Adjusting Entries

Adjusting Entries

Assessment

Flashcard

Specialty

10th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

Refer to the expenses that are already incurred, used, utilized or consumed but have not yet been paid.

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Back

Accrued Expenses

2.

FLASHCARD QUESTION

Front

Refer to income or revenue already earned but has not yet been collected. Options: Unearned Revenue, Accrued Income, Prepaid Income, Service Revenue

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Back

Accrued Income

3.

FLASHCARD QUESTION

Front

Represent revenue or income already collected but not yet earned; also referred to as advances from customers.

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Back

Unearned Revenue

4.

FLASHCARD QUESTION

Front

Represent advance payments made for expenses which have not yet been incurred, used, utilized or consumed.

Back

Prepaid Expenses

5.

FLASHCARD QUESTION

Front

The accounting concept which states that income is recognized when earned regardless of when collected and expense is recognized when incurred regardless of when paid.

Back

Accrual

6.

FLASHCARD QUESTION

Front

Refers to the allocation of the cost of the asset over its estimated useful life.

Back

Depreciation

7.

FLASHCARD QUESTION

Front

Adjusting entries are necessary to: Update and correct the accounts at the end of the period, balance the books at the end of the period, record the sales of the period, ensure the equality of the debits and credits

Back

Update and correct the accounts at the end of the period

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