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Using accrual accounting expenses are recorded and reported only

07/01/2021 Client: saad24vbs Deadline: 24 Hours

Question


Question 1. Question : Depreciation Expense and Accumulated Depreciation are classified, respectively, as


expense and contra asset


asset and contra liability


revenue and asset


contra asset and expense


Question 2. Question : Which type(s) of adjustments are the financial statements affected by?


Deferrals


Accruals


Both deferrals and accruals


Neither deferrals nor accruals


Question 3. Question : Accumulated depreciation is __________ to get the carrying value.


added to equipment


subtracted from equipment


added to accounts payable


subtracted from accounts payable


Question 4. Question : The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is:


Assets =Liabilities


Assets = Liabilities + Stockholders Equity


Liabilities = Assets + Stockholders Equity


Stockholders Equity = Liabilities + Assets


Question 5. Question : Accrual accounting records revenue when:


Earned


Cash is received


Products are completed


Salaries are paid


Question 6. Question : On the balance sheet, Accrued expenses are ordinarily reported as:


Fixed assets


Prepaid expenses


Assets


Liabilities


Question 7. Question : What are the four timing differences between recognizing revenues and expenses between accrual basis and cash basis accounting?


Accrued revenue, accrued expenses, deferred revenue, deferred expenses


Cash, revenue, expenses and liabilities


Accounts receivable, accounts payable, long term liabilities, intangible assets


Revenue, expenses, assets, retained earnings


Question 8. Question : When cash is received in payment of an account receivable, which section of the Statement of Cash Flows is affected?


Cash Flow from Operating Activities


Cash Flow from Investing Activities


Cash Flow from Financing Activities


There is no effect on the Statement of Cash Flows.


Points Received: 0 of 2


Question 9. Question : After recording transactions for the accounting period, which financial statement does a company prepares statement first?


Income statement


Balance sheet


Retained earnings statement


Statement of cash flows


Question 10. Question : X&M Co. provided services of $2,000,000 to clients on account. How does this transaction affect A&M's accounts?


Increase accounts receivable and cash by $2,000,000 each


Increase accounts receivable and unearned revenues by $2,000,000 each


Increase cash and decrease accounts receivable by $2,000,000 each


Increase accounts receivable and revenues by $2,000,000 each


Question 11. Question : Cash receipts from interest and dividends are classified as


investing activities


operating activities


either financing or investing activities


financing activities


Question 12. Question : ___________ is an example of a deferred expense.


Unearned revenue


Accounts payable


Prepaid advertising


Accounts receivable


Question 13. Question : Using accrual accounting, expenses are recorded and reported only


When they are incurred and paid at the same time


When they are incurred, whether or not cash is paid


If they are paid before they are incurred


If they are paid after they are incurred


Question 14. Question : Which of the following is an example of a deferred expense?


Prepaid advertising


Unearned revenue


Accounts payable


Accounts receivable


Question 15. Question : Which transaction would be recorded in a cash basis system of accounting?


Purchase of equipment on credit


Purchase of supplies on credit


Sale of goods on credit


Sale of goods for cash


Question 16. Question : Accrued revenues would appear on the balance sheet as


assets


liabilities


stockholders' equity


prepaid expenses


Question 17. Question : Using accrual accounting, expenses are recorded and reported only when they are incurred, whether or not cash is paid, under the cash basis expenses are recorded:


When they are incurred and paid at the same time


If they are paid before they are incurred


If they are paid after they are incurred


When they are paid


Question 18. Question : When preparing an adjustment under accrual accounting, what would be the proper amount of the adjusting entry if the end of the period balance in the supply account is $4,000 and the amount of supplies on hand is $1650?


3,350


2,350


3,050


5,650


Points Received: 0 of 2


Question 19. Question : __________ is/are created when a revenue or expense has NOT been recorded by the end of the accounting period.


Prepaid advertising


Premiums received in advance


Unearned revenue


Accruals


Question 20. Question : If prepaid insurance expires over time, this asset account becomes a (n)


liability


another asset


revenue


expense

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