Adjusting Entries

40 Questions  I  By An_pangader1987
Online quiz number 1

  
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1.  Cost of goods sold is equal to:
A.
B.
C.
D.
2.  Each of the following is major type (category) of adjusting entries, except:
A.
B.
C.
D.
E.
3.  The adjusted trial balance is a list of accounts and their balances at
A.
B.
C.
D.
E.
4.  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.
5.  _______is the merchandise a company owns and expects to sell to customers
6.  Which of the following is/are a purpose of adjusting entries?
A.
B.
C.
D.
E.
7.  Adjustments for accrued revenues:
A.
B.
C.
D.
E.
8.  ________ It is defined as the systematic allocation of the cost of an asset over its useful life.
9.  What it the purpose of the adjusting entry under the Liability Method?
A.
B.
C.
D.
E.
10.  Which of the following is an example of a deferral?
A.
B.
C.
D.
E.
11.  The minor expense of a merchandiser is cost of goods sold
A.
B.
12.  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.
13.  A business can choose a fiscal year that corresponds to
A.
B.
C.
D.
E.
14.  Under the periodic inventory system entries to the inventory account are made:
A.
B.
C.
D.
15.  ______is equal to Net sales minus cost of goods sold
16.  Purchaser's description of a cash discount received from a supplier of goods
A.
B.
C.
D.
E.
17.  Accrual accounting involves all of the following except
A.
B.
C.
D.
E.
18.  A purchase of office supplies that was recorded in the Office Equipment account would require a correcting entry that
A.
B.
C.
D.
E.
19.  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.
20.  The principle which dictates that efforts be matched with accomplishments is the:
A.
B.
C.
D.
E.
21.  Adjusting entries are made to ensure that:
A.
B.
C.
D.
E.
22.  The net increase in owner's equity that results from business operations is called:
A.
B.
C.
D.
23.  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.
24.  What is the purpose of the adjusting entry under the Expense Method?
A.
B.
C.
D.
E.
25.  If adjusting entries are recorded in the worksheet, there is no need for them to be journalized or posted
A.
B.
26.  Accounts that are partly income statement accounts and balance sheet accounts are called dual accounts
A.
B.
27.  Adjustments for unearned revenues:
A.
B.
C.
D.
E.
28.  A contra asset account is an account that is added to another asset account
A.
B.
29.  Under the perpetual inventory system, the ending inventory is determined by a physical count and is recorded in the Merchandise Inventory Account
A.
B.
30.  Reduction in a receivable or a payable that is granted if it is paid within the discount period
A.
B.
C.
D.
E.
31.  In general, the accounts in the income statement are
A.
B.
C.
D.
32.  The second adjusting entry for merchandise inventory under the periodic system, is 
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.  In the adjustments column of the worksheet, the debit to the Merchandise Inventory account represents
A.
B.
C.
D.
E.
35.  True or False. Under a perpetual inventory system, there is no need to conduct a physical inventory count
A.
B.
36.  The Unearned Revenue account is listed in the 
A.
B.
C.
D.
E.
37.  The second adjusting entry for merchandise inventory, when using the periodic inventory system, causes a zero balance in the Merchandise Inventory account
A.
B.
38.  Which of the following is an adjunct account?
A.
B.
C.
D.
E.
39.  The time period assumption states that:
A.
B.
C.
D.
E.
40.  Adjusting entries are used to
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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