Adjusting entries – MCQs

 Your answer is incorrect. The correct answer is “adjusting entries” (option 2).

 Your answer is incorrect. The correct answer is “prepaid expense” (option 3).

 Your answer is incorrect. The correct answer is “adjusting entries affect both balance sheet accounts and income statement accounts” (option 3).

 Your answer is incorrect. The correct answer is “Transaction analysis > Journal > Ledger > Trial balance > Adjusting entries” (option 3).

 Your answer is incorrect. The correct answer is “an asset” (option 1).

 Your answer is incorrect. The correct answer is “liabilities” (option 4).

 Your answer is incorrect. The correct answer is “a liability” (option 2).

 Your answer is incorrect. The correct answer is “correct and update accounts” (option 1).

 Your answer is incorrect. The correct answer is “unearned income” (option 1).

 Your answer is incorrect. The correct answer is “liability” (option 3).

 Your answer is incorrect. The correct answer is “Rent expense – Dr. & Outstanding rent – Cr.” (option 4).

 Your answer is incorrect. The correct answer is “Depreciation expense – furniture – Dr & Accumulated depreciation – furniture – Cr” (option 1).

 Your answer is incorrect. The correct answer is “has been earned but not received” (option 2).

 Your answer is incorrect. The correct answer is “liability” (option 2).