsss

2nd Grade

15 Qs

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Assessment

Quiz

Geography

2nd Grade

Medium

Created by

Addie Eiland

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the following journal entry, revenue is being recognized

accounts receivable ______

sales Revenue ________

at the same time cash is collected

before the cash is collected

after the cash is collected

no revenue is being recognized

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Up-state corporation ordered materials from down-state manufacturing on October 1, 2008. Down-state shipped the materials by rail on Oct 5 and the railroad notified up-state on Oct 12 that the goods had arrived. Up-state picked up the materials on Oct 13. The terms of the scale are FOB point. On what date should Up-State consider this a purchase

Oct 1

Oct 5

Oct 12

Oct 13

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Company X produces and sells 3 products. X1, X2, AND X3. The company recently developed a new advertising campaign for X3. The cost incurred to develop this ad would be considered

facility sustaining cost

product-sustaining cost

batch--related cost

unit-related cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An unfavorable sales price variance reflects

fewer units sold than budgeted

a lower actual selling price than budgeted

an increase in the ost of products causing a decrease in income for the period

a decrease in the amount of cash received from customers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a cash sale would impact the

income statement only

balance sheet and income statement only

balance sheet and statement of cash flows only

balance sheet, income statement, and statement of cash flows

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Limited liability means

a company is only liable for an amount that is established by a. pre set limit

creditors are limited to just the cash available in the company at the time of loss

creditors of a company can only claim the assets of the firm and not the assets of the owners of the firm

creditors of a firm can claim all the assets of a company and all the owners personal assets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In times of declining prices, _____ generally results in the ____ cost of goods sold goods sold

LIFO and FIFO, same

FIFO, Lower

LIFO, Lower

LIFO, Higher

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