Chapter 21 True/False Practice

Chapter 21 True/False Practice

12th Grade

8 Qs

quiz-placeholder

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Chapter 21 True/False Practice

Chapter 21 True/False Practice

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Jean Heffelfinger

Used 9+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To record revenue that has been received but not yet earned, an entry is made that increases a liability account.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An expense that is paid in advance is recorded as an asset until the expense is incurred.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The reversing entry for accrued interest expense increases the balance of Interest Payable.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The adjusting entry for deferred rent income results in a debit to Rent Income.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The reversing entry for accrued interest income increases the balance of Interest Receivable.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After adjustments at the end of a fiscal period, the balance in Unearned Rent Income represents the rent still unearned.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting procedures require that revenue and expenses be recorded in the accounting period in which revenue is earned and expenses are incurred.

True

False

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