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ACCT 105 Week 3 Quiz
Question 1
10 / 10 points
The depreciation expense on office equipment was recorded by a debit to Depreciation Expense and a credit to Office Equipment. If statements are now prepared:Question options:
net income a stockholders’ equity are correct.
the total dollar amount of total assets is correct but the details shown on the balance sheet are in error.
total liabilities are correct.
All of the above.
(a) and (c), but not (b).
Question 2
0 / 10 points
If the subtotal of the income statement debit column is $250,000, the subtotal of the income statement credit column is $300,000, and the total of the Statement of Retained Earnings debit column is $475,000, what is the beginning balance in Retained Earnings? (Assume no dividends were declared.)Question options:
$425,000
$250,000
$525,000
$300,000
None of the above.
Question 3
10 / 10 points
Which of the following statements is false?Question options:
Inclusion of special journals and subsidiary ledgers increased the efficiency of the manual accounting system.
Microcomputers were used for accounting functions before mainframe computers.
Even if special journals are used, the general journal is used.
Many accounting software packages are relatively inexpensive (under $500).
Question 4
10 / 10 points
The completed-contract method is a method of recognizing revenue on long-term projects in which no revenue is recognized until the period in which the project is completed.Question options:
True
False
Question 5
10 / 10 points
The completed-contract method recognizes revenues at the point of sale.Question options:
True
False
Question 6
10 / 10 points
The historical cost approach to recording accounting data has been severely criticized in periods of high inflation because often the income statement reports income when the economic value of the owner’s investment has declined.Question options:
True
False
Question 7
10 / 10 points
Losses are asset expirations which are incurred voluntarily to produce revenue.Question options:
True
False
Question 8
10 / 10 points
The installment basis of revenue recognition is acceptable only when a high degree of certainty exists as to the collectability of the installments.Question options:
True
False
Question 9
10 / 10 points
Materiality is a modifying convention which allows the accountant to deal with immaterial items in a theoretically incorrect but expedient manner.Question options:
True
False
Question 10
10 / 10 points
Many accounting measurements are estimates and involve approximation and judgment.Question options:
A family refers to a fundamental social unit comprising people bound by blood, adoption, marriage, or mutual affection. While the perception of a family varies across different contexts and cultures globally, it universally serves to represent a group of people who are brought together by emotional bonds, resources, and responsibilities. Family units fundamentally serve as the primary context for support, identity formation, and socialization, playing a significant role in shaping the behaviors, values, and beliefs of an individual. Within this context, different characteristics foster the well-being and functioning of a family unit, contributing to its dynamics and respective associations. These family characteristics serve as the primary pillars guiding communication patterns, interactions, shared value systems, strategies for coping with stress, and overall cohesiveness of the family unit structure.
A family refers to a fundamental social unit comprising people bound by blood, adoption, marriage, or mutual affection. While the perception of a family varies across different contexts and cultures globally, it universally serves to represent a group of people who are brought together by emotional bonds, resources, and responsibilities. Family units fundamentally serve as the primary context for support, identity formation, and socialization, playing a significant role in shaping the behaviors, values, and beliefs of an individual. Within this context, different characteristics foster the well-being and functioning of a family unit, contributing to its dynamics and respective associations. These family characteristics serve as the primary pillars guiding communication patterns, interactions, shared value systems, strategies for coping with stress, and overall cohesiveness of the family unit structure.
A family refers to a fundamental social unit comprising people bound by blood, adoption, marriage, or mutual affection. While the perception of a family varies across different contexts and cultures globally, it universally serves to represent a group of people who are brought together by emotional bonds, resources, and responsibilities. Family units fundamentally serve as the primary context for support, identity formation, and socialization, playing a significant role in shaping the behaviors, values, and beliefs of an individual. Within this context, different characteristics foster the well-being and functioning of a family unit, contributing to its dynamics and respective associations. These family characteristics serve as the primary pillars guiding communication patterns, interactions, shared value systems, strategies for coping with stress, and overall cohesiveness of the family unit structure.
