1. The value of information is often linked to which of the following: (1 Point) The accounting period The time period assumption O Cash basis O Accrual basis is a list of accounts and balances prepared after adjusting entries have been recorded and posted to the ledger. (1 Point) O Adjusted trial balance Unadjusted trial balance O Income statement Balance sheet 3. The value of a Land is $100,000, the land is expected to last forever. Calculate the Depreciation Expense for Land. (1 Point) O $50,000 O $75,000 ON No Depreciation for Land $100,000 4. On July 1, 2011, Baxter Company paid $1,800 for six months of insurance coverage. No adjustments have been made to the prepaid insurance account, and it's now December 31, 2011. Required Prepare the journal entry to reflect expiration of the insurance as of December 31, 2011. (1 Point) O Insurance Expense 1800 Debit' - Prepaid Insurance 1800 'Credit' O Insurance Expense 1800 'Credit' - Prepaid Insurance 1800 Debit' Insurance Expense 800 Debit' - Prepaid Insurance 800 Credit' O None 5. A company has a supplies account balance of $10000, during the year the company bought $7000 worth of supplies. At the end of the period, the company supplies balance shows a count of $4000 remaining. Calculate the supplies used during the year. (1 Point) $10000 $7000 54000 $13000 6.25% of the work REVENUE related to $50,000 cash received in advance is performed this period. What amount shout be recorded as earned. (1 Point) O $12.500 $25,000 $37,500 $50,000 7. Interest Receivable 'Debit' - Interest Revenue 'Credit'. The entry is used to record which of the following? (1 Point) O Accrued Revenue O Unearned Revenue O Accrued Expense O Prepaid Expense recognizes revenues when cash is received and records expenses when cash is paid. (1 Point) The accounting period The time period assumption O Cash basis O Accrual basis 9. Depreciation formula is as follows: (1 Point) O Cost - Salvage Value / Useful Life O Cost +Salvage Value / Useful Life O Cost - Salvage Value * Useful Life Cost + Salvage Value * Useful Life recognize revenues when earned and expenses when incurred. 10. (1 Point) The accounting period O The time period assumption Cash basis Accrual basis