WorksheetsADJUSTING THE ACCOUNTS
Total questions: 10
Worksheet time: 5mins
Adjustments needed to _________, EXCEPT:
to make sure an accurate amount being reported in financial statement
to correct the error made by the business
to ensure that the amount of expenses is match with the amount of revenue
to manipulate the accounting report
All of the following were the accounting concept and principles related with an adjustment EXCEPT:
periodicity
revenue recognition
separate entity
matching
"revenue should be recognized when it is earned regardless whether it being received or not" this is accordance with the principle of _______
money measurement
accrual
revenue recognition
time period
The business should less the amount of prepaid salary to ensure that the amount of salary recorded in financial statement is accurate with the amount of revenue earned for that accounting period. This is in line with the principles of________
time period
matching
accrual
revenue recognition
Rental not yet paid is recorded as__________
accrued revenue
accrued expense
unearned revenue
prepaid expenses
Rental received for the next month was classified as_______
current asset
current liability
expense
revenue
Consultation services provided on credit to customer. What is the journal entries used to record this transaction?
DR Consultation services
CR Accrued Consultation services
DR Account Receivable
CR Consultation services
DR Consultation services
CR Account Receivable
DR Unearned Consultation services
CR Bank
The loss of using non current asset is refer to_________
accrued expense
bad debt
depreciation
prepaid revenue
Customer bankrupt and unable to clear the debt. The business will write off this amount as_____________
Depreciation
supplies used
unearned revenue
bad debt
The amount of supplies at the end of the year was RM10,000. Total supplies for the year was RM43,000. How much the amount of supplies being used for the year?
RM33,000
RM53,000
RM43,000
RM10,000
