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  • Kaplan Ac113 - Acc 113 Module 4 Exam (All Are Correct)

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    KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT) KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT) Question Question 1. Question : Depreciation Expense and Accumulated Depreciation are classified, respectively, as expense and contra asset asset and contra liability revenue and asset contra asset and expense Question 2. Question : Which type(s) of adjustments are the financial statements affected by? Deferrals Accruals Both deferrals and accruals Neither deferrals nor accruals Question 3. Question : Accumulated depreciation is __________ to get the carrying value. added to equipment subtracted from equipment added to accounts payable subtracted from accounts payable Question 4. Question : The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is: Assets =Liabilities Assets = Liabilities + Stockholders Equity Liabilities = Assets + Stockholders Equity Stockholders Equity = Liabilities + Assets Question 5. Question : Accrual accounting records revenue when: Earned Cash is received Products are completed Salaries are paid Question 6. Question : On the balance sheet, Accrued expenses are ordinarily reported as: Fixed assets Prepaid expenses Assets Liabilities Question 7. Question : What are the four timing differences between recognizing revenues and expenses between accrual basis and cash basis accounting? Accrued revenue, accrued expenses, deferred revenue, deferred expenses Cash, revenue, expenses and liabilities Accounts receivable, accounts payable, long term liabilities, intangible assets Revenue, expenses, assets, retained earnings Question 8. Question : When cash is received in payment of an account receivable, which section of the Statement of Cash Flows is affected? Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities There is no effect on the Statement of Cash Flows. Question 9. Question : After recording transactions for the accounting period, which financial statement does a company prepares statement first? Income statement Balance sheet Retained earnings statement Statement of cash flows Question 10. Question : X&M Co. provided services of $2,000,000 to clients on account. How does this transaction affect A&M’s accounts? Increase accounts receivable and cash by $2,000,000 each Increase accounts receivable and unearned revenues by $2,000,000 each Increase cash and decrease accounts receivable by $2,000,000 each Increase accounts receivable and revenues by $2,000,000 each Question 11. Question : Cash receipts from interest and dividends are classified as investing activities operating activities either financing or investing activities financing activities Question 12. Question : ___________ is an example of a deferred expense. Unearned revenue Accounts payable Prepaid advertising Accounts receivable Question 13. Question : Using accrual accounting, expenses are recorded and reported only When they are incurred and paid at the same time When they are incurred, whether or not cash is paid If they are paid before they are incurred If they are paid after they are incurred Question 14. Question : Which of the following is an example of a deferred expense? Prepaid advertising Unearned revenue Accounts payable Accounts receivable Question 15. Question : Which transaction would be recorded in a cash basis system of accounting? Purchase of equipment on credit Purchase of supplies on credit Sale of goods on credit Sale of goods for cash Question 16. Question : Accrued revenues would appear on the balance sheet as assets liabilities stockholders’ equity prepaid expenses KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT)

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    KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT) KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT) Question Question 1. Question : Depreciation Expense and Accumulated Depreciation are classified, respectively, as expense and contra asset asset and contra liability revenue and asset contra asset and expense Question 2. Question : Which type(s) of adjustments are the financial statements affected by? Deferrals Accruals Both deferrals and accruals Neither deferrals nor accruals Question 3. Question : Accumulated depreciation is __________ to get the carrying value. added to equipment subtracted from equipment added to accounts payable subtracted from accounts payable Question 4. Question : The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is: Assets =Liabilities Assets = Liabilities + Stockholders Equity Liabilities = Assets + Stockholders Equity Stockholders Equity = Liabilities + Assets Question 5. Question : Accrual accounting records revenue when: Earned Cash is received Products are completed Salaries are paid Question 6. Question : On the balance sheet, Accrued expenses are ordinarily reported as: Fixed assets Prepaid expenses Assets Liabilities Question 7. Question : What are the four timing differences between recognizing revenues and expenses between accrual basis and cash basis accounting? Accrued revenue, accrued expenses, deferred revenue, deferred expenses Cash, revenue, expenses and liabilities Accounts receivable, accounts payable, long term liabilities, intangible assets Revenue, expenses, assets, retained earnings Question 8. Question : When cash is received in payment of an account receivable, which section of the Statement of Cash Flows is affected? Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities There is no effect on the Statement of Cash Flows. Question 9. Question : After recording transactions for the accounting period, which financial statement does a company prepares statement first? Income statement Balance sheet Retained earnings statement Statement of cash flows Question 10. Question : X&M Co. provided services of $2,000,000 to clients on account. How does this transaction affect A&M’s accounts? Increase accounts receivable and cash by $2,000,000 each Increase accounts receivable and unearned revenues by $2,000,000 each Increase cash and decrease accounts receivable by $2,000,000 each Increase accounts receivable and revenues by $2,000,000 each Question 11. Question : Cash receipts from interest and dividends are classified as investing activities operating activities either financing or investing activities financing activities Question 12. Question : ___________ is an example of a deferred expense. Unearned revenue Accounts payable Prepaid advertising Accounts receivable Question 13. Question : Using accrual accounting, expenses are recorded and reported only When they are incurred and paid at the same time When they are incurred, whether or not cash is paid If they are paid before they are incurred If they are paid after they are incurred Question 14. Question : Which of the following is an example of a deferred expense? Prepaid advertising Unearned revenue Accounts payable Accounts receivable Question 15. Question : Which transaction would be recorded in a cash basis system of accounting? Purchase of equipment on credit Purchase of supplies on credit Sale of goods on credit Sale of goods for cash Question 16. Question : Accrued revenues would appear on the balance sheet as assets liabilities stockholders’ equity prepaid expenses KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT)

