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Financial Control of the Organization.d

Financial Control of the Organization.d — вариант 3

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12 вопросов Вариант 3 Доступ 7 дней
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Вопросы и варианты

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Вопрос 1

A company makes a $200 sale on account. It later collects the $200 in cash. Under the accrual method of accounting, revenue is recognized:

  1. when the cash is collected.
  2. when the sale is made.
  3. either when the cash is received or the sale is made.
  4. at a time that cannot be determined from the facts.
Вопрос 2

Under accrual accounting, revenue is recorded:

  1. when the cash is collected, regardless of when the services are performed.
  2. when the services are performed, regardless of when the cash is received.
  3. either when the cash is received or the sale is made.
  4. only if the cash is received at the same time the services are performed.
Вопрос 3

An example of a noncash transaction under the accrual method of accounting does NOT include:

  1. depreciation expense.
  2. sales on account.
  3. collecting cash from customers.
  4. accrual of expenses incurred, but not yet paid.
Вопрос 4

If a company makes a journal entry to debit Accounts Receivable and credit the Service Revenue account, it is using:

  1. the cash method of accounting.
  2. the hybrid method of accounting.
  3. the accrual method of accounting.
  4. either the cash or accrual method of accounting.
Вопрос 5

There are two methods used to account for transactions. These methods are:

  1. deferral and prepaid.
  2. accrual and deferral.
  3. cash and deferral.
  4. cash and accrual.
Вопрос 6

Accounts receivable would appear on the:

  1. Balance Sheet with the current liabilities.
  2. Balance Sheet with the current assets.
  3. Income Statement with the revenues.
  4. Statement of Changes in Equity with the net income.
Вопрос 7

Notes payable (due in 60 days) would appear as a:

  1. current liability on the Balance Sheet.
  2. current asset on the Balance Sheet.
  3. non-current asset on the Balance Sheet.
  4. non-current liability on the Balance Sheet.
Вопрос 8

Income taxes owed to the federal government would be classified as a(n):

  1. expense on the Income Statement.
  2. financing activity on the Statement of Cash Flows.
  3. current asset on the Balance Sheet.
  4. current liability on the Balance Sheet.
Вопрос 9

Liabilities are divided into two categories—

  1. current and payable.
  2. current and future.
  3. accounts payable and non-current.
  4. current and non-current.
Вопрос 10

In relation to the cash flow statement, purchases and sales of long-term assets are examples of:

  1. investing activities.
  2. accrual activities.
  3. financing activities.
  4. operating activities.
Вопрос 11

The Statement of Cash Flows is divided into which three categories?

  1. Operating, investing, and financing activities
  2. Planning, executing, and evaluating activities
  3. Increasing, decreasing, and non-cash activities
  4. Developing, producing, and marketing activities
Вопрос 12

What is the proper order for the categories of the statement of cash flows?

  1. Financing activities, investing activities, and operating activities
  2. Operating activities, investing activities, and financing activities
  3. Operating activities, financing activities, and investing activities
  4. Investing activities, financing activities, and operating activities