Adjusting Entries

40 Questions  I  By An_pangader1987
Online quiz number 1

  
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1.  A contra asset account is an account that is added to another asset account
A.
B.
2.  ________ It is defined as the systematic allocation of the cost of an asset over its useful life.
3.  The second adjusting entry for merchandise inventory under the periodic system, is 
A.
B.
C.
D.
E.
4.  The second adjusting entry for merchandise inventory, when using the periodic inventory system, causes a zero balance in the Merchandise Inventory account
A.
B.
5.  Each of the following is major type (category) of adjusting entries, except:
A.
B.
C.
D.
E.
6.  Purchaser's description of a cash discount received from a supplier of goods
A.
B.
C.
D.
E.
7.  Accounts that are partly income statement accounts and balance sheet accounts are called dual accounts
A.
B.
8.  When using the periodic inventory system, the main reason for the adjusting the asset account Merchandise Inventory in two steps is
A.
B.
C.
D.
E.
9.  Under the periodic inventory system entries to the inventory account are made:
A.
B.
C.
D.
10.  ______is equal to Net sales minus cost of goods sold
11.  Which of the following is an adjunct account?
A.
B.
C.
D.
E.
12.  When revenues and expenses are equal for the same accounting period, it is called the matching principle and there is neither a loss or a profit
A.
B.
13.  Adjustments for accrued revenues:
A.
B.
C.
D.
E.
14.  In general, the accounts in the income statement are
A.
B.
C.
D.
15.  Accrual accounting involves all of the following except
A.
B.
C.
D.
E.
16.  What it the purpose of the adjusting entry under the Liability Method?
A.
B.
C.
D.
E.
17.  Adjusting entries are used to
A.
B.
C.
D.
E.
18.  The adjusted trial balance is a list of accounts and their balances at
A.
B.
C.
D.
E.
19.  What is the purpose of the adjusting entry under the Expense Method?
A.
B.
C.
D.
E.
20.  The time period assumption states that:
A.
B.
C.
D.
E.
21.  True or False. Under a perpetual inventory system, there is no need to conduct a physical inventory count
A.
B.
22.  Adjusting entries are made to ensure that:
A.
B.
C.
D.
E.
23.  The principle which dictates that efforts be matched with accomplishments is the:
A.
B.
C.
D.
E.
24.  The Unearned Revenue account is listed in the 
A.
B.
C.
D.
E.
25.  Subscriptions received in advance by a publishing company is called unearned revenue if the subscriptions revenue will be earned in one fiscal period
A.
B.
26.  In the adjustments column of the worksheet, the debit to the Merchandise Inventory account represents
A.
B.
C.
D.
E.
27.  The minor expense of a merchandiser is cost of goods sold
A.
B.
28.  Adjustments for unearned revenues:
A.
B.
C.
D.
E.
29.  The net increase in owner's equity that results from business operations is called:
A.
B.
C.
D.
30.  Assigning revenues to the accounting period in which goods are delivered or services performed and expenses to the accounting period in which they are used to produce revenues is called the
A.
B.
C.
D.
31.  A business can choose a fiscal year that corresponds to
A.
B.
C.
D.
E.
32.  Reduction in a receivable or a payable that is granted if it is paid within the discount period
A.
B.
C.
D.
E.
33.  One of the following statements about the accrual basis of accounting is false. That statement is/are:
A.
B.
C.
D.
E.
34.  Which of the following is/are a purpose of adjusting entries?
A.
B.
C.
D.
E.
35.  If adjusting entries are recorded in the worksheet, there is no need for them to be journalized or posted
A.
B.
36.  Cost of goods sold is equal to:
A.
B.
C.
D.
37.  Under the perpetual inventory system, the ending inventory is determined by a physical count and is recorded in the Merchandise Inventory Account
A.
B.
38.  _______is the merchandise a company owns and expects to sell to customers
39.  Which of the following is an example of a deferral?
A.
B.
C.
D.
E.
40.  A purchase of office supplies that was recorded in the Office Equipment account would require a correcting entry that
A.
B.
C.
D.
E.
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Quiz Comments (16)
until now..daq k na hindrance ang username pra saq!!!sir..sa yahoogroup nlng ibase aq personal info sir..lain k d jud naq makuha-kuha ang pag edit..
sir thank u sa chance
when can we possibly view the result?
grveh ka lisod
sir! nag lisud ko og log-in,,huhuhuhu pero ok raman ang quiz..hehehe ang true or false way lsud,,hehehe joke.....
totally brain twister . . c=
kah answr kah dai?
huhu. wla mi ka take!!! atots!
Grabe kah lisod!
wehew! i hate my answers! rrrr

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