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, adjusting entries, financial reports, Trial Balance
D.   Adjusted Trial Balance, financial reports, adjusting entries, 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.   Company section of the Home Page > Journal Entry icon
B.   Company Center > Journal Entry icon
C.   Banking section of the Home Page > Journal Entry icon
D.   Accountant Menu > Make General Journal Entries
Question #4
Sales are recorded under cash basis accounting when:
A.   The bookkeeper has time to record the transactions
B.   The goods or services are provided regardless of whether the cash is collected from the customers
C.   The costs are incurred to earn the revenue
D.   The cash is collected from the customers
Question #5
An accounting period may be:
A.   All of the choices are correct
B.   One month
C.   One year
D.   One quarter
Question #6
The Trial Balance:
A.   Is prepared before and after making adjustments
B.   All of the choices are correct
C.   Lists all the company's accounts and ending balances
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.   Customers pay in advance of receiving a service
D.   All of the choices are correct

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