ACC 101 Study - Chapter 3

smjackson7
Quiz by , created over 5 years ago

Chapter 3: Measuring Business Income: Adjusting the Accounts

87
1
0
smjackson7
Created by smjackson7 over 5 years ago
Untitled
smjackson7
CHEMISTRY C1 1
x_clairey_x
Photosynthesis and Respiration
Jessica Phillips
Contract Law
sherhui94
Účto Fífa 1/6
Bára Drahošová
ACC 101 Midterm Practice Exam # 1
smjackson7
Chapter 2 +
smjackson7
Financial Statements, Equations/Ratios
smjackson7
Chapter 3: The Adjusting Process
Scott Gottstein
Financial Statements, Equations/Ratios_1
smjackson7

Question 1

Question
Revenue/Gains = ____________ in cash.
Answer
  • increases
  • decreases
  • no changes/effect

Question 2

Question
Which system of accounting is used in GAAP?
Answer
  • Cash Method
  • Accrual Method
  • Neither Method

Question 3

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

Question 4

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

Question 5

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

Question 6

Question
Expenditure is _________________________
Answer
  • funds saved
  • funds spent
  • no effect on funds

Question 7

Question
Expense is a _______________ of earnings on the Income Statement
Answer
  • increase
  • reduction
  • no effect

Question 8

Question
Expenditure ________________ equal(s) expense
Answer
  • always
  • doesn't always

Question 9

Question
We record a journal entry because there has been either:
Answer
  • 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