ADJUSTMENTS AT THE END OF ACCOUNTING PERIOD
Quiz
•
Education
•
4th - 5th Grade
•
Medium
NORKHAIRUL AZLINA BM
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of accounts are Interest Receivable and Fees Receivable?
Asset
Liability
Revenue
Expense
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of Unearned Revenues Account?
Asset
Liability
Owner's Equity
Revenues
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid Expenses?
Asset
Liability
Owner's Equity
Expense
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of entry will decrease the normal balances of the accounts Prepaid Insurance and Prepaid Expenses, and Insurance Expense?
Debit
Credit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of accounts are Accumulated Depreciation and Allowance for Doubtful Accounts?
Liability
Owner's Equity
Contra Asset
Asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following will be included in the adjusting entry to accrue interest expense?
Debit to Cash
Credit to Interest Payable
Debit to Interest Payable
Debit to Prepaid Interest
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The adjusting entry that reduces the balance in Prepaid Insurance will also include which of the following?
Credit to Cash
Credit to Insurance Expense
Debit to Insurance Expense
Debit to Insurance Payable
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