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ACCT 2101 Exam 2 Study Guide Chapters 4 � 6

Comprehensive review materials covering intermediate accounting concepts and principles

Scarlett Carter
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ACCT 2101Exam2Study Guide Chapters4–6Chapter 41.The periodicity assumption states that:a.a transaction can only affect one period of time.b.estimates should not be made if a transaction affects more than one time period.c.adjustments to the enterprise's accounts can only be made in the time period whenthe business terminates its operations.d.the economic life of a business can be divided into artificial time periods.2.One of the accounting concepts upon which adjustments for prepayments and accruals arebased is:a.expense recognition.b.cost.c.monetary unit.d.economic entity.3.An accounting time period that is one year in length is called:a.a fiscal year.b.an interim period.c.the time period assumption.d.a reporting period.4.Expenses are recognized when:a.they contribute to the production of revenue.b.they are paid.c.they are billed by the supplier.d.the invoice is received.5.Therevenuerecognitionprincipledictatesthatrevenueshouldberecognizedintheaccounting records:a.when cash is received.b.when it is earned.c.at the end of the month.d.in the period that income taxes are paid.6.A flower shop makes a large sale for $1,000 on November 30.The customer issent astatement on December 5 and a check is received on December 10.The flower shopfollowsGAAPandappliestherevenuerecognitionprinciple.Whenisthe$1,000considered to be earned?a.December 5b.December 10c.November 30d.December 17.Under the cash basis of accounting:a.Revenue is recognized when services are performed.b.Expenses are matched with the revenue that is produced.c.cash must be received before revenue is recognized.d.a promise to pay is sufficient to recognize revenue.

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Document Details

University
East Carolina University
Course
ACCT 2101
Subject
Accounting

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