According to result of Adjusted Trial Balance, The financial statements are prepared in oder

Financial Accounting

Quiz
•
Business
•
1st Grade
•
Hard

khoi pham
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income Statement, Retained Earnings Statement, Statement of Financial Position
Income Statement, Statement of Financial Position,
Retained Earnings Statement,
Retained Earnings Statement, Income Statement, Statement of Financial Position
Statement of Financial Position,
Retained Earnings Statement, Income Statement
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
UNEARNED REVENUES belong to ..... group. Fill in the blank
Equity
Assets
Revenues
Liabilities
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many accounting reports?
3 reports - management reports and financial statements; internal report
4 reports - management reports and financial statements, internal report, investor report
1 report - financial statements
2 reports - management reports and financial statements
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On May 1, company X bought an equipment worth $12,000 in cash and plan to use it for 5 years. Question: Record the journal entry on May 1 & the adjusted entry for depreciation expense on May 31:
(1/5) Debit equipment $12,000 - Credit Accounts Payable $12,000 ; (31/5) Debit Depreciation expense $200 - Credit Accumulated Depreciation - Equipment $200
(1/5) Debit equipment $12,000 - Credit Cash $12,000 ; (31/5) Debit Depreciation expense $200 - Credit Equipment $200
(1/5) Debit equipment $12,000 - Credit Cash $12,000 (31/5) Debit Depreciation expense $2400 - Credit Accumulated Depreciation - Equipment $2,400
(1/5) Debit equipment $12,000 - Credit Cash $12,000 (31/5) Debit Depreciation expense $200 - Credit Accumulated Depreciation - Equipment $200
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
ADJUSTING entries for Accrued Expenses:
Increase Expense; Increase Assets
Increase Liabilities; Increase Expenses
Increase Assets; Increase Revenues
Increase Revenues; Increase Assets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
ACCUMULATED depreciation account belongs to ??? group & The debit - credit rule of this type of account is respectively:
None of the sentences are correct
Assets - Increase on Debit; Decrease on Credit
Expenses - Increase on Debit; Decrease on Credit
Assets - Increase on Credit; Decrease in Debit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Extended Accounting equation is:
Assets = Liabilities + Share capital - Ordinary + retained Earnings + Revenue - Expense - Dividends
Assets = Liabilities + Share capital - Ordinary + retained Earnings + Revenue + Expense + Dividends
Assets = Liabilities + Share capital - Ordinary + retained Earnings + Revenue - Expense + Dividends
Assets = Liabilities - Share capital - Ordinary - retained Earnings - Revenue - Expense - Dividends
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