
Accounting Chapter 18
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Every adjustment affects one permanent and one temporary account.
Back
True
2.
FLASHCARD QUESTION
Front
The value of merchandise on hand is most accurately determined by a physical inventory.
Back
True
3.
FLASHCARD QUESTION
Front
If the Merchandise Inventory account is credited in the Adjustments section, it means that the ending inventory is greater than the beginning inventory.
Back
False
4.
FLASHCARD QUESTION
Front
The balance for Supplies in the Trial Balance section of the work sheet represents the beginning Supplies balance minus any supplies used during the period.
Back
False
5.
FLASHCARD QUESTION
Front
Federal Corporate Income Tax Payable is a liability account.
Back
True
6.
FLASHCARD QUESTION
Front
What is an expense paid in advance?
Back
prepaid expense
7.
FLASHCARD QUESTION
Front
Which of the following statements is incorrect concerning an adjusted trial balance? an adjusted trial balance shows proper balance sheet and income statement amounts, an adjusted trial balance is prepared before the adjusting entries have been journalized and posted, all of the other statements are true, an adjusted trial balance lists the account balances and their locations in the ledger
Back
an adjusted trial balance lists the account balances and their locations in the ledger
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