Acct 2000 Exam 2 LSU terms (2025)
EXAM QUESTIONS AND ALL
CORRECT ANSWERS 100% SOLVED
AND GUARANTEED SUCCESS!!
1. With _______Accounting, transactions are recorded in the period in which the event occurs,
not when the cash is received.
Accrual
1. The ______ Recognition Principle requires companies to recognize revenue in the accounting
period in which it is earned.
Revenue
1. Adjustments are prepared every time ______________ are issued in order to ensure all
accounts are correctly reported.
Financial Statements
Adjustments includes one ______ and one ____ accounts.
Balance Sheet (assets or liability)
Income Statement (revenue or expense)
1. Accumulated Deprecation is what type of account? ________. What financial statement
would include this account? ______________
Contra Asset Account
Balance Sheet
List the four types of adjustments:
1. Prepaid expenses
2. Unearned revenues
3. accrued revenues
4. accrued expenses
An accrued expense adjustment, records amounts owed (or incurred), but not yet paid. Prior to
completing this type of adjustment, which accounts are understated?
Expenses and Liabilities
, A Supply account at the end of the period showed a balance of $5,000. However, a physical
counts showed only $3,000. To correct this issue, the supplies account is _________________
and the supplies expense account is ______ by ________________.
Decreased
Increased
$2,000
A Supply account at the end of the period showed a balance of $5,000. However, a physical
counts showed only $3,000. To correct this issue, the supplies account is decreased and the
supplies expense account is increased by $2,000.
from the scenario above, if the company does not make the adjustment, supplies expense, net
income, and stockholders' equity would be _____________and assets would be ____________.
understated
overstated
Which one of these statements about the accrual basis of accounting is false?
a. Companies record events that change their financial statements in the period in which events
occur, even if cash was not exchanged.
b. Companies recognize revenue in the period in which it is earned.
c. This basis is in accord with generally accepted accounting principles.
d. Companies record revenue only when they receive cash, and record expense only when they
pay out cash.
d. Companies record revenue only when they receive cash, and record expense only when they
pay out cash.
1) Each of the following is a major type (or category) of adjustment except:
a. Prepaid expenses
b. Accrued revenues
c. Accrued expenses
d. Earned expenses
d. Earned expenses
1) Colleen Mooney earned a salary of $600 for the last week of September. She will be paid on
October 1. The adjustment for Colleen's employer at September 30 is:
a. No entry is required.
b. Increase to Salaries and Wages Expense, $600 and Increase to Salaries and Wages Payable,
$600
EXAM QUESTIONS AND ALL
CORRECT ANSWERS 100% SOLVED
AND GUARANTEED SUCCESS!!
1. With _______Accounting, transactions are recorded in the period in which the event occurs,
not when the cash is received.
Accrual
1. The ______ Recognition Principle requires companies to recognize revenue in the accounting
period in which it is earned.
Revenue
1. Adjustments are prepared every time ______________ are issued in order to ensure all
accounts are correctly reported.
Financial Statements
Adjustments includes one ______ and one ____ accounts.
Balance Sheet (assets or liability)
Income Statement (revenue or expense)
1. Accumulated Deprecation is what type of account? ________. What financial statement
would include this account? ______________
Contra Asset Account
Balance Sheet
List the four types of adjustments:
1. Prepaid expenses
2. Unearned revenues
3. accrued revenues
4. accrued expenses
An accrued expense adjustment, records amounts owed (or incurred), but not yet paid. Prior to
completing this type of adjustment, which accounts are understated?
Expenses and Liabilities
, A Supply account at the end of the period showed a balance of $5,000. However, a physical
counts showed only $3,000. To correct this issue, the supplies account is _________________
and the supplies expense account is ______ by ________________.
Decreased
Increased
$2,000
A Supply account at the end of the period showed a balance of $5,000. However, a physical
counts showed only $3,000. To correct this issue, the supplies account is decreased and the
supplies expense account is increased by $2,000.
from the scenario above, if the company does not make the adjustment, supplies expense, net
income, and stockholders' equity would be _____________and assets would be ____________.
understated
overstated
Which one of these statements about the accrual basis of accounting is false?
a. Companies record events that change their financial statements in the period in which events
occur, even if cash was not exchanged.
b. Companies recognize revenue in the period in which it is earned.
c. This basis is in accord with generally accepted accounting principles.
d. Companies record revenue only when they receive cash, and record expense only when they
pay out cash.
d. Companies record revenue only when they receive cash, and record expense only when they
pay out cash.
1) Each of the following is a major type (or category) of adjustment except:
a. Prepaid expenses
b. Accrued revenues
c. Accrued expenses
d. Earned expenses
d. Earned expenses
1) Colleen Mooney earned a salary of $600 for the last week of September. She will be paid on
October 1. The adjustment for Colleen's employer at September 30 is:
a. No entry is required.
b. Increase to Salaries and Wages Expense, $600 and Increase to Salaries and Wages Payable,
$600
