Accounting Quiz Bee 2

Which of the following is a type of adjusting journal entry?

• Prepaid (Deferred) expenses

• Unearned (Deferred) revenues.

• Accrued revenues.

• All of the above

At the end of the accounting period, the business had $4,500 of office supplies on hand. At the beginning of the period, the amount of supplies on hand was $3,000. If the business purchased $12,000 of office supplies during the year, what amount of office supplies were used during year?

• $16,500

• $14,250

• $10,500

• $ 9,750

The notion that the life of a business is divisible into time periods of equal length is known as which of the following?

• Continuing-concern principle

• Monetary unit principle

• Recognition principle

• Time-period principle

Which of the following accounts is a temporary account?

• Accounts Payable

• Unearned Revenue

• Capital, Lola Delong

• Withdrawals

• Office Equipment

Which of the following closing entries is usually recorded last?

• Closing the Income Summary account

• Closing the expense accounts

• Closing the withdrawals account

• Closing the revenue accounts

Transactions in a journal are recorded in

• alphabetical order

• dollar amount order.

• chronological order

• account number order

In the first month of operations, the total of

the debit entries to the cash account amounted to $900 and the total of the credit entries to the cash account amounted to $600. The cash account has a(n)

• $300 credit balance

• $900 debit balance

• $600 credit balance

• $300 debit balance

Which of the following statements is true?

• Credits decrease assets and decrease liabilities

• Debits increase assets and increase liabilities

• Credits decrease assets and increase liabilities

• Debits decrease liabilities and decrease assets

The final step in the recording process is to transfer the journal information to the

• trial balance

• financial statements.

• ledger

• file cabinets