U2T2 Post-Test

U2T2 Post-Test

11th Grade

21 Qs

quiz-placeholder

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U2T2 Post-Test

U2T2 Post-Test

Assessment

Quiz

Other

11th Grade

Practice Problem

Medium

Created by

Michelle Lehmann

Used 1+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The trial balance shows prepaid advertising as $10,000. Of this amount, $1,500 is consumed. What is the Balance Day Adjustment journal entry?

Dr Advertising exp $1,500 Cr Prepaid exp $1,500
Dr Prepaid exp $1,500 Cr Advertising $1,500
Dr Advertising exp $1,500 Cr Accrued exp $1,500
Dr Accrued exp $1,500 Cr Advertising exp $1,500

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A customer paid $750 in advance for a service job that we will commence next financial year. What is the balance day adjustment journal entry?

Dr Accrued revenue $750 Cr Service fee revenue $750
Dr Service fee revenue $750 Cr Accrued revenue $750
Dr Service fee revenue $750 Cr Unearned revenue $750
Dr Unearned revenue $750 Cr Service fee revenue $750

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A stocktake revealed a shortage of $500 worth of stock. What is the balance day adjustment journal entry?

Dr Inventory adjustment $500 Cr Inventory $500
Dr Inventory $500 Cr Inventory adjustment $500

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Prepaid expenses are classified as:

A Current Asset
A Liability
An Expense
A Non-Current Asset

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrued Expenses are classified as:

An Asset
A Liability
An Expense
Revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrued Revenues are classified as:

A Current Asset
A Liability
An Expense
A Non-Current Asset

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unearned Revenue are classified as:

Revenue
An Expense
A Liability
Assets

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