QuestionQuestion 1. Question : Depreciation Expense and Accumulated Depreciation are classified, respectively, asexpense and contra assetasset and contra liabilityrevenue and assetcontra asset and expenseQuestion 2. Question : Which type(s) of adjustments are the financial statements affected by?DeferralsAccrualsBoth deferrals and accrualsNeither deferrals nor accrualsQuestion 3. Question : Accumulated depreciation is __________ to get the carrying value.added to equipmentsubtracted from equipmentadded to accounts payablesubtracted from accounts payableQuestion 4. Question : The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is:Assets =LiabilitiesAssets = Liabilities + Stockholders EquityLiabilities = Assets + Stockholders EquityStockholders Equity = Liabilities + AssetsQuestion 5. Question : Accrual accounting records revenue when:EarnedCash is receivedProducts are completedSalaries are paidQuestion 6. Question : On the balance sheet, Accrued expenses are ordinarily reported as:Fixed assetsPrepaid expensesAssetsLiabilitiesQuestion 7. Question : What are the four timing differences between recognizing revenues and expenses between accrual basis and cash basis accounting?Accrued revenue, accrued expenses, deferred revenue, deferred expensesCash, revenue, expenses and liabilitiesAccounts receivable, accounts payable, long term liabilities, intangible assetsRevenue, expenses, assets, retained earningsQuestion 8. Question : When cash is received in payment of an account receivable, which section of the Statement of Cash Flows is affected?Cash Flow from Operating ActivitiesCash Flow from Investing ActivitiesCash Flow from Financing ActivitiesThere is no effect on the Statement of Cash Flows.Points Received: 0 of 2Question 9. Question : After recording transactions for the accounting period, which financial statement does a company prepares statement first?Income statementBalance sheetRetained earnings statementStatement of cash flowsQuestion 10. Question : X&M Co. provided services of $2,000,000 to clients on account. How does this transaction affect A&M’s accounts?Increase accounts receivable and cash by $2,000,000 eachIncrease accounts receivable and unearned revenues by $2,000,000 eachIncrease cash and decrease accounts receivable by $2,000,000 eachIncrease accounts receivable and revenues by $2,000,000 eachQuestion 11. Question : Cash receipts from interest and dividends are classified asinvesting activitiesoperating activitieseither financing or investing activitiesfinancing activitiesQuestion 12. Question : ___________ is an example of a deferred expense.Unearned revenueAccounts payablePrepaid advertisingAccounts receivableQuestion 13. Question : Using accrual accounting, expenses are recorded and reported onlyWhen they are incurred and paid at the same timeWhen they are incurred, whether or not cash is paidIf they are paid before they are incurredIf they are paid after they are incurredQuestion 14. Question : Which of the following is an example of a deferred expense?Prepaid advertisingUnearned revenueAccounts payableAccounts receivableQuestion 15. Question : Which transaction would be recorded in a cash basis system of accounting?Purchase of equipment on creditPurchase of supplies on creditSale of goods on creditSale of goods for cashQuestion 16. Question : Accrued revenues would appear on the balance sheet asassetsliabilitiesstockholders’ equityprepaid expensesQuestion 17. Question : Using accrual accounting, expenses are recorded and reported only when they are incurred, whether or not cash is paid, under the cash basis expenses are recorded:When they are incurred and paid at the same timeIf they are paid before they are incurredIf they are paid after they are incurredWhen they are paidQuestion 18. Question : When preparing an adjustment under accrual accounting, what would be the proper amount of the adjusting entry if the end of the period balance in the supply account is $4,000 and the amount of supplies on hand is $1650?3,3502,3503,0505,650Points Received: 0 of 2Question 19. Question : __________ is/are created when a revenue or expense has NOT been recorded by the end of the accounting period.Prepaid advertisingPremiums received in advanceUnearned revenueAccrualsQuestion 20. Question : If prepaid insurance expires over time, this asset account becomes a (n)liabilityanother assetrevenueexpense
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