In the following journal entry, revenue is being recognized
accounts receivable ______
sales Revenue ________
xsss
Quiz
•
Geography
•
2nd Grade
•
Medium
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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