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.   Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance
B.   Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance
C.   Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports
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 has after expenses are removed
D.   What a company owns
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.   Company Center > 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 costs are incurred to earn the revenue
B.   The bookkeeper has time to record the transactions
C.   The cash is collected from the customers
D.   The goods or services are provided regardless of whether the cash is collected from the customers
Question #5
An accounting period may be:
A.   One month
B.   One quarter
C.   All of the choices are correct
D.   One year
Question #6
The Trial Balance:
A.   Is prepared before and after making adjustments
B.   All of the choices are correct
C.   Verifies the accounting system balances
D.   Lists all the company's accounts and ending 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.   All of the choices are correct
B.   Customers pay after receiving a service
C.   Customers default and do not pay you what is owed
D.   Customers pay in advance of receiving a service

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