2.5 - Balance Day Adjustments [intermediate Quiz]
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Kia Ora :) This is the Intermediate Level Quiz in regards to Balance Day Adjustments for NCEA Level Two. When you feel that you are ready, please also take the Expert Level Quiz. Thank-you for using BroSir. Com :)
- 1.
Record Driver's Wages Owing $2450.- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 2.
Invoice on Hand for Electricity $1,092.50 including GST.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 3.
Dividends owing on shares we have invested in another company.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 4.
Shop rent is $2,500 per month excluding GST. Two months has been paid for in advance. The business uses the shop to sell its goods and pays the shop rent to Ray White Real Estate.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 5.
Record depreciation on shop fixture and fittings at 20% per annum, using the diminishing value method. Shop fixture and fittings cost $20,000. Accumulated depreciation to date is $5,000.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 6.
Write off Bad Debts. $3,588 including GST.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 7.
Depreciation on manager's truck is 15% per annum, use the straight-line method. Manager's truck cost $40,000. Accumulated depreciation to date is $6,000.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 8.
Record the adjustment to the allowance to doubtful debts to 5% of Accounts Receivable.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 9.
Interest owing on balance date is $450 [this is in relation to a loan that was taken out from the bank].
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 10.
Record interest owing on the term deposit that we have put into the bank - $560.
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
- 11.
Close Phil's drawings account for the year ended 31 / 03 / 2012 [drawings are at $55,000].
- A.
Accrued Income
- B.
Accrued Expense
- C.
Income in Advance
- D.
Prepayments
- E.
Allowance for Doubtful Debts
- F.
Depreciation
- G.
Bad Debts
![Interest owing on balance date is $450 [this is in relation to a loan that was taken out from the bank].
- ProProfs](/quiz-school/user_upload/ckeditor/personal-banking-loan.jpg "Interest owing on balance date is $450 [this is in relation to a loan that was taken out from the bank].")
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