- Description
ACC 290 Week 2 Practice Quiz
Complete the Week 1 Practice Quiz in WileyPLUS
Practice Question 20
Which accounts normally have debit balances?
| Assets, liabilities, and dividends |
| Assets, dividends, and expenses |
| Assets, expenses, and retained earnings |
| Assets, expenses, and revenues |
Practice Question 26
Which of the following is the correct sequence of events?
| Analyze a transaction; record it in the journal; post it to the ledger |
| Record a transaction in the journal; analyze the transaction; post it to the ledger |
| None of the answer choices provides the correct sequence |
| Analyze a transaction; post it to the ledger; record it in the journal |
Practice Question 32
Where is the first place every transaction is recorded?
| In the ledger |
| In the respective accounts |
| In the basic accounting equation |
| In the journal |
Practice Question 38
What type of account is unearned revenue?
| Asset |
| Liability |
| Revenue |
| Expense |
Practice Question 45
Accounts are listed on the trial balance in
| the order that they appear in the ledger. |
| the order in which they are posted. |
| alphabetical order. |
| chronological order. |
Practice Question 05
The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the
| revenue recognition principle. |
| accrued revenues principle. |
| periodicity assumption. |
| expense recognition principle. |
Practice Question 10
Which statement is correct?
| As long as a company consistently uses the cash-basis of accounting, generally accepted accounting principles allow its use. |
| The use of the cash-basis of accounting violates both the revenue recognition and expense recognition principles. |
| The cash-basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received. |
| As long as management is ethical, there are no problems with using the cash-basis of accounting. |
Practice Question 21
Adjustments for unearned revenues
| decrease revenues and decrease assets. |
| increase assets and increase revenues. |
| increase liabilities and increase revenues. |
| decrease liabilities and increase revenues. |
Practice Question 26
At December 31, 2017, before any year-end adjustments, Macarty Company’s Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be
| $2,700. |
| $1,900. |
| $1,500. |
| $1,200. |
Practice Question 53
Which is the correct order of steps in the accounting cycle?
| Prepare financial statements, prepare adjusting entries, prepare closing entries, prepare a post-closing trial balance. |
| Journalize and post transactions, journalize and post closing entries, journalize and post adjusting entries. |
| Post transactions, journalize transactions, prepare a trial balance, prepare financial statements. |
| Journalize and post transactions, journalize and post adjusting entries, journalize and post closing entries. |