Question
True or False: Assets, liabilities and owners equity accounts will start each financial statement cycle with the same balance they had at the end of
True or False: Assets, liabilities and owners equity accounts will start each financial statement cycle with the same balance they had at the end of the previous cycle. *
5 points
True
False
True or False: Audits are paid for by the creditors and investors of a company. *
5 points
True
False
True or False: Determining when to recognize revenue can be difficult for accountants. *
5 points
True
False
Which of the following accounts would be closed at the end of the financial statement cycle? *
5 points
a. Accounts receivable
b. Accounts payable
c. Cost of goods sold
d. Unearned revenue
What type of account is unearned revenue? *
5 points
a. Asset
b. Liability
c. Revenue
d. Equity
Which of the following is not one of the four types of adjustments? *
5 points
a. Prepaid revenue
b. Accrued expenses
c. Unearned revenue
d. Prepaid expenses
Jenkins Company received $600 from a client in May for work Jenkins would perform during May and June. What entry should Jenkins make on May 31 if one- third of the work is complete on that date? *
5 points
a. Dr> Cash 600/ Cr> Unearned Revenue 600
b. Dr> Unearned Revenue 200/ Cr> Revenue 200
c. Dr> Cash 600 / Cr> Revenue 600
d. Dr> Unearned Revenue 600/ Cr> Revenue 600
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