Student_ Quiz Result CH08

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Riverside City College *

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65

Subject

Accounting

Date

Jan 9, 2024

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pdf

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4

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11/9/23, 7:46 PM Student: Quiz Result https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSQytXSEpIRXh2WlErWU5jSUMxOElhamhtNFFYU… 1/4 Answer: Everything the business owns The profit a business makes Everything the business owns minus any liabilities What the business will use within the next year Answer Provided Everything the business owns Answer: Scheduled : Automobile loan, mortgage payment Reminder : Gas bill, cellphone bill Unscheduled : Invoice template used in rare circumstances Answer Provided Scheduled : Automobile loan, mortgage payment Reminder : Gas bill, cellphone bill Unscheduled : Invoice template used in rare circumstances Answer: Delete the associated invoice. Create a transfer. Use a credit memo. Reinvoice the customer for the amount. Answer Provided Use a credit memo. Answer: Accounts Receivable Checking Bad Debt Accounts Payable Answer Provided Accounts Receivable Answer: Statement of Cash Flows Budget vs. Actuals Balance Sheet Budget Overview Answer Provided Budget vs. Actuals Answer: An entry is made to decrease the asset and increase the expense. QBO sends the rent payment. The business ends up paying less for rent than they would if they paid month to month. The Prepaid Rent account replenishes. Answer Provided An entry is made to decrease the asset and increase the expense. Student Name : Toni Castillo Quizz Name : Chapter 08 Test Points : 50 Out of 50 Grade : 100% Q #. Question Lesson/Chapter # Question Type Feedback Points Instructor Feedback Q 1 What is an asset? Chapter 8: Multiple Choice Recording Other Current Assets 2.50/2.50 --- Q 2 Match the recurring transaction type with the examples of what you'd use it for. Chapter 8: Matching Journal Entries and Recurring Transactions; (QBCU exam) 1.4.2 2.50/2.50 --- Q 3 How should you deal with an uncollectable receivable? Chapter 8: Multiple Choice Handling Uncollectible Receivables/Bad Debts 2.50/2.50 --- Q 4 What account is credited when you record a credit memo for uncollectable receivables? Chapter 8: Multiple Choice Handling Uncollectible Receivables/Bad Debts Behind the Scenes: Uncollectible Receivables 2.50/2.50 --- Q 5 Which report compares what you expected to spend with what you did spend? Chapter 8: Multiple Choice DYS 8-7, steps #14-15; (QBCU exam) 5.1.1 2.50/2.50 --- Q 6 What happens when a portion of prepaid rent is used? Chapter 8: Multiple Choice Recording Other Current Assets 2.50/2.50 ---
11/9/23, 7:46 PM Student: Quiz Result https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSQytXSEpIRXh2WlErWU5jSUMxOElhamhtNFFYU… 2/4 Answer: A fixed asset is entered as an expense when purchased. Businesses use fixed assets to promote the main operations of the business, such as a vehicle, machinery, or equipment. When you create a new company and enter a fixed asset, you credit its long-term liability account. Fixed assets always have a long-term liability associated with them. Answer Provided Businesses use fixed assets to promote the main operations of the business, such as a vehicle, machinery, or equipment. Answer: The debt is older than one year. You've been unable to contact them to collect. The debt is associated with a non-inventory item. You need to match income with expenses. Answer Provided You've been unable to contact them to collect. Answer: Answer Provided Answer: When the item is ordered At the time you purchase them When the item is invoiced At the time the customer purchases them Answer Provided At the time you purchase them Answer: The accounts that will be increased and decreased with debits and credits The total amount of the long-term liability The company's total budget for auto insurance The purchase order from the insurance company Answer Provided The accounts that will be increased and decreased with debits and credits Answer: Financial statement Fixed asset account Long-term liability Long-term asset Answer Provided Long-term liability Answer: Q 7 Which statement about fixed assets is true? Chapter 8: Multiple Choice Fixed Assets and Long-Term Liabilities 2.50/2.50 --- Q 8 When would you consider a customer debt an uncollectible receivable? Chapter 8: Multiple Choice Handling Uncollectible Receivables/Bad Debts 2.50/2.50 --- Q 9 Which "behind the scenes" image shows what happens when you write off a bad debt? Chapter 8: Multiple Choice Handling Uncollectible Receivables/Bad Debts Behind the Scenes: Uncollectible Receivables 2.50/2.50 --- Q 10 At what point are other current assets usually recorded? Chapter 8: Multiple Choice Recording Other Current Assets 2.50/2.50 --- Q 11 Jemma is setting up a journal entry to record the allocation of her prepaid auto insurance. What information will she need? Chapter 8: Multiple Choice Journal Entries and Recurring Transactions; (QBCU exam) 1.4.1 and 1.5.1 2.50/2.50 --- Q 12 What type of account is used to pay for fixed assets that will take more than a year to pay off? Chapter 8: Multiple Choice Fixed Assets and Long-Term Liabilities 2.50/2.50 --- Q 13 Which “behind the scenes” image shows what happens when you write a check on March 1 to purchase a service that will be consumed over six months? Chapter 8: Multiple Choice Recording Other Current Assets – Behind the Scenes 2.50/2.50 ---
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