Accounts Receivable and Correct Marks
1
Marks: 5
Which of the following events involves an accrual?
Choose one answer. | a. Recording interest that has been earned but not received | | | b. Recording supplies that have been purchased with cash but not yet used. | | | c. Recording revenue that has been earned but not yet collected in cash. | | | d. A. and C. | |
Correct
Marks for this submission: 5/5.
Question 2
Marks: 5
Which resource provider typically receives first priority when resources are divided as part of a business 's liquidation?
Choose one answer. | a. stockholders | | | b. owners | | | c. the company 's managers | | | d. creditors | |
Correct
Marks for this submission: 5/5.
Question 3
Marks: 5
Which of the following transactions involves a deferral?
Choose one answer. | a. Recording salaries of employees earned but not yet paid. | | | b. Recording the interest earned (but not received) on a CD. | | | c. Recording interest accrued on a note payable. | | | d. Recording the prepayment of three months rent. | |
Correct
Marks for this submission: 5/5.
Question 4
Marks: 5
Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?
Choose one answer. | a. Internal Revenue Service | | | b. U.S. Congress | | | c. Governmental Accounting Standards Board | | | d. Financial Accounting Standards Board | |
Correct
Marks for this submission: 5/5.
Question 5
Marks: 5
The left side of a T-account is known as the:
Choose one answer. | a. Debit Side | | | b. Credit side | | | c. Claims side | | | d. Equity side | |
Correct
Marks for this submission: 5/5.
1
Marks: 5
Product costs are matched against sales revenue
Choose one answer. | a. in the period immediately following the sale. | | | b. when the merchandise is purchased. | | | c. when the
Marks: 5
Which of the following events involves an accrual?
Choose one answer. | a. Recording interest that has been earned but not received | | | b. Recording supplies that have been purchased with cash but not yet used. | | | c. Recording revenue that has been earned but not yet collected in cash. | | | d. A. and C. | |
Correct
Marks for this submission: 5/5.
Question 2
Marks: 5
Which resource provider typically receives first priority when resources are divided as part of a business 's liquidation?
Choose one answer. | a. stockholders | | | b. owners | | | c. the company 's managers | | | d. creditors | |
Correct
Marks for this submission: 5/5.
Question 3
Marks: 5
Which of the following transactions involves a deferral?
Choose one answer. | a. Recording salaries of employees earned but not yet paid. | | | b. Recording the interest earned (but not received) on a CD. | | | c. Recording interest accrued on a note payable. | | | d. Recording the prepayment of three months rent. | |
Correct
Marks for this submission: 5/5.
Question 4
Marks: 5
Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?
Choose one answer. | a. Internal Revenue Service | | | b. U.S. Congress | | | c. Governmental Accounting Standards Board | | | d. Financial Accounting Standards Board | |
Correct
Marks for this submission: 5/5.
Question 5
Marks: 5
The left side of a T-account is known as the:
Choose one answer. | a. Debit Side | | | b. Credit side | | | c. Claims side | | | d. Equity side | |
Correct
Marks for this submission: 5/5.
1
Marks: 5
Product costs are matched against sales revenue
Choose one answer. | a. in the period immediately following the sale. | | | b. when the merchandise is purchased. | | | c. when the