GB518 Unit3 Midterm Exam

Aug 11th, 2016
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1. What would be the appropriate entry for the following transaction? Bill Co. performed $5,200 in consulting services on account (Points : 2) Credit to Cash, Debit to Accounts Receivable Debit to Revenue, Debit to Cash Debit to Accounts Receivable, Credit to Cash Debit to Revenue, Credit to Cash Debit to Accounts Receivable, Credit to Revenue 2. Technological advancement (Points : 2) Has replaced accounting Has not changed the work that accountants do Has freed accounting professionals to concentrate more on the analysis and interpretation of information In accounting has replaced the need for decision makers In accounting is only available to large corporations 3.Which of the following elements are found on the Balance Sheet? (Points : 2) Service Revenue Net Income Operating Activities Utilities Expense Retained Earnings 4.Increases in retained earnings from a company's earnings activities are: (Points : 2) Assets Revenues Liabilities Stockholder's Equity Expen

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GB518 Unit3 Midterm ExamReport this Question as Inappropriate1. What would be the appropriate entry for the following transaction?Bill Co. performed $5,200 in consulting services on account (Points : 2)Credit to Cash, Debit to Accounts ReceivableDebit to Revenue, Debit to CashDebit to Accounts Receivable, Credit to CashDebit to Revenue, Credit to CashDebit to Accounts Receivable, Credit to Revenue2. Technological advancement (Points : 2)Has replaced accountingHas not changed the work that accountants doHas freed accounting professionals to concentrate more on the analysis and interpretation ofinformationIn accounting has replaced the need for decision makersIn accounting is only available to large corporations3.Which of the following elements are found on the Balance Sheet? (Points : 2)Service RevenueNet IncomeOperating ActivitiesUtilities ExpenseRetained Earnings4.Increases in retained earnings from a company's earnings activities are: (Points : 2)AssetsRevenuesLiabilitiesStockholder's EquityExpenses5. An asset created by prepayment of an expense is: (Points : 2)Recorded as a debit to an unearned revenue accountRecorded as a debit to a prepaid expense accountRecorded as a credit to an unearned revenue accountRecorded as a credit to a prepaid expense accountNot recorded in the accounting records until the earnings process is complete6.Unearned revenues are: (Points : 2)Revenues that have been earned and received in cashRevenues that have

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