Devry ACCT 301 Week 1 Quiz Latest

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Devry ACCT 301 Week 1 Quiz Latest

Quiz 1

1.

Increases in equity from a company’s earnings activities are:

Assets.

Revenues.

Liabilities.

Owner’s Equity.

Expenses.

2.

Cash investments by owners are listed on which of the following statements?

Balance sheet.

Income statement.

Statement of owner’s equity only.

Statement of cash flows only.

Statement of owner’s equity and statement of cash flows.

3.

Decreases in equity that represent costs of assets or services used to earn revenues are called:

Liabilities.

Equity.

Withdrawals.

?

Expenses.

Owner’s Investment.

4.

A payment to an owner is called a(n):

Liability.

Withdrawal.

Expense.

Contribution.

Investment.

5.

The group that attempts to create more harmony among the accounting practices of different countries is the:

AICPA.

IASB.

CAP.

SEC.

FASB.

6.

A partnership:

Is also called a sole proprietorship.

Has unlimited liability for its partners.

Has to have a written agreement in order to be legal.

Is a legal organization separate from its owners.

Has owners called shareholders.

7.

A financial statement providing information that helps users understand a company’s financial status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called a(n):

Balance sheet.

Income statement.

Statement of cash flows.

Statement of owner’s equity.

Financial Status Statement.

8.

A corporation:

Is a business legally separate from its owners.

Is controlled by the FASB.

Has shareholders who have unlimited liability for the acts of the corporation.

Is the same as a limited liability partnership.

Is not subject to double taxation.

9.

Rent expense that is paid with cash appears on which of the following statements?

Balance sheet.

Income statement.

Statement of owner’s equity.

Income statement and statement of cash flows.

Statement of cash flows only.

10.

Revenues are:

The same as net income.

The excess of expenses over assets.

Resources owned or controlled by a company.

The increase in equity from a company’s earning activities.

The costs of assets or services used.

11.

In which of the following situations would the trial balance not balance?

A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash.

The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and credit to Accounts Payable.

A $50 cash receipt for the performance of a service was not recorded at all.

The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200.

The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750.

12.

Of the following errors, which one by itself will cause the trial balance to be out of balance?

A $200 cash salary payment posted as a $200 debit to Cash and a $200 credit to Salaries Expense.

A $100 cash receipt from a customer in payment of his account posted as a $100 debit to Cash and a $10 credit to Accounts Receivable.

A $75 cash receipt from a customer in payment of his account posted as a $75 debit to Cash and a $75 credit to Cash.

A $50 cash purchase of office supplies posted as a $50 debit to Office Equipment and a $50 credit to Cash.

An $800 prepayment from a customer for services to be rendered in the future was posted as an $800 debit to Unearned Revenue and an $800 credit to Cash.

13.

A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is:

Recorded as a debit to an unearned revenue account.

Recorded as a debit to a prepaid expense account.

Recorded as a credit to an unearned revenue account.

Recorded as a credit to a prepaid expense account.

Not recorded in the accounting records until the earnings process is complete.

14.

The credit purchase of a delivery truck for $4,700 was posted to Delivery Trucks as a $4,700 debit and to Accounts Payable as a $4,700 debit. What effect would this error have on the trial balance?

The total of the Debit column of the trial balance will exceed the total of the Credit column by $4,700.

The total of the Credit column of the trial balance will exceed the total of the Debit column by $4,700.

The total of the Debit column of the trial balance will exceed the total of the Credit column by $9,400.

The total of the Credit column of the trial balance will exceed the total of the Debit column by $9,400.

The total of the Debit column of the trial balance will equal the total of the Credit column.

15.

A trial balance taken at year-end showed total credits exceed total debits by $4,950. This discrepancy could have been caused by:

An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.

A net income of $4,950.

The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.

The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.

An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.

16.

A credit is used to record:

An increase in an expense account.

A decrease in an asset account.

A decrease in an unearned revenue account.

A decrease in a revenue account.

A decrease in a capital account.

17.

A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n):

Journal.

Posting.

Trial balance.

Account.

Chart of accounts.

18.

A list of all accounts and the identification number assigned to each account used by a company is called a:

Source document.

Journal.

Trial balance.

Chart of accounts.

General Journal.

19.

The process of transferring general journal information to the ledger is:

Double-entry accounting.

Posting.

Balancing an account.

Journalizing.

Not required unless debits do not equal credits.

20.

A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n):

Account.

Trial balance.

Journal.

T-account.

Balance column account.

21.

A trial balance prepared before any adjustments have been recorded is:

An adjusted trial balance.

Used to prepare financial statements.

An unadjusted trial balance.

Correct with respect to proper balance sheet and income statement amounts.

Only prepared once a year.

22.

The time period assumption assumes that an organization’s activities can be divided into specific time periods including all of the following except:

Months.

Quarters.

Fiscal years.

Calendar years.

Days.

23.

Which of the following statements in incorrect:

An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded.

An adjusted trial balance is a list of accounts and balances prepared after adjusting entries have been recorded and posted to the ledger.

Each trial balance amount is used in preparing the financial statements.

Financial statements should be prepared directly from information in the unadjusted trial balance.

Financial statements can be prepared directly from information in the adjusted trial balance.

24.

A balance sheet that places the assets above the liabilities and equity is called a(n):

Report form balance sheet.

Account form balance sheet.

Classified balance sheet.

Unadjusted balance sheet.

Unclassified balance sheet.

25.

A balance sheet that places the liabilities and equity to the right of the assets is a(n):

Account form balance sheet.

Report form balance sheet.

Interim balance sheet.

Classified balance sheet.

Unclassified balance sheet.

26.

Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of:

Items that require contra accounts.

Items that require adjusting entries.

Asset and equity.

Asset accounts.

Income statement accounts.

27.

Assuming prepaid expenses are originally recorded in balance sheet accounts, the adjusting entry to record use of a prepaid expense is:

Increase an expense; increase a liability.

Increase an asset; increase revenue.

Decrease a liability; increase revenue.

Increase an expense; decrease an asset.

Increase an expense; decrease a liability.

28.

Accrued revenues:

At the end of one accounting period often result in cash receipts from customers in the next period.

At the end of one accounting period often result in cash payments in the next period.

Are also called unearned revenues.

Are listed on the balance sheet as liabilities.

Are recorded at the end of an accounting period because cash has already been received for revenues earned.

29.

The difference between the cost of an asset and the accumulated depreciation for that asset is called

Depreciation Expense.

Unearned Depreciation.

Prepaid Depreciation.

Depreciation Value.

Book Value.

30.

The adjusting entry to record an accrued expense is:

Increase an expense; increase a liability.

Increase an asset; increase revenue.

Decrease a liability; increase revenue.

Increase an expense; decrease an asset.

Increase an expense; decrease a liability.

 

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Devry ACCT 301 Week 1 Quiz Latest

Best Devry ACCT 301 Week 1 Quiz Latest
Devry ACCT 301 Week 1 Quiz Latest

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