Chapter 2 +

Question 1 of 10

Medal-premium 1

When a business reports an asset at an inflated dollar amount, it has violated the measurement issue of:

Select one of the following:

  • recognition

  • valuation

  • classification

  • realization

Question 2 of 10

Medal-premium 1

The issue of deciding when to record a transaction is solved by

Select one of the following:

  • properly classifying the transaction

  • deciding on a point of recognition

  • assigning historical cost to the transaction

  • analyzing the intent of management

Question 3 of 10

Medal-premium 1

Which of the following accounts is increased with a credit?

Select one of the following:

  • Land

  • Rent Payable

  • Accounts Receivable

  • Prepaid Insurance

Question 4 of 10

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The double-entry system

Select one of the following:

  • 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 of 10

Medal-premium 1

The declaration and payment of dividends will

Select one of the following:

  • decrease net income

  • increase liabilities

  • decrease stockholders' equity

  • increase stockholders' equity

Question 6 of 10

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Is the process of assigning all the transactions in which a business engages to appropriate categories or accounts.

Select one of the following:

  • Classification

  • Valuation

  • Recognition

  • None of the above

Question 7 of 10

Medal-premium 1

Refers to the decision as to when to record a business transaction.

Select one of the following:

  • recognition

  • valuation

  • classification

  • none of the above

Question 8 of 10

Medal-premium 1

Recording transactions at the exchange price at the point of recognition is called the:

Select one of the following:

  • fair value

  • cost principle

  • none of the above

  • all of the above

Question 9 of 10

Medal-premium 1

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.

Select one of the following:

  • trial balance

  • balance sheet

  • adjusted journal entry

  • statement of retained earnings

Question 10 of 10

Medal-premium 1

Name all of which are on the trial balance:

Select one or more of the following:

  • Assets

  • Liabilities

  • OE

  • Revenues

  • Expenses

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Chapter 2 +

smjackson7
Quiz by , created almost 3 years ago

Accounting 101 Quiz on Chapter 2 +, created by smjackson7 on 04/02/2014.

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smjackson7
Created by smjackson7 almost 3 years ago
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