FABM Review

FABM Review

11th Grade

30 Qs

quiz-placeholder

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FABM Review

FABM Review

Assessment

Quiz

Business

11th Grade

Practice Problem

Hard

Created by

Lyyy Tania

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30 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the 2 methods to be used in Adjusting Entries for the Adjustment for the Prepayment of Expense?

Asset Method

Expense Method

Income Method

Liability Method

Answer explanation

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the 2 methods to be used in Adjusting Entries for the Adjustment for the Income collected in Advance or Unearned Income?

Asset Method

Expense Method

Income Method

Liability Method

Answer explanation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the original entry is changed to an asset account

Asset Method

Expense Method

Income Method

Liability Method

Answer explanation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

expense account is changed when payment is made

Asset Method

Expense Method

Income Method

Liability Method

Answer explanation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

income amount is credited when cash is received

Asset Method

Expense Method

Income Method

Liability Method

Answer explanation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a liability account is credited upon receipt of cash

Asset Method

Expense Method

Income Method

Liability Method

Answer explanation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The loss from uncollectible accounts is called ______. It is a nominal account which must be shown in the income.

Income Summary

Bad Debts

Depreciation

Expense

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