505807
Description
Quiz by smjackson7, updated more than 1 year ago
|
Created by smjackson7
almost 11 years ago
|
|
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
-
Accrual Method
-
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
-
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
-
always
-
doesn't always
Question 9
Question
We record a journal entry because there has been either:
Answer
-
An accounting event
-
A required adjustment
-
Closing of temporary accounts at the end of the accounting period
-
All of the above
-
None of the above
Want to create your own Quizzes for free with GoConqr? Learn more.