Question : Depreciation Expense and Accumulated Depreciat

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 Comments: Question 2. Question : Which type(s) of adjustments are the financial statements affected by? Deferrals Accruals Both deferrals and accruals Neither deferrals nor accruals Comments: 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 Comments: 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 Comments: Question 5. Question : Accrual accounting records revenue when: Earned Cash is received Products are completed Salaries are paid Comments: Question 6. Question : On the balance sheet Accrued expenses are ordinarily reported as: Fixed assets Prepaid expenses Assets Liabilities Comments: 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 Comments: 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. Points Received: 0 of 2 Comments: 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 Comments: 0. Question : X&M Co. provided services of $2000000 to clients on account. How does this transaction affect A&M’s accounts? Increase accounts receivable and cash by $2000000 each Increase accounts receivable and unearned revenues by $2000000 each Increase cash and decrease accounts receivable by $2000000 each Increase accounts receivable and revenues by $2000000 each Comments: 1. Question : Cash receipts from interest and dividends are classified as investing activities operating activities either financing or investing activities financing activities Comments: 2. Question : ___________ is an example of a deferred expense. Unearned revenue Accounts payable Prepaid advertising Accounts receivable Comments: 3. 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 Comments: 4. Question : Which of the following is an example of a deferred expense?

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