ACC 205 Week 4 Quiz

Feb 3rd, 2012
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Ashford University
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Grading SummaryThese are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.Date Taken:8/21/2011Time Spent:7 h , 33 min , 00 secsPoints Received:6 / 10 (60%)Question Type:# Of Questions:# Correct:True/False21Multiple Choice85Grade Details1.Question :What is the effect of the adjusting entry for Depreciation expense?Student Answer:The entry increases total liabilities and increases total expenses.The entry increases total assets and increases total expenses.The entry decreases total assets and increases total expenses.The entry decreases total liabilities and increases total expenses.Points Received:1 of 1Comments:2.Question :Prepaid insurance is an asset account.Student Answer:TrueFalsePoints Received:1 of 1Comments:3.Question :A business pays its insurance premium of $2,400 on November 1 of each year. On January 1 of the new (after December 31 adjustments), the Prepaid insurance account has a debit balance of:Student Answer:$1,200.$400.$2,400.$2,000.None of these is correctInstructor Explanation:Calculations: $2,400 x 10/12 = $2,000Points Received:0 of 1Comments:4.Question :Which of the following accounts will still show a balance after the closing process is completed?Student Answer:Withdrawal accountExpense accounts

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