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Adjusting Entries

40 Questions  I  By An_pangader1987
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Online quiz number 1

  
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1.  Reduction in a receivable or a payable that is granted if it is paid within the discount period
A.
B.
C.
D.
E.
2.  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.
3.  In general, the accounts in the income statement are
A.
B.
C.
D.
4.  _______is the merchandise a company owns and expects to sell to customers
5.  The minor expense of a merchandiser is cost of goods sold
A.
B.
6.  The adjusted trial balance is a list of accounts and their balances at
A.
B.
C.
D.
E.
7.  Adjusting entries are made to ensure that:
A.
B.
C.
D.
E.
8.  ______is equal to Net sales minus cost of goods sold
9.  Which of the following is/are a purpose of adjusting entries?
A.
B.
C.
D.
E.
10.  Adjustments for unearned revenues:
A.
B.
C.
D.
E.
11.  The net increase in owner's equity that results from business operations is called:
A.
B.
C.
D.
12.  Cost of goods sold is equal to:
A.
B.
C.
D.
13.  Purchaser's description of a cash discount received from a supplier of goods
A.
B.
C.
D.
E.
14.  What it the purpose of the adjusting entry under the Liability Method?
A.
B.
C.
D.
E.
15.  Under the perpetual inventory system, the ending inventory is determined by a physical count and is recorded in the Merchandise Inventory Account
A.
B.
16.  One of the following statements about the accrual basis of accounting is false. That statement is/are:
A.
B.
C.
D.
E.
17.  Which of the following is an adjunct account?
A.
B.
C.
D.
E.
18.  Each of the following is major type (category) of adjusting entries, except:
A.
B.
C.
D.
E.
19.  A contra asset account is an account that is added to another asset account
A.
B.
20.  Adjusting entries are used to
A.
B.
C.
D.
E.
21.  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.
22.  The second adjusting entry for merchandise inventory, when using the periodic inventory system, causes a zero balance in the Merchandise Inventory account
A.
B.
23.  Adjustments for accrued revenues:
A.
B.
C.
D.
E.
24.  In the adjustments column of the worksheet, the debit to the Merchandise Inventory account represents
A.
B.
C.
D.
E.
25.  The principle which dictates that efforts be matched with accomplishments is the:
A.
B.
C.
D.
E.
26.  Accrual accounting involves all of the following except
A.
B.
C.
D.
E.
27.  A business can choose a fiscal year that corresponds to
A.
B.
C.
D.
E.
28.  A purchase of office supplies that was recorded in the Office Equipment account would require a correcting entry that
A.
B.
C.
D.
E.
29.  ________ It is defined as the systematic allocation of the cost of an asset over its useful life.
30.  The time period assumption states that:
A.
B.
C.
D.
E.
31.  Accounts that are partly income statement accounts and balance sheet accounts are called dual accounts
A.
B.
32.  If adjusting entries are recorded in the worksheet, there is no need for them to be journalized or posted
A.
B.
33.  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.
34.  The Unearned Revenue account is listed in the 
A.
B.
C.
D.
E.
35.  What is the purpose of the adjusting entry under the Expense Method?
A.
B.
C.
D.
E.
36.  The second adjusting entry for merchandise inventory under the periodic system, is 
A.
B.
C.
D.
E.
37.  True or False. Under a perpetual inventory system, there is no need to conduct a physical inventory count
A.
B.
38.  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.
39.  Under the periodic inventory system entries to the inventory account are made:
A.
B.
C.
D.
40.  Which of the following is an example of a deferral?
A.
B.
C.
D.
E.
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