ACC 557 Week 3 Quiz Chapter 2 and 3 (Strayer)

ACC 557 Financial Accounting - Strayer

Multiple Choice Questions

1. Transactions in a journal are recorded in

2. In the first month of operations, the total of the debit entries to the cash account amounted to $900 and the total of the credit entries to the cash account amounted to $600. The cash account has a(n)

3. Which of the following statements is true?

4. The final step in the recording process is to transfer the journal information to the

5. The usual sequence of steps in the transaction recording process is:

6. Which one of the following represents the expanded basic accounting equation?

7. A trial balance may balance even when each of the following occurs except when

8. An accounting time period that is one year in length, but does not begin on January 1, is referred to as

9. Which of the following reflect the balances of prepayment accounts prior to adjustment?

10. Crue Company had the following transactions during 2013:

11. What is Crue’s 2013 net income using cash basis accounting?

12. Which statement is correct?

13. Under accrual-basis accounting

14. Expenses paid and recorded as assets before they are used are called

15. The adjusted trial balance is prepared

16. Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns.