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505807
ACC 101 Study - Chapter 3
Descrição
Chapter 3: Measuring Business Income: Adjusting the Accounts
Sem etiquetas
acc midterm prep
accounting 101
accounting
business
accounting 101
Quiz por
smjackson7
, atualizado more than 1 year ago
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Criado por
smjackson7
quase 11 anos atrás
206
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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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