Unit 5 Quiz
Student Gradebook Exam
https://takeexam.next.ecollege.com/(NEXT(3d4570aa34))/Main/Cours...
Grading Summary
These are the automatically computed Date and Time Started: results of your exam. Grades for essay Time Spent: questions, and comments from your instructor, are in the "Details" section below. Points Received: Question Type: Multiple Choice # Of Questions: 10
10/31/2012 8:58:27 AM 38 min , 14 secs 10 / 20 (50%) # Correct: 5
Grade Details - All Questions
1. Question : Carlton Company sold equipment for $3,700 that originally cost $22,000. The balance of the Accumulated Depreciation account related to this equipment was $19,000. The entry to record the disposal of this equipment would include a debit to Loss on Sale of Equipment of $700. credit to Gain on Sale of Equipment of $700. credit to Equipment of $3,000. debit to Gain on Sale of Equipment of $700. 0 of 2
Student Answer:
Points Received: Comments:
2. Question :
The premium on a two-year insurance policy expiring on June 30, 2015, was paid in total on July 1, 2013. The original payment was debited to the insurance expense account. The appropriate journal entry has been recorded on December 31, 2013. The balance in the prepaid asset account on December 31, 2013, should be the same as the original payment. higher than if the original payment had been initially debited to an asset account. lower than if the original payment had been initially debited to an asset account. the same as it would have been if the original payment had been initially debited to an asset account. 2 of 2
Student Answer:
Points Received: Comments:
3. Question : Student Answer:
Failure to record the expired amount of prepaid rent expense would not understate expense. overstate net income. overstate owners' equity. understate liabilities. 2 of 2
Points Received:
1 of 3
11/7/2012 2:52 PM
Student Gradebook Exam
https://takeexam.next.ecollege.com/(NEXT(3d4570aa34))/Main/Cours...
https://takeexam.next.ecollege.com/(NEXT(3d4570aa34))/Main/Cours...
Grading Summary
These are the automatically computed Date and Time Started: results of your exam. Grades for essay Time Spent: questions, and comments from your instructor, are in the "Details" section below. Points Received: Question Type: Multiple Choice # Of Questions: 10
10/31/2012 8:58:27 AM 38 min , 14 secs 10 / 20 (50%) # Correct: 5
Grade Details - All Questions
1. Question : Carlton Company sold equipment for $3,700 that originally cost $22,000. The balance of the Accumulated Depreciation account related to this equipment was $19,000. The entry to record the disposal of this equipment would include a debit to Loss on Sale of Equipment of $700. credit to Gain on Sale of Equipment of $700. credit to Equipment of $3,000. debit to Gain on Sale of Equipment of $700. 0 of 2
Student Answer:
Points Received: Comments:
2. Question :
The premium on a two-year insurance policy expiring on June 30, 2015, was paid in total on July 1, 2013. The original payment was debited to the insurance expense account. The appropriate journal entry has been recorded on December 31, 2013. The balance in the prepaid asset account on December 31, 2013, should be the same as the original payment. higher than if the original payment had been initially debited to an asset account. lower than if the original payment had been initially debited to an asset account. the same as it would have been if the original payment had been initially debited to an asset account. 2 of 2
Student Answer:
Points Received: Comments:
3. Question : Student Answer:
Failure to record the expired amount of prepaid rent expense would not understate expense. overstate net income. overstate owners' equity. understate liabilities. 2 of 2
Points Received:
1 of 3
11/7/2012 2:52 PM
Student Gradebook Exam
https://takeexam.next.ecollege.com/(NEXT(3d4570aa34))/Main/Cours...