Accounting: 6-2 Worksheet & Adjusting Entries (Accruals/Deferral

Accounting: 6-2 Worksheet & Adjusting Entries (Accruals/Deferral

11th Grade

10 Qs

quiz-placeholder

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Accounting: 6-2 Worksheet & Adjusting Entries (Accruals/Deferral

Accounting: 6-2 Worksheet & Adjusting Entries (Accruals/Deferral

Assessment

Quiz

Business

11th Grade

Hard

Created by

Steve Wills

Used 15+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What method does GAAP require public companies to follow?

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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