I have a multiple choice quiz for managerial accounting. Please do not attempt if this is not your area of specialty

A record of all the changes in a particular asset, liability, or stockholders' equity during a period is called a(n): A. transaction. B. account. C. trial balance. D. journal. The rules for recording accounting transactions include all of the following EXCEPT: A. Every transaction's net amount on the left side of the equation must equal the net amount on the right side of the equation. B. Every transaction affects the financial statements of the business. C. Total assets must always equal total liabilities plus total equity. D. Both sides of the accounting equation must be affected. Paying a repair bill as soon as it was received would: A. increase liabilities. B. increase expenses. C. increase owners' equity. D. decrease revenues. Cash dividends paid to stockholders will: A. increase assets and decrease liabilities. B. decrease assets and decrease stockholders' equity. C. increase assets and increase liabilities. D. have no effect on stockholders' equity or revenues. A company completed the following transactions during the month of October: I. Purchased office supplies on account, $4,000. II. Provided services for cash, $10,000. III. Provided services on account, $12,000. IV. Collected cash from a customer on account $7,000. V. Paid the monthly rent of $3,000. What was the company's total revenue for the month? A. $29,000 B. $36,000 C. $22,000 D. $10,000 Which of the following statement about the rules of debits and credits is correct? A. An asset is increased by a debit. B. A liability is increased by a debit. C. Dividends are decreased by debits. D. Revenue is increased by a debit Which of the following is a correct statement? A. Dividends decrease net income. B. Expenses are increased with a credit. C. Revenues are decreased with a credit. D. Dividends are a negative equity account The process of copying the information from the journal to the ledger is called: A. summarizing. B. preparing the financial statements. C. journalizing. D. posting. Which of the following is a true statement? A. If entries are correctly entered in the journal, the same data does not need to be entered in the ledger. B. In the phrase "keeping the books," books refers to the journals and the ledger. C. In most accounting systems, the journal, but not the ledger is computerized. D. The journal entry shows the balance in each account. A doctor performed surgery in March and did not receive cash from the patient until July. Under accrual accounting the doctor recognizes revenue: A. in July. B. in either March or July. C. in March. D. at a time that cannot be determined from the facts Under accrual accounting, the impact of a business transaction is recorded: A. only if the amount of the transaction is material. B. as it occurs. C. when cash is received or paid. D. at the end of the accounting period. On December 15, 2012, a company receives an order from a customer for services to be performed on December 28, 2012. Due to a backlog of orders, the company does not perform the services until January 3, 2013. The customer pays for the services on January 6, 2013. The revenue principle requires the revenue to be recorded by the company on: A. December 15, 2012. B. January 6, 2013. C. January 3, 2013. D. December 28, 2012. The event that triggers revenue recognition for the sale of goods is the: A. transfer of control of the goods to the purchaser. B. date cash is received. C. completion of the services. D. date a contract is signed. The following accounts are upminustominusdate and need no adjustment at the end of the period: A. prepaid rent, supplies and unearned rent. B. cash, dividends and common stock. C. cash, dividends and unearned rent. D. cash, common stock and prepaid rent. Prepaid expenses will: A. become assets when their future benefits expire. B. become expenses when their future benefits expire. C. become liabilities when their future benefits expire. D. become revenues when their future benefits expire. Which account is credited in the adjusting entry to allocate the cost of equipment? A. Accumulated Equipment B. Equipment Expense C. Accumulated Depreciation D. Depreciation Expense The Houston Robots basketball team receives $5,000 for season tickets on August 1. By December 31, they have earned $2,000 of the revenue. The adjusting entry to be made on December 31 by the Houston Robots includes a: A. credit to Prepaid Revenue of $3,000. B. debit to Service Revenue of $2,000. C. credit to Unearned Revenue of $2,000. D. debit to Unearned Revenue of $2,000. Which of the following is NOT true regarding the adjusting process? A. The adjusting process updates the balance sheet. B. Adjustments are made during the month. C. Every adjusting entry affects the balance sheet and the income statement. D. The main adjusting entries are deferrals, depreciation and accruals. A company purchased medical equipment for $100,000 on January 1, 2009. The company determined that the yearly depreciation expense is $10,000. What will be the ending balance in the Accumulated Depreciation long dash Medical Equipment at December 31, 2012? A. $10,000 B. $100,000 C. $60,000 D. $40,000 The book value of an asset at the beginning of the year was $17,000. The equipment originally cost $27,000. Depreciation expense for the year was $8,000. The book value of the asset at the end of the year is: A. $10,000. B. $19,000. C. $17,000. D. $9,000