524641
Description
Quiz by smjackson7, updated more than 1 year ago
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Created by smjackson7
over 10 years ago
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Question 1
Question
When a business reports an asset at an inflated dollar amount, it has violated the measurement issue of:
Answer
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recognition
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valuation
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classification
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realization
Question 2
Question
The issue of deciding when to record a transaction is solved by
Answer
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properly classifying the transaction
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deciding on a point of recognition
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assigning historical cost to the transaction
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analyzing the intent of management
Question 3
Question
Which of the following accounts is increased with a credit?
Answer
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Land
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Rent Payable
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Accounts Receivable
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Prepaid Insurance
Question 4
Question
The double-entry system
Answer
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requires that each transaction be recorded with multiple debits
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requires that the total amount of the debits must never equal the total amount of the credits
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is based on the principle of duality
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requires that the total credits for each transaction exceed the total debits
Question 5
Question
The declaration and payment of dividends will
Answer
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decrease net income
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increase liabilities
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decrease stockholders' equity
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increase stockholders' equity
Question 6
Question
Is the process of assigning all the transactions in which a business engages to appropriate categories or accounts.
Answer
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Classification
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Valuation
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Recognition
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None of the above
Question 7
Question
Refers to the decision as to when to record a business transaction.
Answer
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recognition
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valuation
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classification
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none of the above
Question 8
Question
Recording transactions at the exchange price at the point of recognition is called the:
Answer
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fair value
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cost principle
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none of the above
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all of the above
Question 9
Question
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.
Answer
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trial balance
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balance sheet
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adjusted journal entry
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statement of retained earnings
Question 10
Question
Name all of which are on the trial balance:
Answer
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Assets
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Liabilities
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OE
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Revenues
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Expenses
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