AC/113 AC113 AC 113 UNIT 4 QUIZ

AC 113 UNIT 4 QUIZ

 1.

Question :

Which of the following is an example of accrued revenue?

 

Student Answer:

  

 interest accrued on a note receivable

 

    

 interest accrued on a note payable

 

    

 unearned revenues

 

    

 accounts payable
 

 

Question 2.

Question :

Which of the following methods of accounting records revenue as it is earned, or expenses when it is incurred, but no cash is exchanged?

 

Student Answer:

  

 Earned accounting system

 

    

 Cash basis of accounting

 

    

 Double-entry accounting system

 

    

 Accrual basis of accounting
 

 

Question 3.

Question :

During July, wage expense of $25,000 was reported on the income statement. If wages payable at July 1st was $2,000, and wages of $20,000 were paid during July, how much will be the balance of wages payable on July 31st?

 

Student Answer:

  

 $2,000

 

    

 $1,500

 

    

 $7,000

 

    

 $1,000
 

 

Question 4.

Question :

What type of account is unearned revenue?

 

Student Answer:

  

 Asset

 

    

 Revenue

 

    

 Stockholders’ Equity

 

    

 Liability
 

 

Question 5.

Question :

On April 1, Tule Inc. paid $3,600 for an insurance premium on a three-year insurance policy. At the end of December, Tule's fiscal year end, what should be the balance in the Prepaid Insurance account?

 

Student Answer:

  

 $2,700

 

    

 $3,600

 

    

 $2,400

 

    

 $0
 

 

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