ACCT 220 ACCT220 Quiz 1 Answers (UMUC)

ACCT 220 ACCT220 Quiz 1 Answers (UMUC)

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ACCT220 Quiz 1 (UMUC)

1.The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that

2.GAAP stands for

3. A business organized as a corporation

4.Which of the following is not an advantage of the corporate form of business organization?

5.A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the

6.The common characteristic possessed by all assets is

7.Owner's equity can be described as

8.Revenues would not result from

9.Net income results when

10.A balance sheet shows

11.Assets normally show

12.An account will have a credit balance if the

13.Which of the following statements is not true?

14.A credit to a liability account

15.On January 14, Edamame Industries purchased supplies of $700 on account. The entry to record the purchase will include

16.In the first month of operations for Gallowsbird Industries, the total of the debit entries to the cash account amounted to $36,000 ($16,000 investment by the owner and revenues of $20,000). The total of the credit entries to the cash account amounted to $22,000 (purchase of equipment $8,000 and payment of expenses $14,000). At the end of the month, the cash account has a(n)

17.ChikChikCompany showed the following balances at the end of its first year:

18.During February 2014, its first month of operations, the owner of Ariel Pink Enterprises invested cash of $50,000. Ariel had cash revenues of $10,000 and paid expenses of $14,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28?

19.At January 31, 2014, the balance in Aislers Inc.’s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be

20.At December 1, 2014, Cursive Company’s accounts receivable balance was $1,800. During December, Cursive had credit sales of $7,200 and collected accounts receivable of $6,000. At December 31, 2012, the accounts receivable balance is

21.At October 1, 2014, Padilla Industries had an accounts payable balance of $40,000. During the month, the company made purchases on account of $33,000 and made payments on account of $48,000. At October 31, 2014, the accounts payable balance is

22.On July 7, 2014, Hidden Comera Enterprises performed cash services of $1,700. The entry to record this transaction would include

23.After transaction information has been recorded in the journal, it is transferred to the

24.A journal provides

25.A complete journal entry does not show

26.Which of the following journal entries is recorded correctly and in the standard format?

27.An accounting record of the balances of all assets, liabilities, and owner's equity accounts is called a

28.Camper Van Company purchased equipment for $2,600 cash. As a result of this event,

29.Beethoven Company provided consulting services and billed the client $3,100. As a result of this event,

30.A trial balance is a listing of

31.Which of the following statements is false?

32.An adjusting entry

33.Prepaid expenses are

34.The balance in the supplies account on June 1 was $5,200, supplies purchased during June were $3,500, and the supplies on hand at June 30 were $3,000.  The amount to be used for the appropriate adjusting entry is

35.Depreciation expense for a period is the

36.Accumulated Depreciation is

37-1.

37-2

37-3


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