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UMUC ACCT 220 Quiz 1 Latest

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UMUC ACCT 220 Quiz 1 Latest

UMUC ACCT 220 Quiz 1 Latest

ACCT220

UMUC ACCT 220 Quiz 1 Latest

UMUC ACCT 220 Quiz 1 Latest

Question 1 Generally Accepted Accounting Principles (GAAP) allow companies to issue financial statements, using either the cash basis or the accrual basis of accounting, depending on their needs.

True

False

Question 2 Adjusting entries are done to make sure that expenses and revenues are recorded in the proper accounting period.

True

False

Question 3 A single journal entry must debit only one account and credit only one account for the same amount so that the entry is in balance.

True

False

Question 4 The current ratio is cash divided by current liabilities.

True

False

Question 5 Materiality is subjective. One company may consider $1,000 material and another company may not.

True

False

Multiple Choice Select the best answer for each of the following questions.

Question 6 Revenues are recorded when _______________.

goods or services are delivered to the customer

the check has cleared and the money is available for use

a check is received from a customer

a contract is signed

Question 7 Which of the following is NOT a liability?

unearned revenue

long-term debt

accumulated depreciation

accounts payable

Question 8 Management failing to reveal a default on a loan agreement will have violated what principle?

cost principle

ethics principle

matching principle

full-disclosure principle

Question 9 Expenses are recorded in the same period that related revenue is recorded, according to the _______________.

revenue-recognition principle

matching principle

accounting equation

cost principle

Question 10 The percentage-of-completion method recognizes revenue _______________.

at the end of the entire project for a multi-year contract

at 10% per month

based on an estimate of the portion of work complete

when the contracted work has begun View Feedback

Question 11 An asset cost $14,400 and is expected to last 8 years, at which time it will be sold for a scrap value of $2,400. Using straight-line depreciation, the monthly depreciation journal entry would be _______________.

debit depreciation expense and credit accumulated depreciation for $150

debit depreciation expense and credit accumulated depreciation for $125

debit accumulated depreciation and credit depreciation expense for $125

debit accumulated depreciation and credit depreciation expense for $150

Question 12 When money is collected from a customer previously billed, we _______________.

credit cash and debit accounts receivable

credit accounts payable and debit cash

credit cash and debit accounts payable

debit cash and credit accounts receivable

Question 13 Which event will have the effect of increasing retained earnings?

a customer pays us for a bill we sent last month

revenue is recognized

an expense is paid

a dividend is declared

Question 14 The income summary account is used to _______________.

set aside earned money available to owners

zero out expense and revenue accounts at the end of the period

record a history of income items

calculate net income

Question 15 The dividends payable account belongs on which statement?

Balance sheet

Income statement

Statement of retained earnings

Statement of cash flows

Journal Entries

Prepare the following journal entries. Dates and descriptions are not required.

Question 16 Paid $20,000 for stock in a newly formed corporation.

Prepare the journal entry to document this transaction. Dates and descriptions are not required

Question 17 Purchased photocopier for $5000 on account.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 18 Bought office supplies for immediate consumption for $200 cash.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 19 Billed customer $3500 for services performed

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 20 Customer paid $2,000 on account. Prepare the journal entry to document this transaction. Dates and descriptions are not required. View Feedback

Question 21 Prepaid insurance account has a $2,400 balance for a twelve-month premium. Month one has ended.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 22 Office supplies on hand account has a balance of $1,955, and a physical count reveals that there are $715 worth of supplies remaining at month end.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 23 A customer had previously paid $500 in advance on an order. The order has now been shipped FOB destination.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 24 Sales tax of $100 is collected from a customer to be remitted to the state at a later date.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 25 At month end, $2,300 of wages are due to employees but not yet paid.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

 

 

UMUC ACCT 220 Quiz 1 Latest

UMUC ACCT 220 Quiz 1 Latest

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