505807
Description
Quiz by smjackson7, updated more than 1 year ago
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Created by smjackson7
about 10 years ago
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Question 1
Question
Revenue/Gains = ____________ in cash.
Answer
-
increases
-
decreases
-
no changes/effect
Question 2
Question
Which system of accounting is used in GAAP?
Answer
-
Cash Method
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Accrual Method
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Neither Method
Question 3
Question
In the Cash method system of accounting, decreases/losses = _____________ in cash
Answer
-
increases
-
decreases
-
no changes
Question 4
Question
In the Accrual Method system of accounting, revenues/gains are recognized when _____________________________
Answer
-
earned and measurable
-
incurred
-
not recognized
Question 5
Question
Using the Accrual method, expenses/losses are recognized when _______________.
Answer
-
incurred
-
earned and measurable
-
not recognized
Question 6
Question
Expenditure is _________________________
Answer
-
funds saved
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funds spent
-
no effect on funds
Question 7
Question
Expense is a _______________ of earnings on the Income Statement
Answer
-
increase
-
reduction
-
no effect
Question 8
Question
Expenditure ________________ equal(s) expense
Answer
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always
-
doesn't always
Question 9
Question
We record a journal entry because there has been either:
Answer
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An accounting event
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A required adjustment
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Closing of temporary accounts at the end of the accounting period
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All of the above
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None of the above
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