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.   Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance
B.   Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance
C.   Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports
D.   Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance
Question #2
What is an asset?
A.   What a company has after expenses are removed
B.   What remains after the liabilities are satisfied
C.   What a company owes
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 costs are incurred to earn the revenue
B.   The goods or services are provided regardless of whether the cash is collected from the customers
C.   The cash is collected from the customers
D.   The bookkeeper has time to record the transactions
Question #5
An accounting period may be:
A.   One year
B.   One quarter
C.   All of the choices are correct
D.   One month
Question #6
The Trial Balance:
A.   All of the choices are correct
B.   Verifies the accounting system balances
C.   Lists all the company's accounts and ending balances
D.   Is prepared before and after making adjustments
Question #7
Adjusting entries should be made ________ preparing financial statements:
A.   During
B.   Never
C.   After
D.   Before
Question #8
Unearned revenue occurs when:
A.   Customers pay after receiving a service
B.   Customers pay in advance of receiving a service
C.   All of the choices are correct
D.   Customers default and do not pay you what is owed

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