
Advanced Accounting 7
Authored by Christina Osborne
Business
12th Grade
Used 4+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is NOT true about permanent accounts?
Permanent accounts are never closed.
An asset is a permanent account.
All balance sheet accounts are permanent
An expense is a permanent account.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The entry on November 1, 20xx to record the payment with cash of rent for a full year would include:
debit to rent expense
debit to prepaid rent
credit to prepaid rent
credit to accounts payable
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of a trial balance is to:
check to see if the total debits equal the total credits
insure that correct accounts have been debited and credited
check to determine whether all journal entries were made
all answers are correct
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
On November 4, 2010, Pauley & James, Chartered paid $12,000 for two years rent in advance. Assuming that Pauley & James's fiscal year ends on December 31, 2010, what would be the required adjusting entry:
Rent Expense Dr 1,000
Rent Revenue Cr 1,000
Prepaid Rent Dr 10,000
Rent Expense Cr 10,000
Rent Expense Dr 1,000
Prepaid Rent Cr 1,000
Rent Expense Dr 1,000
Cash Cr 1,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following journal entry:
Insurance Expense DR
Prepaid Insurance CR
increasing assets and increasing liabilities
decreasing liabilities and increasing owners' equity
increasing assets and increasing owners' equity
decreasing assets and decreasing owners' equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The 7th of 8 steps in the accounting cycle is to prepare:
the post-closing trial balance
adjusting entries
financial statements
make and post closing entries
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net income would increase as a result of which of the following adjustments?
Adjusting unearned revenue
Accruing an expense
Recording depreciation
Adjusting Prepaid Rent
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
10 questions
Component 3 - Revenue/Costs Part 1 -Topic 3
Quiz
•
1st - 12th Grade
10 questions
Accounting - Internal Controls for Cash
Quiz
•
11th - 12th Grade
10 questions
Trading Psychology Bonus Quiz
Quiz
•
12th Grade
14 questions
Final Accounts/Financial Statements
Quiz
•
11th Grade - University
11 questions
Consumer Purchasing - Buying and leasing
Quiz
•
9th - 12th Grade
15 questions
Marketing Mix
Quiz
•
12th Grade
13 questions
Higher Accounts - Manufacturing
Quiz
•
11th - 12th Grade
13 questions
VOCAB ch 2 Quiz- Ramsey
Quiz
•
11th - 12th Grade
Popular Resources on Wayground
7 questions
History of Valentine's Day
Interactive video
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
15 questions
Valentine's Day Trivia
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
Discover more resources for Business
13 questions
BizInnovator Startup - Experience and Overview
Quiz
•
9th - 12th Grade
10 questions
Understanding Stock Market Investing
Interactive video
•
9th - 12th Grade
12 questions
Time Management Lesson
Lesson
•
1st - 12th Grade
20 questions
Review for Business Essentials 2.05
Quiz
•
9th - 12th Grade