ACCT 200 Final Exam 1: Revision Questions with Complete Solutions. Verified for New Updates

Which of the following accounts would be classified as a liability? Answers: Prepaid Rent Unearned Revenue Retained Earnings Notes Receivable Unearned Revenue Which of the following statements related to the accounting cycle is false? Answers: The general ledger summarizes all transactions that occurred during the period grouped by account. The general journal is kept in chronological order. Posting is transferring transactions from the general ledger to the general journal. The trial balance is a list of accounts and their balances at period-end. Posting is transferring transactions from the general ledger to the general journal. At the end of the period, notes payable was $100,000, accounts payable totaled $15,000 and wages payable totaled $35,000. Retained earnings equaled $60,000. What were total assets for the period? Answers: $210,000 $150,000 $90,000 $15,000 $210,000 Which of the following transactions is an example of an accrual? Answers: Incurring an expense related to supplies previously purchased. Purchasing a piece of land for use in operations. Recording revenue for services provided when the customer has not yet paid. Recognizing revenue for services performed that were prepaid for in cash. Recording revenue for services provided when the customer has not yet paid Which of the following accounts would be closed to Income Summary? Answers: Dividends Salary Expense Unearned Revenue Accounts Payable Salary Expense Which of the following transactions is an example o