Quiz 2 ACC101
Authored by Ngô DN)
Mathematics
University
CCSS covered
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interim financial statements refer to financial reports:
A. That cover less than one year, usually spanning one, three, or six-month periods.
B. That are prepared before any adjustments have been recorded.
That show the assets above the liabilities and the liabilities above the equity.
Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid.
E. Where the adjustment process is used to assign revenues to the periods in which they are earned and to match expenses with revenues.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The 12-month period that ends when a company's activities are at their lowest point is called the:
A. Fiscal year.
B. Calendar year.
C. Natural business year..
D. Accounting period
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The length of time covered by a set of periodic financial statements is referred to as
A. Fiscal cycle
B. Natural business year.
C. Accounting period.
D. Business cycle.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the:
A. Recognition principle.
B. Cost principle.
C. Cash basis of accounting
D.Matching principle.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid is called:
A. Accrual basis accounting.
B. Operating cycle accounting
C.Cash basis accounting.
D. Revenue recognition accounting.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is:
A. Cash basis accounting.
B. The matching principle.
C. The time period principle.
D. Accrual basis accounting.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of:
A. Items that require contra accounts.
B. tems that require adjusting entries
.C. Asset and equity
.D. Asset accounts.
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