
Ferg - Exinfm.com Adjusting Entries C3L2 (17)
Authored by Lee Ann Ferguson
Life Skills
9th - 12th Grade

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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Before we create financial statements, what must be done?
Some adjustments to the Trial Balance are made.
Balances are re-calculated.
Expenses are accrued.
Revenues and expenses are moved to Income Summary.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
WHEN are adjusting entries made?
At the end of each reporting period.
At the end of the week.
At the end of the month.
At the start of the reporting period.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
WHY are adjusting entries made?
To make sure we are in compliance with accrual accounting
To make sure we are in compliance with cash accounting
To make sure our debits and credits balance.
To make sure the accounting equation is in balance.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Trial Balance includes columns to ____________ and _____________ our accounts.
capture; adjust
capture; record
adjust, close out
adjust; report
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Adjusting Entry 1, which account is debited?
Depreciation Expense
Accumulated Depreciation
Warehouse Expense
Warehouse Depreciation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Adjusting Entry 1, the credited account is:
Accumulated Depreciation
Depreciation Expense
Warehouse Expense
Warehouse Depreciation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There is an error on the webpage. It reads "$ 55,000 / 5 years = $ 5,500". If $5,500 is correct, how many years should this read?
10 years
7 years
15 years
12 years
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