Acc 201 Self Assessment

Topics: Generally Accepted Accounting Principles, Balance sheet, Income statement Pages: 3 (522 words) Published: May 26, 2013
1. The accrual basis of accounting: (Points : 1)
Is generally accepted for external reporting because it is more useful for most business decisions Is flawed because it gives complete information about cash flows Recognizes revenues when received in cash

Recognizes expenses when paid in cash
Eliminates the need for adjusting entries at the end of each period

2. The 12-month period that ends when a company's activities are at their lowest point is called the: (Points : 1) Fiscal year
Calendar year
Natural business year
Accounting period
Interim period

3. An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n): (Points : 1) Accrued expense
Contra account
Accrued revenue
Intangible asset
Adjunct account

4. Adjusting entries: (Points : 1)
Affect only income statement accounts
Affect only balance sheet accounts
Affect both income statement and balance sheet accounts Affect only cash flow statement accounts
Affect only equity accounts

5. A post-closing trial balance reports: (Points : 1)
All ledger accounts with balances, none of which can be temporary accounts All ledger accounts with balances, none of which can be permanent accounts All ledger accounts with balances, which include some temporary and some permanent accounts Only revenue and expense accounts

Only asset accounts

6. A trial balance prepared before any adjustments have been recorded is: (Points : 1) An adjusted trial balance
Used to prepare financial statements
An unadjusted trial balance
Correct with respect to proper balance sheet and income statement amounts Only prepared once a year

7. Kader Co. paid a total of...
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