ACCN 2010 Accounting

ACCN 2010 Quiz 12 | Tulane UniversityQuestion 1 If accounts receivable have increased during the period · expenses on an accrual basis are greater than expenses on a cash basis. · revenues on an accrual basis are the same as revenues on a cash basis. · revenues on an accrual basis are less than revenues on a cash basis. · revenues on an accrual basis are greater than revenues on a cash basis. Question 2 Whic

ACCN 2010 Quiz 11 |Tulane UniversityQuestion 1 The amount of stock that may be issued according to the corporation's charter is referred to as the · authorized stock. · issued stock. · outstanding stock. · unissued stock. Question 2 The date on which a cash dividend becomes a binding legal obligation is on the · declaration date. · date of record. · last day of the fiscal year-end. · payment

ACCN 2010 Quiz 9 |Tulane UniversityQuestion 1 Which of the following methods of computing depreciation is production based? · Straight-line. · Declining-balance. · Units-of-activity. · None of these answer choices are correct. Question 2 The depreciation method that applies a constant percentage to depreciable cost in calculating depreciation is · straight-line. · units-of-activity. · sum-of-year

ACCN 2010 Quiz 8 | Tulane UniversityQuestion 1 Allowance for Doubtful Accounts on the balance sheet is offset against total current assets. is deducted from accounts receivable. increases the cash realizable value of accounts receivable. appears under the heading "Other Assets." Question 2 When an account is written off using the allowance method, accounts receivable · decreases and the allowance account in

ACCN 2010 Quiz 7 |Tulane UniversityQuestion 1 A bank statement · lets a depositor know the financial position of the bank as of a certain date. · is a credit reference letter written by the depositor's bank. · shows the activities that increased or decreased the depositor's account balance. · is a bill from the bank for services rendered. Question 2 An NSF check should appear in which section of the bank reconcili

ACCN 2010 Quiz 6 | Tulane UniversityQuestion 1 Bonita has the following inventory data: Nov. 1 Inventory 26 units @ $5.30 each 8 Purchase 106 units @ $5.70 each 17 Purchase 53 units @ $5.55 each 25 Purchase 79 units @ $5.80 each A physical count of merchandise inventory on November 30 reveals that there are 88 units on hand. Cost of goods sold under FIFO is · $491. · $1003. · $508. · $986.

ACCN 2010 Quiz 5 | Tulane UniversityQuestion 1 When using a perpetual inventory system, why are discounts credited to Inventory? · The discounts are debited to discount expense and thus the credit has to be made to merchandise inventory. · The discounts reduce the cost of the inventory. · The discounts are a reduction of business expenses. · None of these answers choices are correct. Question 2 Metlock’s Market

ACCN 2010 Quiz 4 |Tulane UniversityQuestion 1 Which one of the following is not a justification for adjusting entries? · Adjusting entries are necessary to bring the general ledger accounts in line with the budget. · Adjusting entries are necessary to ensure that the expense recognition principle is followed. · Adjusting entries are necessary to ensure that the revenue recognition principle is followed. · Adjusting entr

ACCN 2010 Quiz 2 | Tulane UniversityQuestion 1 In the first month of operations, the total of the debit entries to the Cash account amounted to $8540 and the total of the credit entries to the Cash account amounted to $4880. At the end of the month, the Cash account has a · $3660 credit balance. · $3660 debit balance. · $8540 debit balance. · $4880 credit balance. Question 2 At December 1, 2022, Marigold Corp.

ACCN 2010 Quiz 1 |Tulane UniversityQuestion 1 If the retained earnings account increases from the beginning of the year to the end of the year, then · net income is greater than dividends. · net income is less than dividends. · additional investments are less than net losses. · a net loss is less than dividends. Question 2 An income statement · presents the revenues and expenses for a specific period of time.