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    Kaplan Ac113 - Acc 113 Module 4 Exam (All Are Correct)

    Uploaded by

    teacher.theacestud
    KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT) KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT) Question Question 1. Question : Depreciation Expense and Accumulated Depreciation are classified, respectively, as expense and contra asset asset and contra liability revenue and asset contra asset and expense Question 2. Question : Which type(s) of adjustments are the financial statements affected by? Deferrals Accruals Both deferrals and accruals Neither deferrals nor accruals Question 3. Question : Accumulated depreciation is __________ to get the carrying value. added to equipment subtracted from equipment added to accounts payable subtracted from accounts payable Question 4. Question : The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is: Assets =Liabilities Assets = Liabilities + Stockholders Equity Liabilities = Assets + Stockholders Equity Stockholders Equity = Liabilities + Assets Question 5. Question : Accrual accounting records revenue when: Earned Cash is received Products are completed Salaries are paid Question 6. Question : On the balance sheet, Accrued expenses are ordinarily reported as: Fixed assets Prepaid expenses Assets Liabilities Question 7. Question : What are the four timing differences between recognizing revenues and expenses between accrual basis and cash basis accounting? Accrued revenue, accrued expenses, deferred revenue, deferred expenses Cash, revenue, expenses and liabilities Accounts receivable, accounts payable, long term liabilities, intangible assets Revenue, expenses, assets, retained earnings Question 8. Question : When cash is received in payment of an account receivable, which section of the Statement of Cash Flows is affected? Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities There is no effect on the Statement of Cash Flows. Question 9. Question : After recording transactions for the accounting period, which financial statement does a company prepares statement first? Income statement Balance sheet Retained earnings statement Statement of cash flows Question 10. Question : X&M Co. provided services of $2,000,000 to clients on account. How does this transaction affect A&M’s accounts? Increase accounts receivable and cash by $2,000,000 each Increase accounts receivable and unearned revenues by $2,000,000 each Increase cash and decrease accounts receivable by $2,000,000 each Increase accounts receivable and revenues by $2,000,000 each Question 11. Question : Cash receipts from interest and dividends are classified as investing activities operating activities either financing or investing activities financing activities Question 12. Question : ___________ is an example of a deferred expense. Unearned revenue Accounts payable Prepaid advertising Accounts receivable Question 13. Question : Using accrual accounting, expenses are recorded and reported only When they are incurred and paid at the same time When they are incurred, whether or not cash is paid If they are paid before they are incurred If they are paid after they are incurred Question 14. Question : Which of the following is an example of a deferred expense? Prepaid advertising Unearned revenue Accounts payable Accounts receivable Question 15. Question : Which transaction would be recorded in a cash basis system of accounting? Purchase of equipment on credit Purchase of supplies on credit Sale of goods on credit Sale of goods for cash Question 16. Question : Accrued revenues would appear on the balance sheet as assets liabilities stockholders’ equity prepaid expenses KAPLAN AC113/ACC 113 Module 4 Exam (ALL ARE CORRECT)

