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Acc 290 week 3 practice quiz
1. ACC 290 Week 3 Practice Quiz
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Question 1
The revenue recognition principle dictates that revenue is recognized
in the period in which the cash is received.
2. Question 2
The generally accepted accounting principle which dictates that
revenue be recognized in the accounting period in which the
performance obligation is satisfied is the
Question 3
Which statement is correct?
Question 4
Book value is equal to cost minus accumulated depreciation.
Question 5
Adjustments for unearned revenues:
Question 6
At December 31, 2013, 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
Question 7
Which of the following is not a typical example of an accrued
expense?
Question 8
Saira works for a sports franchise which pays wages and salaries
earned on a monthly basis. A new accountant was hired by the sports
franchise in late May. Due to inexperience, the new accountant failed
to accrue Saira’s salary for May. What is the impact on the May 31
financial statements of the sports franchise?
3. Question 9
At the end of the accounting period, all balance sheet accounts are
closed out.
Question 10
Which is the correct order of steps in the accounting cycle?