Accounting-Chapter 15 Review

Accounting-Chapter 15 Review

11th - 12th Grade

29 Qs

quiz-placeholder

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Accounting-Chapter 15 Review

Accounting-Chapter 15 Review

Assessment

Quiz

Business

11th - 12th Grade

Medium

Used 2+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrued revenue refers to revenue earned in one fiscal period but not received until a later fiscal period.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The formula for calculated annual straight-line depreciation equals (original cost - useful life) / salvage value.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often are estimated federal income tax installments paid?

Quarterly

Monthly

Daily

Annually

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Only accounts with a balance are listed on the unadjusted trial balance.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of depreciation is considered in estimating the useful life of an asset?

Functional Depreciation

Physical Depreciation

Accumulated Depreciation

Functional & Physical Depreciation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a business using the periodic inventory method, purchases are recorded in the Merchandise Inventory account.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account is used to adjust Merchandise Inventory at the end of a fiscal period?

Merchandise Inventory Expense

Income Summary

Sales

Purchases

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