Quiz on Adjustment Income and Expenses
Interactive Video
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Business
•
10th Grade - University
•
Hard
Wayground Content
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7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to consider adjustments in financial statements?
To ensure the trial balance is balanced
To enhance the aesthetic appeal of the report
To comply with legal requirements
To correct errors in the financial statement
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in identifying the correct accounting treatment for an adjustment?
Conducting a trial example
Consulting a financial advisor
Reviewing the trial balance
Ignoring the adjustment
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the trial example, what was the adjustment made?
Goods were donated to charity
Goods were withdrawn by the proprietor for personal use
Goods were sold to a customer
Goods were purchased for business use
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the dual aspect principle, how many effects should each adjustment have?
Four
One
Two
Three
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where is the second effect of the adjustment posted in the trial example?
In the cash flow statement
In the closing stock
In the balance sheet
In the profit and loss account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the correct treatment for goods withdrawn for personal use?
Record as a drawing
Record as an expense
Record as an income
Record as a liability
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do after understanding the adjustments and their effects?
Ignore the adjustments
Begin the accounting process
Consult with a manager
Re-evaluate the trial balance
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