Which of the following is an example of accrued income?

Adjustment Types in Accounting

Quiz
•
Financial Education
•
10th Grade
•
Hard
Maqsooda Adam
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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