ADJUSTING ENTRIES

ADJUSTING ENTRIES

12th Grade

15 Qs

quiz-placeholder

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ADJUSTING ENTRIES

ADJUSTING ENTRIES

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

Frances Anne Beraquit

Used 355+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of adjusting entry?

Prepaid expenses

Accrued expenses

Unearned revenue

Unearned expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

From which accounting document is the trial balance prepared?

Journals

Ledgers

Source documents

Vouchers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following steps in the accounting process are theoretically done throughout the year, EXCEPT:

Preparation of closing entries

Preparation of financial statements

Preparation of journal entries

Preparation of adjusting entries

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is TRUE about the allowance for doubtful accounts?

It is always equal to bad debts expense

It is never equal to bad debts expense

It will always be less than accounts receivable

It will never be less than the accounts receivable

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following do NOT have a negative effect on the owner's capital?

Depreciation expense

Adjusting entry for unearned revenue

Owner's drawings

Payment of liabilities

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

On December 1, 2018, Mr. Hindu paid Php18,000 to the cashier of Goma Company as a payment for rent during months of December 2018 and January 2019. How much is the rent expense of Mr. Hindu on December 31, 2018?

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The advertising fee to be paid on May 31, 2020 is Php40,000, covering period from May 31, 2020 to March 30, 2021. How much is the prepaid advertising fee on December 31, 2020?

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