ACC/557 ACC557 ACC 557 WEEK 5 MIDTERM EXAM 1 â€¢ Question 1 3 out of 3 points If supplies that have been purchased are used in the course of business, then â€¢ Question 2 3 out of 3 points Which of the following is true regarding the corporate form of business organization? â€¢ Question 3 3 out of 3 points Financial information that is capable of making a difference in a decision is â€¢ Question 4 3 out of 3 points Accountants refer to an economic event as a â€¢ Question 5 3 out of 3 points If total liabilities increased by $30,000 and stockholders’ equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period? â€¢ Question 6 3 out of 3 points Revenues would not result from â€¢ Question 7 3 out of 3 points An accountant has debited an asset account for $1,300 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction? â€¢ Question 8 3 out of 3 points An account is a part of the financial information system and is described by all except which one of the following? â€¢ Question 9 3 out of 3 points Deerhoof Company purchases equipment for $2,700 and supplies for $400 from Milkman Co. for $3,100 cash. The entry for this transaction will include a â€¢ Question 10 0 out of 3 points At January 31, 2015, the balance in Aislers Inc.â€™s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be â€¢ Question 11 3 out of 3 points Delta72 Company received a cash advance of $700 from a customer. As a result of this event, â€¢ Question 12 3 out of 3 points On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will â€¢ Question 13 0 out of 3 points Which of the following steps in the accounting cycle may be performed most frequently? â€¢ Question 14 0 out of 3 points Equipment is classified in the balance sheet as â€¢ Question 15 3 out of 3 points The purpose of the post-closing trial balance is to â€¢ Question 16 3 out of 3 points Which of the following is a true statement about closing the books of a corporation? â€¢ Question 17 0 out of 3 points All of the following statements about the post-closing trial balance are correct except it â€¢ Question 18 0 out of 3 points The information for preparing a trial balance on a worksheet is obtained from â€¢ Question 19 0 out of 3 points If the total debits exceed total credits in the balance sheet columns of the worksheet, stockholdersâ€™ equity â€¢ Question 20 0 out of 3 points Which one of the following is not an enhancing quality of useful information? â€¢ Question 21 0 out of 3 points Unearned revenues are â€¢ Question 22 0 out of 3 points A company usually determines the amount of supplies used during a period by â€¢ Question 23 3 out of 3 points A law firm received $3,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause â€¢ Question 24 0 out of 3 points The balance in the Prepaid Rent account before adjustment at the end of the year is $21,000, which represents three monthsâ€™ rent paid on December 1. The adjusting entry required on December 31 is to â€¢ Question 25 3 out of 3 points Soundgarden Company collected $18,200 in May of 2015 for 5 months of service whi
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