Chapter 2 +

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Quiz by , created over 5 years ago

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

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Created by smjackson7 over 5 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
  • recognition
  • valuation
  • classification
  • realization

Question 2

Question
The issue of deciding when to record a transaction is solved by
Answer
  • properly classifying the transaction
  • deciding on a point of recognition
  • assigning historical cost to the transaction
  • analyzing the intent of management

Question 3

Question
Which of the following accounts is increased with a credit?
Answer
  • Land
  • Rent Payable
  • Accounts Receivable
  • Prepaid Insurance

Question 4

Question
The double-entry system
Answer
  • 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

Question
The declaration and payment of dividends will
Answer
  • decrease net income
  • increase liabilities
  • decrease stockholders' equity
  • 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
  • Classification
  • Valuation
  • Recognition
  • None of the above

Question 7

Question
Refers to the decision as to when to record a business transaction.
Answer
  • recognition
  • valuation
  • classification
  • none of the above

Question 8

Question
Recording transactions at the exchange price at the point of recognition is called the:
Answer
  • fair value
  • cost principle
  • none of the above
  • 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
  • trial balance
  • balance sheet
  • adjusted journal entry
  • statement of retained earnings

Question 10

Question
Name all of which are on the trial balance:
Answer
  • Assets
  • Liabilities
  • OE
  • Revenues
  • Expenses