ACC 290 Week 2 Practice Quiz
ACC 290 Week 2 Practice Quiz
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ACC 290 Week 2 Practice Quiz
http://issuu.com/lucky269/docs/uoptutorial.docx
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.
ACC 290 Week 2 Practice Quiz
http://issuu.com/lucky269/docs/uoptutorial.docx
ACC 290 Week 2 Practice Quiz
Complete the Week 1 Practice Quiz in WileyPLUS
Practice Question 20
Which accounts normally have debit balances?
Assets