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A141 Rasmussen Unearned Revenues and Prepaid Expenses Quiz

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Accounting
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Rasmussen University
Type
Exam Practice
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Week 2 – Test AC2760: Accounting for Manager • Question 1 3.6 out of 3.6 points Prepaid expenses are generally: Selected Answer: Assets that represent prepayments of future expenses. • Question 2 3.6 out of 3.6 points Identify the account used by businesses to record the transfer of assets from a business to its owner for personal use: Selected Answer: The dividends account. • Question 3 3.6 out of 3.6 points Unearned revenues are generally: Selected Answer: • Liabilities created when a customer pays in advance for products or services before the revenue is earned. Question 4 3.6 out of 3.6 points Identify the account below that is classified as an asset in a company's chart of accounts: Selected Answer: Accounts Receivable • Question 5 3.6 out of 3.6 points Identify the account below that is classified as a liability account: Selected Answer: Accounts Payable • Question 6 3.6 out of 3.6 points Which of the following is not a step in the accounting process? Selected Answer: Verify that revenues and expenses are equal. • Question 7 3.6 out of 3.6 points A debit is used to record an increase in all of the following accounts except: Selected A ...
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