Accounting 1 - Ch. 8 Review

Accounting 1 - Ch. 8 Review

KG - University

20 Qs

quiz-placeholder

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Accounting 1 - Ch. 8 Review

Accounting 1 - Ch. 8 Review

Assessment

Quiz

Specialty

KG - University

Hard

Created by

Eric Swanson

Used 93+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The journal entry to adjust Supplies is
debit Supplies; credit Supplies Expense
debit Supplies Expense; credit Supplies.
debit Income Summary; credit Supplies.
debit Supplies Expense; credit Income Summary

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

After the adjusting entry for Supplies, Supplies Expense has an up-to-date balance that is the
same as the beginning balance for Supplies.
same as the ending balance for Supplies.
value of supplies bought during the fiscal period.
value of supplies used during the fiscal period.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Accounts used to accumulate information from one fiscal period to the next are
revenue accounts.
permanent accounts.
temporary accounts.
expense accounts.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Temporary accounts begin each fiscal period with a 
debit balance.
credit balance.
zero balance.
balance equal to net income.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When the total expenses are greater than the total revenue,
the income summary account has a credit balance.
the income summary account has a debit balance.
debits equal credits.
none of the other choices.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The journal entry to close Income Summary when there is a net income is
debit Sales; credit Income Summary.
debit owner's capital; credit Income Summary.
debit owner's capital account; credit Sales.
debit Income Summary; credit owner's capital.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which accounting concept applies when a work sheet is prepared at the end of the fiscal period?
Business Entity
Accounting Period Cycle
Adequate Disclosure
Consistent Reporting

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