
KUIS 1

Quiz
•
Business
•
1st Grade
•
Hard
Vidia Satyanovi
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accrual-Basis Accounting in the bellow is right, except...
Transactions recorded in the periods in which the events occur
Companies recognize revenues when they perform services (rather than when they receive cash).
Expenses recognized when cash is paid
Expenses are recognized when incurred (rather than when paid).
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the following statements about the accrual basis of accounting is false? That statement is:
Events that change a company’s financial statements are recorded in the periods in which the events occur.
Revenue is recognized in the period in which the performance obligation is satisfied.
The accrual basis of accounting is in accord with generally accepted accounting principles
Revenue is recorded only when cash is received, and expenses are recorded only when cash is paid
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adjusting entries are made to ensure that:
expenses are recognized in the period in which they are incurred.
revenues are recorded in the period in which services are performed.
balance sheet and income statement accounts have correct balances at the end of an accounting period.
all of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Types of Adjusting Entries are...
Accrual and Cash
Perpetual and Periodic
Accrual and periodic
Defferal and accrual
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adjusting entries for defferals are...
Prepaid expenses and Accrued Expenses
Prepaid expenses and Accrued Revenues
Prepaid expenses and Unearned Revenues
Prepaid expenses and Interest Revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adjusting entries for Accruals are
Prepaid Expenses and Unearned Revenues
Accrued Expenses anda Accrued Revenues
Prepaid Expenses and Accrued Revenues
Accrued Expenses anda Unearned Revenues
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Reason for adjustmen of prepaid expenses...
Prepaid expenses recorded in asset accounts have been used
insurance, supplies, advertising, rent, depreciation
assets overstated, expenses understated
unearned revenues recorded in liability accounts are now recognized as revenue for services performed
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