acc 8

acc 8

University

31 Qs

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Assessment

Quiz

Business

University

Medium

Created by

Le Tram

Used 16+ times

FREE Resource

31 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=140 On May 1, 2009 Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed April 30, 2010. The Cash receipt was recorded as unearned fees and at December 31, 2009, $1,000 of the fees had been earned. The adjusting entry on December 31 Year 1 should include:

a. A debit to Unearned Fees for $500

b. A credit to Unearned Fees for $500

c. A credit to Earned Fees for $1,000.

d. A debit to Earned Fees for $1,000

e. A debit to Earned Fees for $500.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=141 The difference between the cost of an asset and the accumulated depreciation for that asset is called

a. Depreciation Expense.

b. Unearned Depreciation

c. Prepaid Depreciation

d. Depreciation Value

e. Book Value

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=142 Failure to make adjusting entries for prepaid expense will result in

a. Overstatement of expenses

b. Understatement of expenses

c. Understatement of assets

d. Overstatement of Liabilities

e. Understatement of Liabilities

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=143 A company's Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense for the year is $3,100, what amount of office supplies was purchased during the period?

a. $2,700.

b. $2,900.

c. $3,300.

d. $3,500

e. $3,700.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=144 If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include:

a. A debit to Cash and a credit to Salaries Payable.

b. A debit to Cash and a credit to Prepaid Salaries.

c. A debit to Salaries Payable and a credit to Cash

d. A debit to Salaries Payable and a credit to Salaries Expense

e. No entry would be necessary on January 5.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=145 Which statement is true:

a. Account payable is considered a liability on the balance sheet

b. Account payable is considered a liability on the statement of owner equity

c. Account payable is considered a liability on the income statement

d. Account payable is considered a liability on the cash flow statement

e. None of these

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=146 The adjusting entry to record the earned but unpaid salaries of employees at the end of an accounting period is:

a. Debit Unpaid Salaries and credit Salaries Payable

b. Debit Salaries Payable and credit Salaries Expense.

c. Debit Salaries Expense and credit Cash.

d. Debit Salaries Expense and credit Salaries Payable.

.e. Debit Cash and credit Salaries Expense.

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