ACC 101 Study - Chapter 3

Descrição

Chapter 3: Measuring Business Income: Adjusting the Accounts
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Quiz por smjackson7, atualizado more than 1 year ago
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Criado por smjackson7 quase 11 anos atrás
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Resumo de Recurso

Questão 1

Questão
Revenue/Gains = ____________ in cash.
Responda
  • increases
  • decreases
  • no changes/effect

Questão 2

Questão
Which system of accounting is used in GAAP?
Responda
  • Cash Method
  • Accrual Method
  • Neither Method

Questão 3

Questão
In the Cash method system of accounting, decreases/losses = _____________ in cash
Responda
  • increases
  • decreases
  • no changes

Questão 4

Questão
In the Accrual Method system of accounting, revenues/gains are recognized when _____________________________
Responda
  • earned and measurable
  • incurred
  • not recognized

Questão 5

Questão
Using the Accrual method, expenses/losses are recognized when _______________.
Responda
  • incurred
  • earned and measurable
  • not recognized

Questão 6

Questão
Expenditure is _________________________
Responda
  • funds saved
  • funds spent
  • no effect on funds

Questão 7

Questão
Expense is a _______________ of earnings on the Income Statement
Responda
  • increase
  • reduction
  • no effect

Questão 8

Questão
Expenditure ________________ equal(s) expense
Responda
  • always
  • doesn't always

Questão 9

Questão
We record a journal entry because there has been either:
Responda
  • An accounting event
  • A required adjustment
  • Closing of temporary accounts at the end of the accounting period
  • All of the above
  • None of the above

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