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Quiz by Claudia Voin, created more than 1 year ago

Grade 12 Accounting Midterm Prep

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accounting
grade 12
adjusting entries

	Created by Claudia Voin almost 9 years ago

2534580

quiz

2017-01-05T00:31:37Z

Test 3 - Chapters 3/4 B

Question 1 of 10

If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future

Select one of the following:

True
False

Explanation

Question 2 of 10

A liability-revenue account relationship exists with an unearned rent revenue adjusting entry

Select one of the following:

True
False

Explanation

Question 3 of 10

Unearned revenue is a prepayment that requires an adjusting entry when services are performed

Select one of the following:

True
False

Explanation

Question 4 of 10

The adjusting entry at the end of the period to record an expired cost may be different depending on whether the cost was initially recorded as an asset or expense

Select one of the following:

True
False

Explanation

Question 5 of 10

UNDER ORIGINAL METHOD
Revenue received before it is earned and expenses paid before being used or consumed are both initially recorded as liabilities

Select one of the following:

True
False

Explanation

Question 6 of 10

UNDER ORIGINAL METHOD
An adjusting entry always requires an Income Statement account and a Balance Sheet account

Select one of the following:

True
False

Explanation

Question 7 of 10

UNDER ORIGINAL METHOD
Asset prepayments become expenses when they expire

Select one of the following:

True
False

Explanation

Question 8 of 10

UNDER ALTERNATE METHOD
Revenue received before it is earned and expenses paid before being used or consumed are both initially recorded as liabilities

Select one of the following:

True
False

Explanation

Question 9 of 10

UNDER ALTERNATE METHOD
An adjusting entry always involved an Income Statement account and a Balance Sheet Account

Select one of the following:

True
False

Explanation

Question 10 of 10

Asset prepayments become expenses when they expire

Select one of the following:

True
False

Explanation

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Grade 12 Accounting Midterm Prep

Test 3 - Chapters 3/4 B

Test 3 - Chapters 3/4 B

Question 1 of 10

If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future

Select one of the following:

Explanation

Question 2 of 10

A liability-revenue account relationship exists with an unearned rent revenue adjusting entry

Select one of the following:

Explanation

Question 3 of 10

Unearned revenue is a prepayment that requires an adjusting entry when services are performed

Select one of the following:

Explanation

Question 4 of 10

The adjusting entry at the end of the period to record an expired cost may be different depending on whether the cost was initially recorded as an asset or expense

Select one of the following:

Explanation

Question 5 of 10

UNDER ORIGINAL METHOD Revenue received before it is earned and expenses paid before being used or consumed are both initially recorded as liabilities

Select one of the following:

Explanation

Question 6 of 10

UNDER ORIGINAL METHOD An adjusting entry always requires an Income Statement account and a Balance Sheet account

Select one of the following:

Explanation

Question 7 of 10

UNDER ORIGINAL METHOD Asset prepayments become expenses when they expire

Select one of the following:

Explanation

Question 8 of 10

UNDER ALTERNATE METHOD Revenue received before it is earned and expenses paid before being used or consumed are both initially recorded as liabilities

Select one of the following:

Explanation

Question 9 of 10

UNDER ALTERNATE METHOD An adjusting entry always involved an Income Statement account and a Balance Sheet Account

Select one of the following:

Explanation

Question 10 of 10

Asset prepayments become expenses when they expire

Select one of the following:

Explanation

UNDER ORIGINAL METHOD
Revenue received before it is earned and expenses paid before being used or consumed are both initially recorded as liabilities

UNDER ORIGINAL METHOD
An adjusting entry always requires an Income Statement account and a Balance Sheet account

UNDER ORIGINAL METHOD
Asset prepayments become expenses when they expire

UNDER ALTERNATE METHOD
Revenue received before it is earned and expenses paid before being used or consumed are both initially recorded as liabilities

UNDER ALTERNATE METHOD
An adjusting entry always involved an Income Statement account and a Balance Sheet Account