Chapters 6 & 7 Income & Expenses
Authored by Si Ong
Business
9th Grade
Used 9+ times
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19 questions
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1.
MULTIPLE SELECT QUESTION
20 sec • 1 pt
Select ALL Current Assets.
Income Received in Advance
Income Receivable
Expense Payable
Prepaid Expense
2.
MULTIPLE SELECT QUESTION
20 sec • 1 pt
Select ALL Current Liabilities.
Income Received in Advance
Income Receivable
Expense Payable
Prepaid Expense
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Interest expense is $100 per month. The business has paid $500 during the year. Which of the following information at year end is correct?
Prepaid interest
$400
Prepaid interest
$700
Interest payable
$400
Interest payable
$700
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
On 1 April 2022, the prepaid salaries expense was $900.
Cheques paid for salaries for the year ended 31 March 2023 was $2,500.
Calculate the salaries expense incurred
during the year ended 31 March 2023.
$900
$1,600
$2,500
$3,400
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
On 1 July 2024, the commission expense payable was $200.
Cheque paid for commission expense during the year ended 30 June 2025 was $800.
Calculate the commission expense incurred
during the year ended 30 June 2025.
$200
$600
$800
$1,000
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
On 1 January 2023, the interest income receivable was $450.
$700 cheque was received during the year ended 31 December 2023.
Calculate the amount of interest income earned
for the year ended 31 December 2023.
$250
$450
$700
$1,150
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On 30 June 2022, the rent income received in advance was $5,000.
$3,000 cash was received for rent during the year ended 30 June 2023.
On 30 June 2023, the rent income receivable was $600.
Calculate the amount of rent income earned for the year ended 30 June 2023.
$1,400
$2,600
$7,400
$8,600
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