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WorksheetsFABM1 Refresher
Total questions: 10
Worksheet time: 4mins
1. A debit to prepaid rent will result in an adjusting entry of
Debit to prepaid expense
Credit to rent expense
Credit to prepare expense
Debit to cash
Debit to rent expense
If you write 50,000 as 5,000 in your journal entry, you committed
Transposition
Transition
Transplacement
None of the above
All of the above
Statement of Financial Performance is known as
Balance Sheet
Capital Statement
Income Statement
Statement of Cash flows
None of the above
1. Freight out is expense as freight in is income
2. Perpetual inventory system requires manual count at the end of the year
Statement 1 correct, 2 is False
Statement 2 is correct, 1 is False
Both are True
Both are False
The process of summarizing the total amounts in the trial balance.
Posting
Journalizing
Balancing
None of the Above
The profit and loss summary is a
Nominal entry
Real entry
Permanent entry
Corollary entry
None of the above
The accounting concept that requires an entity to adopt a calendar or fiscal year.
Entity Concept
Time Period
Accrual basis
Going concern
Monetary Unit
If the interest for a loan on November 30 is 10,000 and the interest rate is 12% per annum, how much is your accrual at yearend?
1,200
1,000
200
100
None of the above
Which is not an internal user of financial information?
Shareholder
Management
Employee
Investor
All of the them are internal users of financial information
If the inventory costs 10,000 and was sold for 15,000, we record at 10,000 the following
A credit to sales
A debit to Cost of Goods Sold
A debit to inventory
A debit to Cash or Receivable
None of the above
