What is prepaid expense?
Chapter 11 Accruals and prepayments

Quiz
•
Business
•
10th - 11th Grade
•
Hard
grayce lim
Used 38+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Business has incurred expense, but has not paid (still owe).
Business has not incurred expense, but has paid.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is accrued expense?
Business has incurred expense, but has not paid (still owe).
Business has not incurred expense, but has paid.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is income received in advance?
Business has earned the income, but has not received the money.
Business has not earned the income, but has received the money.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is income receivable/ accrued income?
Business has earned the income, but has not received the money.
Business has not earned the income, but has received the money.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On 1 January 2017, $14 000 cheque was paid for rental expense for 14 months.
How much rental expense was incurred for year ended 31 December 2017?
$14 000
$12 000
$2 000
$1 000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Business repaired 8 buses at a repair cost of $1000 per bus. A cheque of $6000 was paid on 31 December 2018.
State the account and amount to be recorded in the statement of financial position as at 31 December 2018?
$8000 prepaid repairs expense
$2000 prepaid repairs expense
$6000 accrued repairs expense
$2000 accrued repairs expense
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On 1 June 2017, a cheque of $33,000 was paid for 10 months from 1 June 2017 to 31 March 2018. 2 months of rent was outstanding.
What is the account and amount to be recorded in the statement of financial position as at 31 May 2018?
$3300 accrued rental expense
$3300 prepaid rental expense
$6600 accrued rental expense
$6600 prepaid rental expense
Create a free account and access millions of resources
Similar Resources on Wayground
11 questions
BP Ch. 12.1 Financial Planning

Quiz
•
9th - 12th Grade
14 questions
Accounting Basics

Quiz
•
9th - 10th Grade
15 questions
BE 2.05 Profit Quiz

Quiz
•
9th - 12th Grade
10 questions
3A 4-1 Income

Quiz
•
11th Grade
12 questions
income and expenditure

Quiz
•
10th - 11th Grade
15 questions
Payables & Receivables

Quiz
•
9th - 12th Grade
14 questions
Accounting Foundations Quiz 1

Quiz
•
9th - 12th Grade
15 questions
LEVEL 2: ACCOUNTING - I PRELIMINARY EXAMS PAPER 2020-21

Quiz
•
11th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade