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Authored by Nicole Chuchmach
Professional Development
Professional Development
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A fiscal year is 12 consecutive months
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A fiscal year always begins in January
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adjustments are made at the end of the accounting period to ensure that the income statement and balance sheet reflect the transactions for the accounting period.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accrued revenue is revenue that has been earned but not yet recorded
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Expenses incurred in one accounting period but not paid until a later accounting period are called expenses.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Depreciation is a contra account
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land depreciates
True
False
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