Accounting 120 - Computerized Accounting Systems » Spring 2022 » Ch 9 Quiz

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Question #1
The order of the steps in the accounting cycle includes:
A.   Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance
B.   Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports
C.   Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance
D.   Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance
Question #2
What is an asset?
A.   What remains after the liabilities are satisfied
B.   What a company owes
C.   What a company has after expenses are removed
D.   What a company owns
Question #3
To record adjusting journal entries in QuickBooks, select:
A.   Accountant Menu > Make General Journal Entries
B.   Company Center > Journal Entry icon
C.   Company section of the Home Page > Journal Entry icon
D.   Banking section of the Home Page > Journal Entry icon
Question #4
Sales are recorded under cash basis accounting when:
A.   The goods or services are provided regardless of whether the cash is collected from the customers
B.   The costs are incurred to earn the revenue
C.   The bookkeeper has time to record the transactions
D.   The cash is collected from the customers
Question #5
An accounting period may be:
A.   One quarter
B.   All of the choices are correct
C.   One year
D.   One month
Question #6
The Trial Balance:
A.   Lists all the company's accounts and ending balances
B.   All of the choices are correct
C.   Is prepared before and after making adjustments
D.   Verifies the accounting system balances
Question #7
Adjusting entries should be made ________ preparing financial statements:
A.   After
B.   Never
C.   Before
D.   During
Question #8
Unearned revenue occurs when:
A.   Customers default and do not pay you what is owed
B.   Customers pay after receiving a service
C.   All of the choices are correct
D.   Customers pay in advance of receiving a service

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