ACC 290 Week 2 Practice Quiz

ACC 290 Week 2 Practice Quiz

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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.