Accounting 120 - Computerized Accounting Systems » Fall 2022 » Ch 9 Quiz

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
The order of the steps in the accounting cycle includes:
A.   Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance
B.   Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance
C.   Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance
D.   Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports
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.   Company Center > Journal Entry icon
B.   Banking section of the Home Page > Journal Entry icon
C.   Company 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.   One year
B.   One quarter
C.   All of the choices are correct
D.   One month
Question #6
The Trial Balance:
A.   Lists all the company's accounts and ending balances
B.   All of the choices are correct
C.   Is prepared before and after making adjustments
D.   Verifies the accounting system balances
Question #7
Adjusting entries should be made ________ preparing financial statements:
A.   After
B.   Before
C.   During
D.   Never
Question #8
Unearned revenue occurs when:
A.   Customers default and do not pay you what is owed
B.   All of the choices are correct
C.   Customers pay in advance of receiving a service
D.   Customers pay after receiving a service

Need help with your exam preparation?

Existing Quiz Clients Login here