1. Learner: Ashan Silva
Test Name FFAC Chapter 3 Completion Date 2015-02-28T01:03:05
Score 10.0 of 10.0 (100.00%) Timespent 00:11:54
Result Passed
Question Result / Notes
Order Name Score Notes
1 XYZ Corporation owed employees for 3
days of pay at the end of the month.
Employees work a 5-day week. Weekly
wages amount to $30,000 per week. The
correct accrual entry for the month is
1.0
2 In January, XYZ corporation receives a
prepayment of $120,000 from ABC
Corporation for the annual rental of a
building for the current year. The correct
entry in January for this transaction on
XYZ's books would be
1.0
3 The accounting method that does not
recognize income until cash is received or
expenses until they are paid is known as
1.0
4 The report which lists all accounts and their
balances at a given time is called a
1.0
5 A durable goods manufacturer should
recognize revenue when
1.0
6 XYZ Corporation pays ABC Corporation
$120,000 on January 1st, in advance for it
to conduct a 12-month study on possible
acquisitions. The impact on the accounting
equation of this transaction on XYZ's books
in February is
1.0
7 A liability where cash has been received for
a good or service but the selling company
has not fulfilled its obligations is defined as
1.0
8 XYZ Corporation has an accounts payable
balance of $20,000 prior to month-end
adjustments. The following adjusting entry
was required:
• Supplies of $12,000 had been received
and used, but no invoice had been entered.
Company policy is to accrue all received
supplies to Accounts Payable.
What was the balance of the accounts
payable account?
1.0
9 On October 10th, XYZ corporation pays
$70,000 to ABC Corporation for space at an
exhibition to be held in February the
following year. The correct entry in October
for this transaction on XYZ's books is
1.0
Question Notes
Printed on: 2/28/2015

2. Order Name Score Notes
10 ABC Corporation owes $10,000 to a
supplier at the end of the month. Which
account would the $10,000 owed be booked
to and would this be a credit or a debit
balance?
1.0
Question Notes
Printed on: 2/28/2015