Dive into the essentials of accounting with this interactive quiz! Explore key concepts like revenue recognition, the accrual basis of accounting, and proper adjusting entries. Perfect for beginners looking to understand the fundamentals and apply them in real-world scenarios.
True
False
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Accrual basis
Account basis
Cash basis
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Net income or loss will be properly reported on the income statement
Net income or loss will always be overestimated.
Net income or loss will always be underestimated.
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Supplies Expense, debit; Supplies, credit
Accounts Payable, debit; Supplies, credit
Accounts Receivable, debit;supplies, credit
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Controls all revenue reporting for the cash basis of accounting
Determines when revenue is credited to a revenue account
Is in not in conflict with the cash method of accounting
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True
False
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Debit Insurance Expense, $10,000; credit Prepaid Insurance, $10,000
Debit Insurance Expense, $16,000; credit Prepaid Insurance, $16,000
Debit Prepaid Insurance, $10,000; credit Insurance Expense, $10,000
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