Cores Studies 2

5 Questions

Settings
Please wait...
Study Quizzes & Trivia

Questions and Answers
  • 1. 
    A ____________________ is a report prepared outside the ledger, for pressentaion to interested parties, detailing the variou revenues and expenses for a period and calculating the resultant profit or loss 
  • 2. 
    The Net Profit can be found in the Trading Account 
    • A. 

      True

    • B. 

      False

  • 3. 
    Complete the General Journal Entry if Insurance of $200 is prepaid 
  • 4. 
    Select all the accounts which are closed to the Trading Account 
    • A. 

      Sales

    • B. 

      Sales Returns

    • C. 

      All Revenues

    • D. 

      All Expesnes

    • E. 

      Cost of Goods Sold

    • F. 

      Capital

    • G. 

      Drawings

  • 5. 
    The business sublets part of its premises and receives rent. Rent is payable one month in advance and is due on the last day of each month. Rent is $620. The above statement represents which type of Balance Day Adjustment: 
    • A. 

      Accrued Revenue

    • B. 

      Accrued Expense

    • C. 

      Prepaid Expense

    • D. 

      Unearned Revenue