
ABM 2 QUIZ 4
Authored by Quen Ross
Business
12th Grade
Used 2+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance of Cash?
Debit
Credit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance of Accounts payable?
Debit
Credit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance of Revenues?
Debit
Credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance of Expenses?
Debit
Credit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If supplies are initially recognized amounting to P10,000 and there is an adjustment for the expired portion of P7,000, how much is the supplies on hand left?
10,0000
7,000
17,000
3,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you paid insurance in advance for 5 years, what account should be debited?
Cash
Insurance expense
Prepaid insurance
None of the choices.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the adjustment for the insurance paid in advance at year-end to defer the amount expired?
Dr. Insurance expense; Cr. Prepaid insurance
Dr. Prepaid insurance; Cr. Insurance expense
Dr. Prepaid insurance; Cr. Cash
Dr. Insurance expense; Cr. Cash
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