Quiz: Accounting Basics

Q1 Intermediate 2 pts

According to the document, what are the five examples of transactions that Direct Delivery, Inc. will need to record? Video Reference:
"Marilyn gives him five examples of transactions that Direct Delivery, Inc. will need to record: 1. J..."

1) Joe putting his own money into the business, 2) Buying a delivery vehicle, 3) Earning fees for delivering parcels, 4) Collecting earned fees, 5) Incurring operating expenses 1) Getting a business loan, 2) Hiring employees, 3) Paying for gas, 4) Sending invoices, 5) Filing taxes 1) Buying office supplies, 2) Setting up a website, 3) Opening a business bank account, 4) Purchasing insurance, 5) Signing a lease 1) Meeting with an attorney, 2) Selecting accounting software, 3) Printing business cards, 4) Renting a PO box, 5) Joining the chamber of commerce

Quiz: Accounting Basics

According to the document, what are the five examples of transactions that Direct Delivery, Inc. will need to record? Video Reference:
"Marilyn gives him five examples of transactions that Direct Delivery, Inc. will need to record: 1. J..."

According to the document, under the accrual basis of accounting, when are revenues recorded? Video Reference:
"Under the accrual basis of accounting (as opposed to the less-preferred cash method of accounting), ..."

In the document's example, if Joe delivers 1,000 parcels in December for $4 per delivery, when should the $4,000 of revenues be recorded? Video Reference:
"Even though his clients won't be paying Direct Delivery until January 10, the accrual basis of accou..."

According to the document, the income statement should show expenses incurred during the period regardless of when the company actually paid for them. Video Reference:
"The December income statement should show expenses incurred during December regardless of when the c..."

The document mentions three specific financial statements that Marilyn will explain to Joe. Which one is NOT mentioned? Video Reference:
"In the following pages Marilyn will explain the content and purpose of three of the five financial s..."

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Quiz: Accounting Basics

According to the document, what are the five examples of transactions that Direct Delivery, Inc. will need to record? Video Reference: "Marilyn gives him five examples of transactions that Direct Delivery, Inc. will need to record: 1. J..."

According to the document, under the accrual basis of accounting, when are revenues recorded? Video Reference: "Under the accrual basis of accounting (as opposed to the less-preferred cash method of accounting), ..."

In the document's example, if Joe delivers 1,000 parcels in December for $4 per delivery, when should the $4,000 of revenues be recorded? Video Reference: "Even though his clients won't be paying Direct Delivery until January 10, the accrual basis of accou..."

According to the document, the income statement should show expenses incurred during the period regardless of when the company actually paid for them. Video Reference: "The December income statement should show expenses incurred during December regardless of when the c..."

The document mentions three specific financial statements that Marilyn will explain to Joe. Which one is NOT mentioned? Video Reference: "In the following pages Marilyn will explain the content and purpose of three of the five financial s..."

Share This Quiz

Calculating Your Results...

According to the document, what are the five examples of transactions that Direct Delivery, Inc. will need to record? Video Reference:
"Marilyn gives him five examples of transactions that Direct Delivery, Inc. will need to record: 1. J..."

According to the document, under the accrual basis of accounting, when are revenues recorded? Video Reference:
"Under the accrual basis of accounting (as opposed to the less-preferred cash method of accounting), ..."

In the document's example, if Joe delivers 1,000 parcels in December for $4 per delivery, when should the $4,000 of revenues be recorded? Video Reference:
"Even though his clients won't be paying Direct Delivery until January 10, the accrual basis of accou..."

According to the document, the income statement should show expenses incurred during the period regardless of when the company actually paid for them. Video Reference:
"The December income statement should show expenses incurred during December regardless of when the c..."

The document mentions three specific financial statements that Marilyn will explain to Joe. Which one is NOT mentioned? Video Reference:
"In the following pages Marilyn will explain the content and purpose of three of the five financial s..."