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Adjusting Accounts: Homework Help Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Some company accounts need to be _____ in order to meet the requirements of the accrual basis accounting method.

Question 2 2. Which principle states that any costs associated with doing business should be recorded in the same period as the revenue that those costs help generate?

Question 3 3. The _____ basis of accounting recognized revenue when it is earned and expenses when they are incurred, regardless of when cash is received or paid out.

Question 4 4. Which of the following is one of the reports that are part of the Financial Statements?

Question 5 5. Which of the following is an example of a nominal account?

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Question 6 6. What does REID stand for in closing entries process?

Question 7 7. What is the biggest difference between cash basis accounting and accrual basis accounting?

Question 8 8. A majority investor in ABC Motors wants to see how much money the company is reinvesting in itself. In which financial statement will the investor find this information?

Question 9 9. Before you can complete the adjusted trial balance, you first have to create the _____.

Question 10 10. Which of the following entities established the time period principle?

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Question 11 11. Entries made in the general journal at the end of an accounting period to bring account balances up to date are called _____.

Question 12 12. What method of accounting reports revenue when it is earned and expenses when they are incurred regardless of when revenue is received or expenses paid?

Question 13 13. Which principle recognizes revenue when it is earned regardless of how cash flows?

Question 14 14. How do potential investors utilize a company's reported financial information?

Question 15 15. When are the balances in temporary accounts zeroed out?

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Question 16 16. Accounts whose balances are not carried over from one accounting period to another are called:

Question 17 17. How is Adjusted Trial Balance used for preparing financial statements?

Question 18 18. What is the goal of the Balance Sheet?

Question 19 19. _____ accounts are those accounts that are not always a part of a company's chart of accounts.

Question 20 20. Money that a business has been paid in advance for a service that will be provided later is called _____.

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Question 21 21. Which of the following is one of the most common forms of accrued revenues?

Question 22 22. What type of accounts will always be a part of the chart of accounts?

Question 23 23. Accounts whose balances are carried over from one accounting period to the next are called:

Question 24 24. What is the main difference between real accounts and nominal accounts?

Question 25 25. Which of the following is an example of a temporary account?

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Question 26 26. What are expenses incurred in one accounting period but not paid until another?

Question 27 27. The report that lists all the accounts of a company and their balances after all adjustments and closing entries have been made is called the _____.

Question 28 28. The last column of the worksheet used in preparing the adjusted trial balance is for balances _____ adjustments.

Question 29 29.
___________
means to transfer the balance of temporary accounts to permanent accounts.

Question 30 30. Account adjustments are a result of _____.

Adjusting Accounts: Homework Help Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Financial Accounting: Homework Help Resource  /  Business Courses
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