Accounting 120 - Computerized Accounting Systems » Fall 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 a company owns
B.   What a company has after expenses are removed
C.   What remains after the liabilities are satisfied
D.   What a company owes
Question #3
To record adjusting journal entries in QuickBooks, select:
A.   Accountant Menu > Make General Journal Entries
B.   Banking section of the Home Page > Journal Entry icon
C.   Company 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 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.   All of the choices are correct
C.   One quarter
D.   One month
Question #6
The Trial Balance:
A.   Is prepared before and after making adjustments
B.   Verifies the accounting system balances
C.   All of the choices are correct
D.   Lists all the company's accounts and ending balances
Question #7
Adjusting entries should be made ________ preparing financial statements:
A.   Before
B.   During
C.   Never
D.   After
Question #8
Unearned revenue occurs when:
A.   Customers pay in advance of receiving a service
B.   Customers pay after receiving a service
C.   Customers default and do not pay you what is owed
D.   All of the choices are correct

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