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

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