1. LO 3.1That a business may only report activities on financial
statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? 2. LO 3.1That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following?
3. LO 3.1The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following?
4. LO 3.1Which of the following terms is used when assuming a business will continue to operate in the foreseeable future?
5. LO 3.1The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following?
6. LO 3.1The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following?
7. LO 3.1These are used by the FASB, and it is a set of concepts that guide financial reporting.
8. LO 3.1This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements.
9. LO 3.1Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided?
10. LO 3.1Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements?
11. LO 3.1Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition.
12. LO 3.1Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated?
13. LO 3.2Which of the following does not accurately represent the accounting equation?
14. LO 3.2Which of these statements is false?
15. LO 3.2Which of these accounts is an asset?
16. LO 3.2Which of these accounts is a liability?
17. LO 3.2If equity equals $100,000, which of the following is true?
18. LO 3.3Which process of the accounting cycle often requires the most analytical thought?
19. LO 3.3The step-by-step process to record business activities and events to keep financial records up to date is ________.
20. LO 3.3One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to as which of the following?
21. LO 3.3 ________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger).
22. LO 3.4Which of these events will not be recognized?
23. LO 3.4A company purchased a building twenty years ago for $150,000. The building currently has an appraised market value of $235,000. The company reports the building on its balance sheet at $235,000. What concept or principle has been violated?
24. LO 3.4What is the impact on the accounting equation when a current month’s utility expense is paid?
25. LO 3.4What is the impact on the accounting equation when a payment of account payable is made?
26. LO 3.4What is the impact on the accounting equation when an accounts receivable is collected?
27. LO 3.4What is the impact on the accounting equation when a sale occurs?
28. LO 3.4What is the impact on the accounting equation when stock is issued, in exchange for assets?
29. LO 3.5Which of the following accounts is increased by a debit?
30. LO 3.5Which of the following accounts does not increase with a debit entry?
31. LO 3.5Which of the following pairs increase with credit entries?
32. LO 3.5Which of the following pairs of accounts are impacted the same with debits and credits?
33. LO 3.5Which of the following accounts will normally have a debit balance?
34. LO 3.5What type of account is prepaid insurance?
35. LO 3.5Unearned service revenue occurs when which of the following occurs?
36. LO 3.5Which set of accounts has the same type of normal balance?
37. LO 3.5Which of these transactions requires a debit entry to Cash?
38. LO 3.5Which of these transactions requires a credit entry to Revenue?
39. LO 3.5Which of these accounts commonly requires both debit and credit entries?
40. LO 3.5Which of the following accounting records is the main source of information used to prepare the financial statements?
41. LO 3.5Which of the following financial statements should be prepared first?
Why are adjustments needed at the end of an accounting period quizlet?Why are adjustments needed at the end of an accounting period? To ensure revenues and expenses are reported in the proper period.
How do adjusting entries for accrued expenses affect liabilities and expenses multiple choice question?How do adjusting entries for accrued expenses affect liabilities and expenses? Adjusting entries for accrued expenses can increase liabilities and increase expenses. ___ is defined as the "cost of borrowing money." In recording an accrual adjusting entry to account for revenues earned but not yet collected, ______.
What are the effects on the accounting equation from the adjusting entry for interest expense accrued but not paid at the end of the accounting period?What are the effects on the accounting equation from the adjusting entry for interest expense accrued, but not paid, at the end of the accounting period? Total liabilities will increase and total stockholders' equity will decrease.
What are the effects on the accounting equation from an adjusting entry for revenues earned but not yet collected during the accounting period?What are the effects on the accounting equation from the adjustment for wages incurred, but not yet paid, during the accounting period? Total assets will decrease and total stockholders' equity will decrease.
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Which of the following statements describes the effect that adjusting entries may have on liabilities quizlet?
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