Week 2 Questions

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Which accounts normally have debit balances

Assets, dividends, and expenses

Assets, expenses, and revenues

Assets, liabilities, and dividends

Assets, expenses, and retained earnings

Which of the following is the correct sequence of events?

None of the answer choices provides the correct sequence

Analyze a transaction; post it to the ledger; record it in the journal

Analyze a transaction; record it in the journal; post it to the ledger

Record a transaction in the journal; analyze the transaction; post it to the ledger

Where is the first place every transaction is recorded?

In the ledger

In the journal

In the basic accounting equation

In the respective accounts

What type of account is unearned revenue?

Liability

Revenue

Asset

Expense

Accounts are listed on the trial balance in

the order that they appear in the ledger.

the order in which they are posted.

chronological order.

alphabetical order.

The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the

expense recognition principle.

accrued revenues principle.

periodicity assumption.

revenue recognition principle.

The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the

expense recognition principle.

accrued revenues principle.

periodicity assumption.

revenue recognition principle.

Adjustments for unearned revenues

increase liabilities and increase revenues.

increase assets and increase revenues.

decrease revenues and decrease assets.

decrease liabilities and increase revenues.

At December 31, 2017, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be

$2,700.

$1,500.

$1,200.

$1,900.

Which is the correct order of steps in the accounting cycle?

Prepare financial statements, prepare adjusting entries, prepare closing entries, prepare a post-closing trial balance.

Post transactions, journalize transactions, prepare a trial balance, prepare financial statements.

Journalize and post transactions, journalize and post closing entries, journalize and post adjusting entries.

Journalize and post transactions, journalize and post adjusting entries, journalize and post closing entries.