
FABM1
Quiz
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Other
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11th Grade
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Practice Problem
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Medium
Rey Metran
Used 22+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following accounts in the Adjusted Trial Balance columns of the worksheet would be extended to the Balance Sheet columns?
Utilities Expense
Rent Revenue
Sir Metz Drawing
Miscellaneous Expense
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following accounts would be classified as a current asset on the balance sheet.?
Office Equipment
Land
Accumulated Depreciation
Accounts Receivable
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following accounts would not be closed to the income and expense summary account at the end of a period?
Accumulated Depreciation
Rent Expense
Service Income
Salaries Expense
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following accounts would not be included in a post-closing trial balance?
Cash
Service Income
Accumulated Depreciation
Sir Metz Capital
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following entries closes the owner's drawing account at the end of the period?
Debit the drawing account, credit the income summary account
Debit the owner's capital account, credit the drawing account.
Debit the income summary account , credit the drawing account
Debit the drawing account, credit the owner's capital account.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the supplies account, before adjustment on May 31, indicated a balance of P2,250, and supplies on hand at May 31 totaled P950, the adjusting entry would be:
Debit Supplies 950; Credit Supplies Expense 950
Debit Supplies 1,300; Credit Supplies Expense 1,300
Debit Supplies Expense, 950; credit Supplies, 950
Debit Supplies Expense, 1,300; credit Supplies, 1,300
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the estimated amount of Depreciation on equipment for a period is P2,000 , the adjusting entry to record the depreciation would be:
Debit Depreciation expense, P2,000; Equipment, P2,000
Debit Equipment P2,000; credit Depreciation expense, P2,000
Debit Depreciation expense, P2,000; credit Accumulated Depreciation, P2,000
Debit Accumulated Depreciation P2,000; credit Depreciation expense, P2,000
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