Accounting Quiz bee

1.     Which among the statement below means about Adjusting entries?

• a.     Assign revenues to the period in which they are earned

• b.     Help to properly measure the periods net income or net loss.

• c.     Bring asset and liability accounts to correct balances

• d.    All of the above.

2.The broad  classifications of adjusting entries are

• a.     Accrual and closing

• b.     accrual and deferrals

• c.     trial and deferrals

• d.   closing and trials

Accumulated Depreciation is reported in the

• a. Balance Statement

• b. Income Sheet

• c. Statement of Owner's Equity

• d. Both and B

Adjusting entries involve

• •a. Only real accounts

• •b. only nominal accounts

• •c. only capital accounts

• •d. at least one real and one nominal account

Which of the following implies the word accrued?

• a. Money has been paid but no service have been provided

• b. Money has been paid for a service to be performed during the next period

• c. Money has been paid and the service has been provided.

• d. Money has not been paid or received but the service has already been performed.

The  Adjusting entries to accrue salaries expense

• a.   Debit salaries expense and credit cash

• b. Debit salaries payable and credit salaries expense

• c. debit salaries payable and credit cash

• d. debit salaries expense and credit salaries payable

Which of the following is an example of an adjusting entries?

• a. Recording the purchase of supplies

• b. Recording the billing of customers for services rendered

• c. Recording depreciation on a truck

• d. Recording the payment of salaries to employees