Navigation » List of Schools » Glendale Community College » Accounting » Accounting 101 – Financial Accounting » Spring 2021 » Chapter 3 Quiz
Below are the questions for the exam with the choices of answers:
Question #1
A Advertising Expense.
B Dividends.
C Service Revenue.
D Salaries Payable.
Question #2
A November 15.
B November 1.
C One-half on each date.
D Neither.
Question #3
A Accrued expense.
B Prepaid expense.
C Unearned revenue.
D Accrued revenue.
Question #4
A Delaying the payment of interest on an outstanding loan until next year.
B Prepaying insurance coverage for the next 12 months.
C Receiving cash in advance of a service to be provided to a customer.
D Providing services to a customer without having yet collected the cash.
Question #5
A A credit to Retained Earnings.
B A debit to all expense accounts.
C A debit to Retained Earnings.
D A debit to all expense accounts and a credit to Retained Earnings.
Question #6
A In the period in which goods and services are prepared to be sold to customers.
B In the period in which we received cash from customers for goods and services.
C In the period in which we provide goods and services to customers.
D In the period in which customers order goods and services.
Question #7
A September 9 (date of service request).
B September 15 (date of service).
C September 22 (date of cash receipt).
D Evenly over the three dates.
Question #8
A March 12 (date of cash payment).
B March 8 (date of lawn maintenance service).
C Evenly over the three dates.
D March 4 (date of request).
Question #9
A In the same period in which a liability is paid.
B
C In the same period in which cash is paid.
D In the same period as the revenue they help to generate.
E In the same period in which an asset is purchased.
Question #10
A Service Revenue.
B Equipment.
C
D Accounts Receivable.
E Interest Payable.
Question #11
A Neither.
B December 20.
C One-half on each date.
D December 10.
Question #12
A In the same period in which cash is paid.
B In the same period in which an asset is purchased.
C In the same period in which a divided is paid.
D In the same period as the revenue they help to generate.
Question #13
A Store all source documents used to record transactions throughout the period.
B Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings.
C Record activities that have occurred but that have not been recorded by the end of the accounting period.
D Record external events for the period so that financial statements can be prepared.
Question #14
A September 15 (date of service).
B September 22 (date of cash receipt).
C September 9 (date of service request).
D Evenly over the three dates.
Question #15
A One-half on each date.
B November 15.
C November 1.
Question #16
A Evenly over the three dates.
B March 4 (date of request).
C March 12 (date of cash payment).
D March 8 (date of lawn maintenance service).
Question #17
A Debit to Supplies Expense
B Credit to Cash
C Credit to Service Revenue
D Debit to Supplies.
Question #18
A Debit to Cash.
B Credit to Interest Revenue.
C Debit to Interest Expense.
D Credit to Cash.
Question #19
A Are open.
B Have zero balances.
Question #20
A Unadjusted trial balance.
B Financial trial balance.
C Post-closing trial balance.
D Adjusted trial balance.
Question #21
A One-half on each date.
B December 10.
C Neither.
D December 20.
Question #22
A In the period in which goods and services are prepared to be sold to customers.
B In the period in which we received cash from customers for goods and services.
C In the period in which we provide goods and services to customers.
D In the period in which customers order goods and services.
Question #23
A Total assets equal total liabilities plus stockholders’ equity.
B Net income for the period is calculated by subtracting expenses from revenues.
C All accounts and account balances are shown and all debits equal all credits.
D Changes in stockholders’ equity are shown through changes in common stock and retained earnings.
Question #24
A Equals the balance of retained earnings after closing entries.
B Is the amount shown for retained earnings in the balance sheet.
C Is not shown.
D Equals the balance of retained earnings at the beginning of the accounting period.
Question #25
A Interest is incurred through the passage of time.
B Utilities have been incurred but not yet paid.
C Rent has been purchased in advance.
D Service was provided to a customer but not yet billed.
Question #26
A Net cash flows from operating, investing, and financing activities.
B Changes in stockholders’ equity through changes in common stock and retained earnings.
C Net income for the period calculated as revenues minus expenses.
D Equality of total assets with total liabilities plus stockholders’ equity.
Question #27
A Used in cash-basis accounting.
B Allows for proper application of the revenue recognition principle (revenues) or expenses recognition.
C Recorded at the beginning of the accounting period.
D Reduces the balances of revenue accounts to zero.
Question #28
A Total assets equal total liabilities plus stockholders’ equity.
B Changes in stockholders’ equity are shown through changes in common stock and retained earnings.
C Net income for the period is calculated by subtracting expenses from revenues.
D All accounts and account balances are shown.