B. B. liabilities. Assets – Stockholders' Equity = Liabilities. A. transactions in which the business engages. True One. chapter 3 accounting test is universally compatible like any devices to read. The adjusting entry to record an accrued expense includes a debit to: ajgreen13. B. A. Results are being recorded. B. You have already completed the quiz before. Chapter 1: Welcome to the World of Accounting ; Chapter 2: Information Processing ; Chapter 3: Income Measurement ; Chapter 4: The Reporting Cycle ; Chapters 5-8 Current Assets. Two. D. Four. Start studying Accounting Test Chapter 3 and 4. D. All of these answer choices are correct. 2. C. before the balance sheet date, but dated as of the balance sheet date. Quiz complete. account, which of the following results? A. Spell. For purposes of measuring business income, the life of a business is: Adjusting entries at the end of an accounting period would not be required for which of the following. Which of the following is a reason the trial balance may not contain up-to-date and complete data? The matching principle is being applied when the cost of equipment is depreciated over its useful life. Factors that shape an accounting information system include the A. transactions in which the business engages. Blankenship Company pays its employees every Friday for work rendered that week. Copyright © 2020 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. B. informational demands of management. Which of the following is not transferred to Retained Earnings at the end of the period? C. It is useful in the preparation of financial statements. D. All of these answer choices are … Principlesofaccounting.com ™ Copyright © 2020. C. an expense for which cash is paid before the expense is incurred. Each general journal entry must have how many accounts affected at a minimum? C. real or nominal. A. revenues. B. C. Assets are unaffected. Hence you can not start it again. Flashcards. D. real value. Companies may prepare a trial balance at any time. C. volume of data to be handled. D. the account Cash will be credited. B. chronologically lists transactions and other events. You must sign in or sign up to start the quiz. A. The payroll is typically $10,000 per week. Johnson will be billed for the utilities during the next accounting period. B. fair value. SHORT ANSWER QUESTIONS, EXERCISES AND PROBLEMS. Activity –based costing involves a two-stage allocation process in which overhead costs are first assigned to departments and then to jobs on the basis of direct labor-hours. C. Declaration of dividends. Managerial Accounting Test 1 (Chapter 1-3) STUDY. D. Ledgerizing. Gravity. primary basis for preparation of the financial statements. D. All of these answer choices are correct. The double-entry accounting system means Blankenship Company pays its employees every Friday for work rendered that week. B. liabilities increase. Historical nature 4. On the following Friday, which of the following payroll journal entries should be recorded? False. A. after the balance sheet date, but dated as of the balance sheet date. Questions Describe the steps in recording and posting the effects of a business transaction. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Learn. Created by. Using machinery in operations. Start studying Accounting 120 Chapter 3 Practice Test. Learn vocabulary, terms, and more with flashcards, games, and other study tools. D. each journal entry must have one debit and one credit, or two debits and two credits. ledger accounts. If an adjusting entry is not made for a deferred revenue which was initially credited to an unearned revenue B. each item is recorded in a journal entry, then in a general ledger account. Earned Point(s): 0 of 0, (0) After journalizing and posting all adjusting entries, a company prepares an adjusted trial balance that is the A) True B) False 2. B. informational demands of management. Its primary purpose is to prove the mathematical equality of debits and credits after posting. The payroll is typically $10,000 per week. B. revenues will be overstated. Give some examples of source documents. Prepares financial statements for external users 2. Terms in this set (33) product costing. _____ is the process of transferring the accounts and amounts from the book of original entry to the

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