1. The Statement of Retained Earnings is prepared using:
a. An Adjusted Trial Balance and Income Statement
b.An Income Statement
c. A Balance Sheet
d. An Income Statement and a Balance Sheet
2. Deferred revenue is that revenue is
a. earned but the cash has not been received
b. not earned but the cash has been received
c. not earned and the cash has not been received
d. earned and the cash has been received.
3. Adjusting entries are
a. rarely needed in large companies
b. the same as correcting entries
c. needed to bring accounts up to date and match revenue andexpense
d. the same as correcting entries
4. Which of the following is considered to be unearnedrevenue?
a. theater tickets sold yesterday on credit for yesterday’sperformance
b. theater tickets sold for next month’s performance
c. theater tickets that were not sold for the currentperformance
d. theater tickets sold last month for yesterday’sperformance
5. Which of the following is an example of accrued revenue?
a. snow removal services that have been provided but have notbeen billed or paid
b. snow removal services that has been provided and paid on thesame day
c. an agreement that has been signed for snow removal servicesfor the next three months
d. snow removal services that have been paid for three months inadvance
6. Which one of the fixed asset accounts listed below will nothave a related contra asset account?
a. Land
b. Buildings
c. Delivery Equipment
d. Office Equipment
7. The first item appearing on the statement of retainedearnings is
a. the beginning balance of retained earnings
b. net income
c. dividends
d. Net increase of current year
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