ACC 305 Week 1 Quiz (2 Set)

ACC 305 Week 1 Quiz (2 Set)

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Attachments: ACC 305 N Week 1 Quiz (2 Set) 1.docx [ Preview Here ] ACC 305 N Week 1 Quiz (2 Set).docx [ Preview Here ]

ACC 305 Week 1 Quiz (2 Set)

 

 

 

1.         Question :        Rent collected in advance is:

 

2.         Question :        An exception leading to a qualified opinion would not include:

 

3.         Question :        The principal concern with accounting for related party transactions is:

 

4.         Question :        A future economic benefit owned or controlled by an entity is:

 

5.         Question :        When converting an income statement from a cash basis to an accrual basis, cash received for services:

 

6.         Question :        An example of fraud would be:

 

7.         Question :        The adjusting entry required to record accrued expenses includes:

 

8.         Question :        In its 2004 annual report, Apple Computer reported the following in one of its disclosure notes: "Warranty Expense: The Company provides currently for the estimated cost for product warranties at the time the related revenue is recognized." This note exemplifies Apple's use of:

 

9.         Question :        When a company pays its bill from a plumber for previous services on account:

 

10.       Question :        The best argument in support of historical cost information is:

 

 

 

ACC 305 Week 1 Quiz (2 Set) 1

 

 

1. Question : Recognizing expected losses immediately, but deferring expected gains, is an

example of:

 

2. Question : If an independent auditing firm expresses dissatisfaction with a company's

financial statement, it issues:

 

3. Question : Land was acquired in 2006 for a future building site at a cost of $40,000. The

assessed valuation for tax purposes is $27,000, a qualified appraiser placed its

value a $48,000, and a recent firm offer for the land was for a cash payment of

$46,000. The land should be reported in the financial statements at:

 

4. Question : Hughes Aircraft sold a four passenger airplane for $380,000, receiving a

$50,000 down payment and a 12% note for the balance. The journal entry to

record this sale would include a:

 

5. Question : Rent collected in advance is:

 

 

6. Question : When a company pays its bill from a plumber for previous services on account:

 

 

7. Question : The best argument in support of historical cost information is:

 

 

8. Question : When a magazine sells subscriptions to customers, it is an example of:

 

 

9. Question : In its 2004 annual report, Apple Computer reported the following in one of its

disclosure notes: "Warranty Expense: The Company provides currently for the

estimated cost for product warranties at the time the related revenue is

 

10. Question : The adjusting entry required to record accrued expenses includes:

 

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