Quiz Submissions - Topic 03 Quiz Top Of Form At

Quiz Submissions - Topic 03 Quiz Top of FormAttempt 1Written: Dec 13, 2017 2:17 AM - Dec 13, 2017 2:49 AMSubmission ViewYour quiz has been submitted successfully.Question 12 / 2 pointsUNI Co. received $1,000 advance from Newbie as rent for the use of a building owned by UNI. How does this transaction affect UNI's accounts if UNI recognizes a liability?A) It is not recorded.B) Cash is increased and revenue is increased.C) Cash is increased and revenue is decreased.D) Cash is increased and unearned revenue is increased.Question 22 / 2 pointsOn April 1, Smart, Inc. paid $7,200 for an insurance premium on a three-year insurance policy. How does this transaction affect Smart's accounts?A) Increase insurance expense and decrease cash by $7,200 eachB) Increase prepaid insurance and decrease retained earnings by $7,200 eachC) Increase unearned insurance and decrease cash by $7,200 eachD) Increase prepaid insurance and decrease cash by $7,200 eachQuestion 32 / 2 pointsAs time passes, fixed assets, other than land, lose their capacity to provide useful services. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process