GoConqr has a new look! Let us know what you think.

Sign up free

Quiz

Chapter 2 +

smjackson7 10 questions

Take the quiz

Questions in this quiz (10)

  1. 1When a business reports an asset at an inflated dollar amount, it has violated the measurement issue of:
    1. Arecognition
    2. Bvaluation
    3. Cclassification
    4. Drealization
  2. 2The issue of deciding when to record a transaction is solved by
    1. Aproperly classifying the transaction
    2. Bdeciding on a point of recognition
    3. Cassigning historical cost to the transaction
    4. Danalyzing the intent of management
  3. 3Which of the following accounts is increased with a credit?
    1. ALand
    2. BRent Payable
    3. CAccounts Receivable
    4. DPrepaid Insurance
  4. 4The double-entry system
    1. Arequires that each transaction be recorded with multiple debits
    2. Brequires that the total amount of the debits must never equal the total amount of the credits
    3. Cis based on the principle of duality
    4. Drequires that the total credits for each transaction exceed the total debits
  5. 5The declaration and payment of dividends will
    1. Adecrease net income
    2. Bincrease liabilities
    3. Cdecrease stockholders' equity
    4. Dincrease stockholders' equity
  6. 6Is the process of assigning all the transactions in which a business engages to appropriate categories or accounts.
    1. AClassification
    2. BValuation
    3. CRecognition
    4. DNone of the above
  7. 7Refers to the decision as to when to record a business transaction.
    1. Arecognition
    2. Bvaluation
    3. Cclassification
    4. Dnone of the above
  8. 8Recording transactions at the exchange price at the point of recognition is called the:
    1. Afair value
    2. Bcost principle
    3. Cnone of the above
    4. Dall of the above
  9. 9This 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.
    1. Atrial balance
    2. Bbalance sheet
    3. Cadjusted journal entry
    4. Dstatement of retained earnings
  10. 10Name all of which are on the trial balance:
    1. AAssets
    2. BLiabilities
    3. COE
    4. DRevenues
    5. EExpenses

Information

Description
Accounting 101 Quiz on Chapter 2 +, created by smjackson7 on 04/02/2014.
Language
English
Views
223
Rating
No ratings yet
Rate this quiz
Rate this quiz

Feedback

What is it about?

What do you think of the new look?

How do you like it?