524641
Descripción
Test por smjackson7, actualizado hace más de 1 año
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Creado por smjackson7
hace más de 10 años
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Pregunta 1
Pregunta
When a business reports an asset at an inflated dollar amount, it has violated the measurement issue of:
Respuesta
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recognition
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valuation
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classification
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realization
Pregunta 2
Pregunta
The issue of deciding when to record a transaction is solved by
Respuesta
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properly classifying the transaction
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deciding on a point of recognition
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assigning historical cost to the transaction
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analyzing the intent of management
Pregunta 3
Pregunta
Which of the following accounts is increased with a credit?
Respuesta
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Land
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Rent Payable
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Accounts Receivable
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Prepaid Insurance
Pregunta 4
Pregunta
The double-entry system
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requires that each transaction be recorded with multiple debits
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requires that the total amount of the debits must never equal the total amount of the credits
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is based on the principle of duality
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requires that the total credits for each transaction exceed the total debits
Pregunta 5
Pregunta
The declaration and payment of dividends will
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decrease net income
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increase liabilities
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decrease stockholders' equity
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increase stockholders' equity
Pregunta 6
Pregunta
Is the process of assigning all the transactions in which a business engages to appropriate categories or accounts.
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Classification
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Valuation
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Recognition
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None of the above
Pregunta 7
Pregunta
Refers to the decision as to when to record a business transaction.
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recognition
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valuation
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classification
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none of the above
Pregunta 8
Pregunta
Recording transactions at the exchange price at the point of recognition is called the:
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fair value
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cost principle
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none of the above
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all of the above
Pregunta 9
Pregunta
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.
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trial balance
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balance sheet
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adjusted journal entry
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statement of retained earnings
Pregunta 10
Pregunta
Name all of which are on the trial balance:
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Assets
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Liabilities
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OE
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Revenues
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Expenses
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