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    10/12/2015

    TheAceStudent:KAPLANAC113/ACC113Module4Exam(ALLARECORRECT)

    KAPLANAC113/ACC113Module4Exam(ALLARECORRECT)
    KAPLANAC113/ACC113Module4Exam(ALLARECORRECT)
    Question
    Question1.Question:DepreciationExpenseandAccumulatedDepreciationareclassified,
    respectively,as
    expenseandcontraasset
    assetandcontraliability
    revenueandasset
    contraassetandexpense
    Question2.Question:Whichtype(s)ofadjustmentsarethefinancialstatementsaffectedby?
    Deferrals
    Accruals
    Bothdeferralsandaccruals
    Neitherdeferralsnoraccruals
    Question3.Question:Accumulateddepreciationis__________togetthecarryingvalue.
    addedtoequipment
    subtractedfromequipment
    addedtoaccountspayable
    subtractedfromaccountspayable
    Question4.Question:Theaccountingequationisthebasisforanalyzing,summarizing,and
    recordingtransactionsinaccounting.Theaccountingequationis:
    Assets=Liabilities
    Assets=Liabilities+StockholdersEquity
    Liabilities=Assets+StockholdersEquity
    StockholdersEquity=Liabilities+Assets
    Question5.Question:Accrualaccountingrecordsrevenuewhen:
    Earned
    Cashisreceived
    Productsarecompleted
    Salariesarepaid
    Question6.Question:Onthebalancesheet,Accruedexpensesareordinarilyreportedas:
    Fixedassets
    Prepaidexpenses
    Assets
    Liabilities
    Question7.Question:Whatarethefourtimingdifferencesbetweenrecognizingrevenuesand
    expensesbetweenaccrualbasisandcashbasisaccounting?
    Accruedrevenue,accruedexpenses,deferredrevenue,deferredexpenses
    Cash,revenue,expensesandliabilities
    Accountsreceivable,accountspayable,longtermliabilities,intangibleassets
    Revenue,expenses,assets,retainedearnings
    Question8.Question:Whencashisreceivedinpaymentofanaccountreceivable,whichsection
    oftheStatementofCashFlowsisaffected?
    CashFlowfromOperatingActivities
    CashFlowfromInvestingActivities
    CashFlowfromFinancingActivities
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    ThereisnoeffectontheStatementofCashFlows.
    Question9.Question:Afterrecordingtransactionsfortheaccountingperiod,whichfinancial
    statementdoesacompanypreparesstatementfirst?
    Incomestatement
    Balancesheet
    Retainedearningsstatement
    Statementofcashflows
    Question10.Question:X&MCo.providedservicesof$2,000,000toclientsonaccount.Howdoes
    thistransactionaffectA&Msaccounts?
    Increaseaccountsreceivableandcashby$2,000,000each
    Increaseaccountsreceivableandunearnedrevenuesby$2,000,000each
    Increasecashanddecreaseaccountsreceivableby$2,000,000each
    Increaseaccountsreceivableandrevenuesby$2,000,000each
    Question11.Question:Cashreceiptsfrominterestanddividendsareclassifiedas
    investingactivities
    operatingactivities
    eitherfinancingorinvestingactivities
    financingactivities
    Question12.Question:___________isanexampleofadeferredexpense.
    Unearnedrevenue
    Accountspayable
    Prepaidadvertising
    Accountsreceivable
    Question13.Question:Usingaccrualaccounting,expensesarerecordedandreportedonly
    Whentheyareincurredandpaidatthesametime
    Whentheyareincurred,whetherornotcashispaid
    Iftheyarepaidbeforetheyareincurred
    Iftheyarepaidaftertheyareincurred
    Question14.Question:Whichofthefollowingisanexampleofadeferredexpense?
    Prepaidadvertising
    Unearnedrevenue
    Accountspayable
    Accountsreceivable
    Question15.Question:Whichtransactionwouldberecordedinacashbasissystemof
    accounting?
    Purchaseofequipmentoncredit
    Purchaseofsuppliesoncredit
    Saleofgoodsoncredit
    Saleofgoodsforcash
    Question16.Question:Accruedrevenueswouldappearonthebalancesheetas
    assets
    liabilities
    stockholdersequity
    prepaidexpenses
    KAPLANAC113/ACC113Module4Exam(ALLARECORRECT)

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