Module 3_ Mastery Exercise_ 23SD-ACT300-1-2

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Moorpark College *

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ACCT300

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Accounting

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Feb 20, 2024

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6/30/23, 11:02 AM Module 3: Mastery Exercise: 23SD-ACT300-1 https://csuglobal.instructure.com/courses/78899/quizzes/708663 1/6 Module 3: Mastery Exercise Due No due date Points 10 Questions 10 Time Limit None Allowed Attempts Unlimited Instructions Attempt History Attempt Time Score KEPT Attempt 3 23 minutes 10 out of 10 LATEST Attempt 3 23 minutes 10 out of 10 Attempt 2 15 minutes 6 out of 10 Attempt 1 22 minutes 9 out of 10 Correct answers are hidden. Score for this attempt: 10 out of 10 Submitted Jun 30 at 12:02pm This attempt took 23 minutes. Take the Quiz Again 1 / 1 pts Question 1 The main purpose of adjusting entries is to ________. record external transactions and events. recognize assets purchased during the period. recognize debts paid during the period.
6/30/23, 11:02 AM Module 3: Mastery Exercise: 23SD-ACT300-1 https://csuglobal.instructure.com/courses/78899/quizzes/708663 2/6 record internal transactions and events. Correct. Adjustments are not for new transactions but transactions or events that were not recorded at all or properly. 1 / 1 pts Question 2 Which of the following is a requirement under accrual basis accounting? reversing journal entries adjusting journal entries recording revenues only upon receipt of the cash a worksheet Correct. Accurate financial statements can only be made after making adjustments, which then leads to the adjusted trial balance. A worksheet and closing journal entries are optional, but not required, whereas the revenue should be recognized when earned, regardless of when it is received. 1 / 1 pts Question 3 (True) or (False)? A worksheet does not assist in planning and organizing an audit of financial statements. True
6/30/23, 11:02 AM Module 3: Mastery Exercise: 23SD-ACT300-1 https://csuglobal.instructure.com/courses/78899/quizzes/708663 3/6 <p>True</p> False Correct. A worksheet is not used in financial statements audits. 1 / 1 pts Question 4 The matching principle requires ________. the matching of debits and credits in a journal entry. the matching of revenues in the period in which the cash was received. the matching of expenses in the period in which the cash is paid for them. that expenses should be recognized in the same period as the revenue they help generate. Correct. The matching principle requires the matching of expenses in the period in which the revenue is earned. 1 / 1 pts Question 5 Which of the following is a proper financial statement?
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