Reference no: EM133005826
Questions -
Q1. Are cash payments received from customers in advance treated as revenue at the time of receipt? Why or why not?
a. Yes, they are treated as revenue at the time of receipt because the company has access to the cash.
b. No, the amount of revenue cannot be adequately determined until the company completes the work.
c. Yes, The intent of the company is to perform the work and the customer is confident that the services will be completed.
d. No, revenue cannot be recognized until the company actually performs the work for which it has been paid.
Q2. At December 31, 2017, before any year-end adjustments, Janus Company's Prepaid Insurance account had a balance of $4,200. It was determined that $1,800 of the Prepaid Insurance had expired. The adjusted balance for Prepaid Insurance at year-end would be:
a. $2,400.
b. $4,200.
c. $1,800.
d. $5,700.
Q3. On March 20, 2020, Briggs Company paid $600 cash for a 6-month insurance policy with coverage beginning on April 1. Briggs prepares monthly financial statements. How much insurance expense should Briggs recognize for the month of April, 2020? Enter expense as a positive number.
Q4. Why are expenses increased with a debit?
a. They are always paid by cash, which is credited. Thus expenses are debited.
b. They decrease owners' equity which is on the right hand (credit) side of the balance sheet equation.
c. They have the same rules of debits and credits as the retained earnings account.
d. None of the statements above is correct.
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