Adjustment Types in Accounting

Adjustment Types in Accounting

10th Grade

10 Qs

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Adjustment Types in Accounting

Adjustment Types in Accounting

Assessment

Quiz

Financial Education

10th Grade

Practice Problem

Hard

Created by

Maqsooda Adam

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of accrued income?

Receiving payment from a customer before providing services

Earning interest on investments

Paying for rent in advance

Incurring utility expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company pays R2,000 for rent in advance for the next two months. What type of adjustment is required?

Prepaid expense

Accrued expense

Income received in advance

Accrued income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business earns R500 in interest on its investments, but the interest has not been received yet. What type of adjustment is required?

Accrued income

Income received in advance

Prepaid expense

Accrued expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company incurs R2,500 in salaries expenses, but the payment has not been made yet. What type of adjustment is required?

Accrued expense

Prepaid expense

Income received in advance

Accrued income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company receives R3,000 in advance from a customer for services to be provided over the next three months. What is the adjustment amount for the first month?

R1,000

R3,000

R2,000

R1,500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company receives R1,000 in advance from a customer for services to be provided next month. What type of adjustment is required?

Accrued income

Income received in advance

Prepaid expense

Accrued expense

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business earns R2,000 in revenue, but the customer has not paid yet. What type of adjustment is required?

Accrued income

Income received in advance

Prepaid expense

Accrued expense

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