WorksheetsEXPENSES AND COST OF SALES PART 2
Total questions: 10
Worksheet time: 3mins
Name
Class
Date
1.
cash PAID = Expenses INCURRED
a)
True
b)
False
2.
cash PAID + PAYABLE = expense INCURRED
a)
True
b)
False
3.
cash PAID - PREPAID = expense INCURRED
a)
True
b)
False
4.
PREPAID expense =
a)
current ASSET
b)
current LIABILITY
5.
expense PAYABLE =
a)
current ASSET
b)
current LIABILITY
6.
I paid $4000 for rental expense. Monthly rental expense is $5000.
Rental expense incurred for March =
a)
$4000
b)
$5000
7.
Monthly rental expense is $5000. I paid $6000.
a)
Rental expense PAYABLE $1000
b)
PREPAID rental expense $1000
8.
ANNUAL rental expense is $12000. I paid $14000.
rental expense INCURRED for the YEAR =
a)
$12000
b)
$14000
c)
$2000
9.
I paid $800. Annual insurance expense is $1000.
Insurance expense INCURRED for the YEAR =
a)
$800
b)
$1000
c)
$200
10.
NOT a current asset.
a)
PREPAID expense
b)
Expense PAYABLE
c)
income RECEIVABLE
100 %
