Unit 5 Quiz

Student Gradebook Exam https://takeexam. next. ecollege. com/(NEXT(3d4570aa34))/Main/Cours… Grading Summary These are the automatically computed Date and Time Started: results of your exam. Grades for essay Time Spent: questions, and comments from your instructor, are in the “Details” section below. Points Received: Question Type: Multiple Choice # Of Questions: 10 10/31/2012 8:58:27 AM 38 min , 14 secs 10 / 20 (50%) # Correct: 5 Grade Details – All Questions 1. Question : Carlton Company sold equipment for $3,700 that originally cost $22,000. The balance of the Accumulated Depreciation account related to this equipment was $19,000.

The entry to record the disposal of this equipment would include a debit to Loss on Sale of Equipment of $700. credit to Gain on Sale of Equipment of $700. credit to Equipment of $3,000. debit to Gain on Sale of Equipment of $700. 0 of 2 Student Answer: Points Received: Comments: 2. Question : The premium on a two-year insurance policy expiring on June 30, 2015, was paid in total on July 1, 2013. The original payment was debited to the insurance expense account. The appropriate journal entry has been recorded on December 31, 2013. The balance in the prepaid asset account on December 31, 2013, should be the same as the original payment. igher than if the original payment had been initially debited to an asset account. lower than if the original payment had been initially debited to an asset account. the same as it would have been if the original payment had been initially debited to an asset account. 2 of 2 Student Answer: Points Received: Comments: 3. Question : Student Answer: Failure to record the expired amount of prepaid rent expense would not understate expense. overstate net income. overstate owners’ equity. understate liabilities. 2 of 2 Points Received: 1 of 3 11/7/2012 2:52 PM Student Gradebook Exam https://takeexam. next. ecollege. om/(NEXT(3d4570aa34))/Main/Cours… Comments: 4. Question : The Supplies on Hand account balance at the beginning of the period was $6,600. Supplies totaling $12,825 were purchased during the period and debited to Supplies on Hand. A physical count shows $3,825 of Supplies on Hand at the end of the period. The proper journal entry at the end of the period debits Supplies on Hand and credits Supplies Expense for $9,000. debits Supplies Expense and credits Supplies on Hand for $12,825. debits Supplies on Hand and credits Supplies Expense for $15,600. debits Supplies Expense and credits Supplies on Hand for $15,600. of 2 Student Answer: Points Received: Comments: 5. Question : Student Answer: An accrued expense can be described as an amount paid and matched with earnings for the current period. paid and not matched with earnings for the current period. not paid and not matched with earnings for the current period. not paid and matched with earnings for the current period. 2 of 2 Points Received: Comments: 6. Question : How would proceeds received in advance from the sale of nonrefundable tickets for the Super Bowl be reported in the seller’s financial statements published before the Super Bowl? Revenue for the entire proceeds.

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Revenue less related costs. Unearned revenue less related costs. Unearned revenue for the entire proceeds. 2 of 2 Student Answer: Points Received: Comments: 7. Question : On June 30, a company paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31, the bookkeeper forgot to record the amount expired. The omission has the following effect on the financial statements prepared December 31: overstates owners’ equity. overstates assets. understates net income. overstates both owners’ equity and assets. Student Answer: 2 of 3 11/7/2012 2:52 PM Student Gradebook Exam ttps://takeexam. next. ecollege. com/(NEXT(3d4570aa34))/Main/Cours… Points Received: Comments: 2 of 2 8. Question : Student Answer: Total net income over the life of an enterprise is higher under the cash basis than under the accrual basis. lower under the cash basis than under the accrual basis. the same under the cash basis as under the accrual basis. not susceptible to measurement. 0 of 2 Points Received: Comments: 9. Question : Sky Company collected $12,350 in interest during 2013. Sky showed $1,850 in interest receivable on its December 31, 2013, balance sheet and $5,300 on December 31, 2012.

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The interest revenue on the income statement for 2013 was $3,450. $8,900. $12,350. $14,200. 0 of 2 Student Answer: Points Received: Comments: 10. Question : Student Answer: If an expense has been incurred but not yet recorded, then the end-of-period adjusting entry would involve a liability account and an asset account. a liability account and a revenue account. a liability and an expense account. a receivable account and a revenue account. 0 of 2 Points Received: Comments: * Times are displayed in (GMT-07:00) Mountain Time (US & Canada) 3 of 3 11/7/2012 2:52 PM

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