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ACC 556 Chapter 4 Quiz (100% Score)
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ACC 556 Chapter 4 Quiz (100% Score)

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Chapter 4 Quiz

Question 1

The revenue recognition principle dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied.

Question 2

An adjusting entry to a prepaid expense is required to recognize expired expenses.

Question 3

Unearned revenue is a prepayment that requires an adjusting entry when services are performed.

· Question 4

When closing entries are prepared, each income statement account is closed directly to retained earnings.

· Question 5

The accounting cycle begins with the journalizing of the transactions

 

· Question 6

Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns.

· Question 7

A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized?

· Question 8

Which statement is correct?

· Question 9

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting.
                  Cash received from customers                        $48,000
                  Accounts receivable                                          12,000
                  Cash paid for expenses                                     26,000
                  Accounts payable (related to expenses)             3,000
                  Prepaid rent for next period                                 7,000

· Question 10

Accrued expenses are:

· Question 11

If a resource has been consumed but a bill has not been received at the end of the accounting period, then:

· Question 12

Depreciation is the process of:

· Question 13

If a company fails to adjust a Prepaid Rent account for rent that has expired, what effect will this have on that month's financial statements?

· Question 14

Why do generally accepted accounting principles require the application of the revenue recognition principle?

· Question 15

Which of the following would not result in unearned revenue?

· Question 16

Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause:

· Question 17

At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is true?

· Question 18

Can financial statements be prepared directly from the adjusted trial balance?

· Question 19

Which statement is correct concerning the adjusted trial balance?

· Question 20

Match the items below by entering the appropriate code letter in the space provided.

 

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