Past Exam for ACCT 284 - FINANCIAL ACCOUNTNG at Iowa State (ISU)

Exam Information

Material Type:Exam 1
University:Iowa State University
  • Insurance Expense
  • ~-Prepaid Insurance
  • Prepaid Insurance
  • Service Revenue
  • Stockholder
  • Unearned Service Revenue
  • Overstatement
  • Appropriate Account
  • Time Period Assumption
  • Understatement
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Sample Document Text

Exam 1 Review 1. Which amount is least likely to appear in an adjusting journal entry? a. Cash b. Interest Receivable c. Income tax Expense d. Salaries Payable 2. On December 31, an adjustment is made to reduce unearned revenue and report (earned) revenue. How many accounts will be included in this adjusting entry? a. None b. One c. Two d. Three 3. An adjusting journal entry to recognize accrued salaries payable would cause which of the following? a. A decrease in assets and stockholder's equity b. A decrease in assets and liabilities c. An increase in expenses, liabilities, and stockholder's equity d. An increase in expenses and liabilities and a decrease in stockholder's equity 4. Assume the balance in Prepaid Insurance is $2,500 but it should be $1,500. The adjusting journal entry should include which of the following? a. Debit to Prepaid Insurance for $1,000 b. Credit to insurance expense for $1,000 c. Debit to Insurance expense for $1,000 d. Debit to insurance expense for $1,500 5. Assume a company recei...

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