Accounting Ch. 3

Accounting Ch. 3

10th - 12th Grade

30 Qs

quiz-placeholder

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Accounting Ch. 3

Accounting Ch. 3

Assessment

Quiz

Business

10th - 12th Grade

Medium

Created by

Brendan Haley

Used 1+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refers to the allocation of the cost of the asset over its estimated useful life.
Consumption
Deterioration
Contra Asset
Depreciation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adjusting entries are necessary to
Update and correct the accounts at the end of the period
balance the books at the end of the period
record the sales of the period
ensure the equality of the debits and credits

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The adjusting entry to record an accrued expense results in which of the following types of accounts being debited and credited?
Asset/Revenue
Asset/Liability
Expense/Asset
Expense/Liability

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The adjusting entry to record an accrued revenue results in which of the following types of accounts being debited and credited?
Asset/Revenue
Asset/Liability
Expense/Asset
Expense/Liability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On January 1 a company purchased billboard advertising for 12 months for $6,000. On January 31, an adjusting credit was made to the __________account for $__________.

Prepaid Advertising/$500

Advertising Expense/$500

Cash/$1,000

Accrued Advertising/$500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

$3,000 worth of service has been provided to a customer who paid advance amount of $4,000. The accounting period has come to an end with 25% of the work undone. The following debit/credit is required:

service revenue/unearned revenue

unearned revenue/service revenue

accrued revenue/cash

service expense/services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Equipment costing $60,000 has useful life of 5 years and its estimated salvage value is $10,000. Depreciation is provided using the straight line depreciation method. At the end of one year which accounts will be debited/credited

Depreciation Expense/Equipment

Prepaid Equipment/Depreciation expense

Depreciation expense/accumulated depreciation

None of these

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