Take a quick Multiple Choice Questions (MCQs) test about Adjusting entries. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start Adjusting entries MCQs quiz.
If you find difficulty in answering these questions, read ‘Adjusting entries‘ chapter thoroughly from explanation section of the website.
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- Question 1 of 14
1. Question
The entries required at the end of the period to update the accounts before the preparation of financial statements are known as:
Correct
Awesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “adjusting entries” (option 2). - Question 2 of 14
2. Question
An expense paid in advance is called:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “prepaid expense” (option 3). - Question 3 of 14
3. Question
Which of the following statements is most appropriate.
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “adjusting entries affect both balance sheet accounts and income statement accounts” (option 3). - Question 4 of 14
4. Question
Which of the following correctly represents the sequence of accounting cycle.
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Transaction analysis > Journal > Ledger > Trial balance > Adjusting entries” (option 3). - Question 5 of 14
5. Question
A prepaid expense represents:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “an asset” (option 1). - Question 6 of 14
6. Question
Accrued expenses are:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “liabilities” (option 4). - Question 7 of 14
7. Question
The balance in unearned rent account at the end of the accounting period represents:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “a liability” (option 2). - Question 8 of 14
8. Question
The purpose of adjusting entries is to:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “correct and update accounts” (option 1). - Question 9 of 14
9. Question
A portion of income which has been received in advance is called:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “unearned income” (option 1). - Question 10 of 14
10. Question
In balance sheet, outstanding expenses are shown as:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “liability” (option 3). - Question 11 of 14
11. Question
Adjusting entry for outstanding rent is:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Rent expense – Dr. & Outstanding rent – Cr.” (option 4). - Question 12 of 14
12. Question
Which one of the following is a correct adjusting entry to record depreciation on furniture.
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Depreciation expense – furniture – Dr & Accumulated depreciation – furniture – Cr” (option 1). - Question 13 of 14
13. Question
Accrued revenue is revenue that:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “has been earned but not received” (option 2). - Question 14 of 14
14. Question
Outstanding expenses represent:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “liability” (option 2).
Awesome! your answer is correct.
Your answer is incorrect. The correct answer is “adjusting entries” (option 2).You can also check:
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Thnaks it was really helpful
Superb it’s help a lot
it’s very good to recall accounting basic… tq
it’s very good to recall accounting basic… tq
Very much helpful