Explore key accounting principles in 'method of accounting chapter 3' through practical scenarios. This quiz assesses your ability to handle adjusting entries, covering unearned revenues, supplies expenses, depreciation errors, and interest accruals, essential for accurate financial reporting.
Debit supplies expense 1,100
Credit supplies 400
Debit supplies 400
Debit supplies 1,100
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Accrued expense
Prepaid expense
Depreciation expense
Cash expense
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Debit interest receivable, credit interest revenue
Debit interest payable, credit interest expense
Debit interest expense, credit cash
Debit interest expense, credit interest payable
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0
5,000
10,000
15,000
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Debit unearned rent revenue 1800, credit rent revenue 1800
Debit cash 900, credit rent revenue 900
Debit unearned rent revenue 900, credit rent revenue 900
Debit rent revenue 900, credit unearned rent revenue 900
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Liabilities are overstated, and owners' equity is understated
Assets are understated, and net income is understated
Net income is understated, stockholders equity is overstated
Revenues are understated, and net income is overstated
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Service revenue has a debit balance
Accumulated depreciation has a credit balance
Salary expense has a debit balance
All of the above are correct
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When the cash is collected
When the sale is made
Either when the cash is received or the sale is made
At a time that cannot be determined from the facts
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Debit Management Fee Revenue, credit retained earnings
Management Fee Revenue does not need to be closed
Debit retained earnings, credit management fee revenue
Debit management fee revenue, credit service revenue
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The 2010 income statement
The 2011 income statement
Neither the 2010 nor 2011 income statement
Both statements
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Dividend
Interest revenue
Accumulated depreciation
Depreciation expense
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Assets and expenses are understated; net income is understated
Net income is overstated and liabilities are understated
Assets, net income, and stockholders' equity are overstated
Assets are overstated; stockholders' equity and net income are understated
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The expense recognition principle directs accountants to identify and measure all expenses incurred and deduct them from revenues earned during the same period
Accrual accounting produces better information than cash-basis accounting
A fiscal year ends on some date other than Dec 31
Adjusting entries are required for a business that uses cash basis
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Improves the current ratio and hurts the debt ratio
Hurts the current ratio and improves the debt ratio
Improves both
Hurts both
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