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524641
Chapter 2 +
Description
Accounting 101 Quiz on Chapter 2 +, created by smjackson7 on 04/02/2014.
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accounting 101
midterm
accounting 101
Quiz by
smjackson7
, updated more than 1 year ago
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Created by
smjackson7
over 10 years ago
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Resource summary
Question 1
Question
When a business reports an asset at an inflated dollar amount, it has violated the measurement issue of:
Answer
recognition
valuation
classification
realization
Question 2
Question
The issue of deciding when to record a transaction is solved by
Answer
properly classifying the transaction
deciding on a point of recognition
assigning historical cost to the transaction
analyzing the intent of management
Question 3
Question
Which of the following accounts is increased with a credit?
Answer
Land
Rent Payable
Accounts Receivable
Prepaid Insurance
Question 4
Question
The double-entry system
Answer
requires that each transaction be recorded with multiple debits
requires that the total amount of the debits must never equal the total amount of the credits
is based on the principle of duality
requires that the total credits for each transaction exceed the total debits
Question 5
Question
The declaration and payment of dividends will
Answer
decrease net income
increase liabilities
decrease stockholders' equity
increase stockholders' equity
Question 6
Question
Is the process of assigning all the transactions in which a business engages to appropriate categories or accounts.
Answer
Classification
Valuation
Recognition
None of the above
Question 7
Question
Refers to the decision as to when to record a business transaction.
Answer
recognition
valuation
classification
none of the above
Question 8
Question
Recording transactions at the exchange price at the point of recognition is called the:
Answer
fair value
cost principle
none of the above
all of the above
Question 9
Question
This is prepared periodically and is used to ensure that the total of debits and credits in the accounts are equal, meaning that the accounts balance.
Answer
trial balance
balance sheet
adjusted journal entry
statement of retained earnings
Question 10
Question
Name all of which are on the trial balance:
Answer
Assets
Liabilities
OE
Revenues
Expenses
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