ACCT #2 Quiz | Quizizz

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60 questions

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1.

OPEN ENDED

30 sec • 1 pt

Time period assumption

Answer explanation

Presumes that an organization's activities can be divided into specific time periods.

2.

OPEN ENDED

30 sec • 1 pt

Financial reports covering a 1-year period are known as

Answer explanation

Annual Financial Statements

3.

OPEN ENDED

30 sec • 1 pt

Fiscal year

Answer explanation

Consists of any 12 consecutive months

4.

OPEN ENDED

30 sec • 1 pt

Accrual basis accounting

Answer explanation

Records revenues when services are provided and records expenses when incurred.

5.

OPEN ENDED

30 sec • 1 pt

The value of information is often linked to its

Answer explanation

timeliness

6.

OPEN ENDED

30 sec • 1 pt

Wages of $8,000 are earned by workers but not paid as of December 31.

Answer explanation

Wages Expense $8,000 Wages Payable $8,000

7.

OPEN ENDED

30 sec • 1 pt

Deprecitation on the company's equipment for the year is $18,000

Answer explanation

Depreciation expense- equipment $18,000 Accumulated depreciation- equipment $18,000

8.

OPEN ENDED

30 sec • 1 pt

The office supplies account had a $240 debit balance at the beginning of the year. During the year, $5,200 of office supplies are purchased. A physical count of supplies at December 31 shows $440 of supplies available.

Answer explanation

Supplies expense $5,000 Supplies $5,000

9.

OPEN ENDED

30 sec • 1 pt

The prepaid insurance account had a $4,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at December 31.

Answer explanation

Insurance expense $2,800 Prepaid Insurance $2,800

10.

OPEN ENDED

30 sec • 1 pt

The company had earned (but not recorded) $1,050 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10.

Answer explanation

Interest receivable $1,050 Interest revenue $1,050