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ACG 2021 Exam 1; Questions & Answers 100% Pass

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ACG 2021 Exam 1; Questions & Answers 100%
Pass
The entry to adjust for the cost of supplies used during the accounting period is

a. debit Supplies Expense; credit Supplies

b. debit Stockholders' Equity; credit Supplies

c. debit Accounts Payable; credit Supplies

d. debit Supplies; credit Stockholders' Equity CORRECT ANSWER-debit Supplies Expense;
credit Supplies

By matching revenue earned during the accounting period to related incurred expenses

a.net income or loss will always be overestimated

b.net income or loss will be properly reported on the income statement

c.net income or loss will not be determined

d.net income or loss will always be underestimated CORRECT ANSWER-net income or
loss will be properly reported on the income statement

The unexpired insurance at the end of the fiscal period represents a(n)

a.accrued expense

b.deferred expense

c.accrued liability

d.accrued asset CORRECT ANSWER-deferred expense

, ACG 2021 Exam 1; Questions & Answers 100%
Pass
At the end of the fiscal year, the usual adjusting entry to journalize expired prepaid insurance
was omitted. Which of the following statements is true?

a.Total assets at the end of the year will be understated.

b.Net income for the year will be overstated.

c.Insurance expense will be overstated.

d.Stockholders' equity at the end of the year will be understated. CORRECT ANSWER-Net
income for the year will be overstated.

Prepaid expenses are eventually expected to become

a.expenses when their future economic value expires or is used up

b.revenues when the liability is no longer owed

c.revenues when services are performed

d.expenses in the period when they are paid CORRECT ANSWER-expenses when their
future economic value expires or is used up

Using accrual accounting, expenses are recorded and reported only

a.if they are paid after they are incurred

b.when they are incurred, whether or not cash is paid

c.when they are incurred and paid at the same time

d.if they are paid before they are incurred CORRECT ANSWER-when they are incurred,
whether or not cash is paid

, ACG 2021 Exam 1; Questions & Answers 100%
Pass
At the end of the fiscal year, the usual adjusting entry to recognize accrued revenues was
omitted. Which of the following statements is true?

a.Total assets will be understated at the end of the current year.

b.The balance sheet and income statement will be misstated but the statement of stockholders'
equity will be correct for the current year.

c.Net income will be overstated for the current year.

d.Total liabilities will be understated. CORRECT ANSWER-Total assets will be understated
at the end of the current year.

Receiving 6 months of rental payments from a tenant is an example of a(n)

a prepaid expense

b. unearned revenue

c.accrued expense

d.accrued revenue CORRECT ANSWER-unearned revenue

Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. The company's monthly rent
is $700. The amount of prepaid rent that would appear on the January 31 balance sheet after
adjustment is

a.$1,400

b.$2,100

c.$700

d.$2,800 CORRECT ANSWER-$2,100

, ACG 2021 Exam 1; Questions & Answers 100%
Pass
Using accrual accounting, revenues are recorded

a.when cash is received without regard to when the services are performed or products have
been delivered to customers

b.only if cash is received after the services are performed or products have been delivered to
customers

c.when cash is received at the time services are performed or products have been delivered to
customers

d.when a service has been performed or products have been delivered to customers without
regard to when cash is received. CORRECT ANSWER-when a service has been performed
or products have been delivered to customers without regard to when cash is received

Adjusting entries are

a.rarely needed in large companies

b.optional under generally accepted accounting principles

c.needed to bring accounts up to date and match revenue and expense

d.the same as correcting entries CORRECT ANSWER-needed to bring accounts up to date
and match revenue and expense

The following adjusting journal entry does not include an explanation. Select the best
explanation for the entry.

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