Self quiz 3 for everyone PDF

Preview

Summary

Self quiz 3 for everyone zzz zzz zz zz zzz zz zzz zzzz zz zzz zzzz...

Description

BUS 1102 self-quiz 3 The eighth step in the accounting cycle is preparing closing entries, which includes journalizing and posting the entries to the ledger. Select one: a. True b. False Feedback The correct answer is: True Question 2 Correct Mark 1.00 out of 1.00

Flag question

Question text If a company returns merchandise before remitting payment, they would debit Accounts Payable and credit Purchase Returns and Allowances. Select one: a. True b. False Feedback The correct answer is: True Question 3 Correct Mark 1.00 out of 1.00

Flag question

Question text A patent is a contract that provides a company exclusive rights to produce and sell a unique product.

Select one: a. True b. False Feedback The correct answer is: True Question 4 Correct Mark 1.00 out of 1.00

Flag question

Question text Other revenue and expenses are revenues and expenses associated with daily operations, or the sale of goods and services. Select one: a. True b. False Feedback The correct answer is: False Question 5 Correct Mark 1.00 out of 1.00

Flag question

Question text An operating cycle is the amount of time it takes a company to use its cash to provide a product or service and collect payment from the customer. Select one: a.

True b. False Feedback The correct answer is: True Question 6 Correct Mark 1.00 out of 1.00

Flag question

Question text A perpetual inventory system updates and records the inventory account at certain, scheduled times at the end of an operating cycle. Select one: a. True b. False Feedback The correct answer is: False Question 7 Correct Mark 1.00 out of 1.00

Flag question

Question text Which system can mislead investors about the daily operations of a business? Select one: a. Accrual-basis b.

Cash-basis c. Accounting Information System Feedback The correct answer is: Cash-basis Question 8 Correct Mark 1.00 out of 1.00

Flag question

Question text Which of the following is an expense account that houses all costs associated with getting a product ready for sale. Select one: a. Income from operations b. Net Income c. Cost of Goods Sold Feedback The correct answer is: Cost of Goods Sold Question 9 Correct Mark 1.00 out of 1.00

Flag question

Question text Which of the following is used for manual stock check of inventory to make sure what is recorded on the books matches what is actually in the warehouse and on the sales floor. Select one:

a. Periodic Inventory System b. Physical Inventory Count c. Perpetual Inventory System Feedback The correct answer is: Physical Inventory Count Question 10 Correct Mark 1.00 out of 1.00

Flag question

Question text If a customer obtains an allowance for damaged merchandise before remitting payment, the company would debit Sales Returns and Allowances and credit Accounts Payable or Cash. Select one: a. True b. False Feedback The correct answer is: False...