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Finals Activity #1| CS1

Authored by Thea Reyes

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Finals Activity #1| CS1
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40 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The revenues and expenses of a company are displayed in which statement?

Balance Sheet

Cash Flow Statement

Income Statement

None of the above

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The expanded accounting equation is used by which statement?

Cash Flow Statement

Balance Sheet

Income Statement

None of the above

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identifying an economic transaction is which phase of accounting cycle?

First

Second

Third

Last

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are Liabilities?

Resources of a Company

Expenses of a Company

Obligations of a Company

None of the above

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An account that will have a zero balance after closing entries have been journalized and posted is:

Service Revenue

Advertising Payable

Prepaid Insurance

Accumulated Depreciation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

All of the following are required steps in accounting cycle except:

Journalizing and posting entries

Preparing financial statements

Journalizing the transactions

Preparing a worksheet

7.

MULTIPLE CHOICE QUESTION

1 min • 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 they are earned.

Balance sheet and income statement accounts have correct balances at the end of the accounting period.

All of the above.

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