U2T2 Post-Test
Authored by Michelle Lehmann
Other
11th Grade
Used 1+ times
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The trial balance shows prepaid advertising as $10,000. Of this amount, $1,500 is consumed. What is the Balance Day Adjustment journal entry?
Dr Advertising exp $1,500
Cr Prepaid exp $1,500
Dr Prepaid exp $1,500
Cr Advertising $1,500
Dr Advertising exp $1,500
Cr Accrued exp $1,500
Dr Accrued exp $1,500
Cr Advertising exp $1,500
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A customer paid $750 in advance for a service job that we will commence next financial year. What is the balance day adjustment journal entry?
Dr Accrued revenue $750
Cr Service fee revenue $750
Dr Service fee revenue $750
Cr Accrued revenue $750
Dr Service fee revenue $750
Cr Unearned revenue $750
Dr Unearned revenue $750
Cr Service fee revenue $750
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A stocktake revealed a shortage of $500 worth of stock. What is the balance day adjustment journal entry?
Dr Inventory adjustment $500
Cr Inventory $500
Dr Inventory $500
Cr Inventory adjustment $500
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepaid expenses are classified as:
A Current Asset
A Liability
An Expense
A Non-Current Asset
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accrued Expenses are classified as:
An Asset
A Liability
An Expense
Revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accrued Revenues are classified as:
A Current Asset
A Liability
An Expense
A Non-Current Asset
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unearned Revenue are classified as:
Revenue
An Expense
A Liability
Assets
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