KAPLAN AC113 MOULE 4 EXAM

Jun 27th, 2016
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Question Question 1. Question : Depreciation Expense and Accumulated Depreciation are classified, respectively, as expense and contra asset asset and contra liability revenue and asset contra asset and expense Question 2. Question : Which type(s) of adjustments are the financial statements affected by? Deferrals Accruals Both deferrals and accruals Neither deferrals nor accruals Question 3. Question : Accumulated depreciation is __________ to get the carrying value. added to equipment subtracted from equipment added to accounts payable subtracted from accounts payable Question 4. Question : The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is: Assets =Liabilities Assets = Liabilities + Stockholders Equity Liabilities = Assets + Stockholders Equity Stockholders Equity = Liabilities + Assets Question 5. Question : Accrual accounting records revenue when: Earned Cash is received Products

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KAPLAN AC113 MOULE 4 EXAMReport this Question as InappropriateQuestionQuestion 1. Question : Depreciation Expense and Accumulated Depreciation areclassified, respectively, asexpense and contra assetasset and contra liabilityrevenue and assetcontra asset and expenseQuestion 2. Question : Which type(s) of adjustments are the financial statementsaffected by?DeferralsAccrualsBoth deferrals and accrualsNeither deferrals nor accrualsQuestion 3. Question : Accumulated depreciation is __________ to get the carryingvalue.added to equipmentsubtracted from equipmentadded to accounts payablesubtracted from accounts payableQuestion 4. Question : The accounting equation is the basis for analyzing,summarizing, and recording transactions in accounting. The accounting equation is:Assets =LiabilitiesAssets = Liabilities + Stockholders EquityLiabilities = Assets + Stockholders EquityStockholders Equity = Liabilities + AssetsQuestion 5. Question : Accrual accounting records revenue when:EarnedCash is receivedProducts are completedSalaries are paidQuestion 6. Question : On the balance sheet, Accrued expenses are ordinarily reportedas:Fixed assetsPrepaid expensesAssetsLiabilitiesQuestion 7. Question : What are the four timing differences between recognizingrevenues and expenses between accrual basis and cash basis accounting?Accrued revenue, accrued expenses, deferred revenue, deferred expensesCash, revenue, expenses and liabilitiesAccounts receivable,

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