What method does GAAP require public companies to follow?
Accounting: 6-2 Worksheet & Adjusting Entries (Accruals/Deferral

Quiz
•
Business
•
11th Grade
•
Hard

Steve Wills
Used 15+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Hybrid Method
Accrual Method
Direct Method
Cash Method
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of adjusting entries?
To record new transactions only
To prepare for tax returns
To convert records from cash basis to accrual basis
To correct errors in the ledger
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of an accrued expense?
Prepaying insurance premiums
Dividing a prepayment of rent over its term
Paying for supplies before they are used
Recognizing expenses before cash payment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a deferral adjusting entry involve?
Recording revenue before it is earned
Recognizing an expense before it is incurred
Payment after an expense or revenue occurrence
Prepayment of an expense or receipt of cash
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is accrued revenue recorded?
As revenue
As an expense
As an asset
As a liability
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fifth step in the accounting cycle?
Creating the accounting worksheet
Recording Transactions
Preparing Financial Statements
Posting to a General Ledger
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the adjusting entry for prepaid insurance do?
Records a new liability
Moves part of the Prepaid Insurance to an expense account
Decreases the Cash account
Increases the Prepaid Insurance account
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