11 U2 Topic 2 Quiz

11 U2 Topic 2 Quiz

11th Grade

10 Qs

quiz-placeholder

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11 U2 Topic 2 Quiz

11 U2 Topic 2 Quiz

Assessment

Quiz

Other

11th Grade

Practice Problem

Medium

Created by

Kylie Meek

Used 10+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unearned revenues are an asset. True or False

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrued expenses are expenses that have been paid in the current accounting year.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net profit is the difference between revenue earned from the sale of goods and cost of goods sold.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Balance day adjustments are entries made at balance day in order to match revenues and expenses accurately.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All ledger accounts are closed off at the end of the accounting year to the Profit or Loss summary account.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Prepaid expenses are:

an asset

a liability

a revenue

an expense

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrued revenues are:

revenues earned but not received

revenues owing by the business

revenues received but not earned

revenues listed in the SOPL

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