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

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