ACCT 212 Week 2 Quiz (Updated)

Share on facebook
Share on whatsapp
Share on twitter
Share on pinterest
Share on linkedin
Share on reddit
Share on skype
Share on email

ACCT 212 Week 2 Quiz (Updated)

 

Question 1.Question :(TCO 2) The debt created by a business when it makes a purchase on account is a(n)
Student Answer: revenue.
 prepaid expense.
 account receivable.
 account payable.

 

Question 2.Question :(TCO 2) Which of the following transactions will increase Stockholders’ Equity?
Student Answer: The company pays a dividend to its shareholders.
 The company issues common stock to new shareholders.
 The president of the company buys a new personal automobile.
 The company makes a payment on account.

 

Question 3.Question :(TCO 2) When a company borrows cash from the bank
Student Answer: total assets remain the same.
 liabilities are increased.
 retained earnings is decreased.
 total liabilities remain the same.

 

Question 4.Question :(TCO 2) Which of the following is a true statement regarding T-accounts?
Student Answer: The transaction needs to be analyzed to determine which accounts are affected before entering amounts in the T-accounts.
 If a company pays cash, an amount would be entered on the left side of the T-account.
 T-accounts are only used to record complex transactions.
 To debit an asset, an amount is entered on the left side of the T-account and to debit a liability an amount is entered on the right side of the T-account.

Hi there! Get instant help with . Without paying anything upfront.

 

Question 5.Question :(TCO 2) An important rule of debits and credits is
Student Answer: credits increase a liability account.
 debits decrease an asset account
 revenues are increased by a debit.
 expenses are increased by a credit.

 

Question 6.Question :(TCO 2) The process of copying the information from the journal to the ledger is called
Student Answer: posting.
 summarizing.
 journalizing.
 preparing the financial statements.

 

Question 7.Question :(TCO 3) Under accrual accounting, the impact of a business transaction is recorded
Student Answer: as it occurs.
 when cash is received or paid.
 at the end of the accounting period.
 only if the amount of the transaction is material.

 

Question 8.Question :(TCO 3) The revenue principle governs two things:
Student Answer: when to record revenue and where to record this revenue.
 where to record revenue and the amount of revenue to record.
 when to record revenue and the amount of revenue to record.
 when to record revenue and in which journal to record the revenue.

 

Question 9.Question :(TCO 3) The balance sheet reports
Student Answer: assets, liabilities and stockholders’ equity.
 the changes in retained earnings.
 assets, liabilities, revenues and expenses.
 revenues and expenses.

 

Question 10.Question :(TCO 3) To close the books of a company, you should
Student Answer: debit each revenue account, credit each expense account, and debit the dividends account.
 credit each revenue account, debit each expense account, and debit the dividends account.
 debit each revenue account, credit each expense account, and credit the dividends account.
 debit each revenue account, debit each expense account, and credit the dividends account.
do-my-paper-pay-someone-to-write-my-paper

do you want to boost your grades? yes?

stop thinking we are eager to help you out

Payment Methods

Contact

Scroll to Top