Adjusting Entries MCQs 2

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These Adjusting Entries MCQs will be helpful for the students to prepare their exams, interviews and viva. This MCQs test consists of Question 15 to 25. To Take MCQs 1 to 14 please click “Adjusting Entries MCQs 1“. If you feel any difficulty to answer these MCQs we advise you to read Adjusting Entries Chapter thoroughly from Financial Accounting Section from the top Horizontal menu.

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1. The correction of record of a transaction which either has not been recorded or has been recorded in incomplete or wrong way is called:

 
 
 
 

2. Entries made at the end of the accounting period to correct and update the record of business transactions are called:

 
 
 
 

3. Adjusting entries are made:

 
 
 
 

4. Expenses against which goods or services have been received but payment has not been made are called:

 
 
 
 

5. Outstanding expenses are also known as:

 
 
 
 

6. Treatment of outstanding expenses in trading and profit and loss account is:

 
 
 
 

7. Outstanding expenses are recorded in balance sheet as:

 
 
 
 

8. Outstanding expenses are:

 
 
 
 

9. Expenses whose benefit has not been received but payment has been made are called:

 
 
 
 

10. Prepaid expenses are also called:

 
 
 
 

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