JPIA QUIZ

(1 point) An Accrued Expense is an expense?

• Incurred but not paid.

• Incurred and paid.

• Paid but not yet incurred.

• Not reasonably estimatable.

(1 point) Accounts that are not eliminated in the closing entries are called?

• Nominal.

• Private.

• Positive.

• Real.

(1 point) If a transaction causes total liabilities to decrease but does not affect the owner’s equity, what change, if any, will occur in total assets?

• Assets will increased.

• Assets will decreased.

• No change in total assests.

• None.

(1 point) Which among the following is not a Cashflow Activities?

• Investing.

• Financing.

• Auditing.

• Operating.

(1 point) Which of the following are closed at the end of an accounting period?

• Nominal Accounts.

• Personal Accounts.

• Real Accounts

• Balance Account.

(1 point) A decrease in value of a fixed asset due to age, wear and tear is known as?

• Accumulated Depreciation.

• Written Down Value.

• Appreciation.

• Depreciation.

(1 point) Which of the following adjustments is a unique feature of a merchandising company as compared to a service company?

• Impairment loss on receivable.

• Set-up of inventory at period-end.

• Accrued expenses.

• Unearned revenue.

(1 point)Which of the following statements regarding a trial balance is incorrect?

• A trial balance is a test of the quality of the debit and credit balances in the ledger.

• A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date.

• trial balance proves that no errors of any kind have been made in the accounts during the accounting period.

• A trial balance helps to localize errors within an identifiable time period.

(1 Point) Accounting House Company uses reversing entries. The company’s accounting period ends at April 30. When does the accountant post reversing entries?

• April 1

• January 1

• April 30

• May 1

(1 point) The accrual basis of accounting records revenues when they are:

• Collected.

• Earned.

• Contracted.

• Readily availabale for use.