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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True
False
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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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Accrual basis
Account basis
Cash basis
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Supplies Expense, debit; Supplies, credit
Accounts Payable, debit; Supplies, credit
Accounts Receivable, debit;supplies, credit
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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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