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MULTI MULTI CHOICE QUESTIONS FOR THE WEBSITE FOR “ACCOUNTING 2” 2” Disk title A22MultiChi!e CHA"TER # $ BALANCE DA% DA% AD&USTMENTS
1.1 Two of these items are current assets (a) Accrued revenue and accrued expenses (b) Accrued revenue and revenue in advance (c) Accrued revenue and prepaid expenses √ (d) Prepaid expenses and accrued expenses 1.2 Insurance valued at $5 is paid in in advance and relates to the next financial financial !ear. Is this (a) An accrued expense (b) A prepaid expense√ expense√ (c) Accrued revenue (d) "evenue in advance 1.# The closin stoc%ta%e showed a value of $21. &hat 'alance da! entr! is reuired (a) *e'it closin inventories credit openin inventories (b) *e'it inventories credit profit and loss (c) *e'it tradin credit inventories tradin √ (d) *e'it inventories credit tradin √ 1.+ Provide for ,on service leave (,-,). Is the eneral ournal entr!/ (a) *e'it ,-, credit provision for ,-, √ (b) *e'it ,-, credit cash (c) *e'it provision for ,-, credit ,-, (d) *e'it cash credit provision for ,-, 1.5 The 'alances for accounts receiva'le are $150 with a provision for dou'tful de'ts de'ts of $#. urther 'ad de'ts totalled $5 and the provision is to 'e adusted to # of the remainin de'tors. Is the eneral ournal entr!/ (a) *e'it 'ad de'ts $5 credit dou'tful de'ts $5 (b) *e'it *ou'tful de'ts $5 credit provision for dou'tful de'ts de' ts $5 de' ts $+#5 (c) *e'it *ou'tful de'ts $+#5 credit provision for dou'tful de'ts de' ts $1#5 √ (d) *e'it *ou'tful de'ts $1#5 credit provision for dou'tful de'ts 1.3 4ommission was earned in une to 'e received in ul! in the next financial !ear.or the !ear ended # une0 is the commission revenue leder account (a) Increased √ (b) *ecreased (c) 6nchaned (d) 7ot affected until the next financial !ear. !ear.
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1.8 Inventories withdrawn '! the owner are (a) *e'ited to 'oth drawins and 9-T and credited to sales (b) *e'ited to drawins and credited to 'oth 9-T and inventories (c) *e'ited to 'oth drawins and 9-T and credited to purchases (d) *e'ited to drawins and credited to 'oth 9-T and purchases √ 1.: The insurance account includes $+ relatin to next financial !ear 'ut does not include $3 owin for the current !ear. &hat is the most appropriate adustment (a) ;a%e one entr! to adust for $2 (b) Add $2 into the insurance account (c) Prepare 'alance da! adustments for 'oth prepaid and accrued expenses √ (d) Prepare 'alance da! adustments for 'oth prepaid and accrued revenue 1.< -alar! expense to close of 'usiness &ednesda! 28 une was $1#5. The next pa!da! is on + ul! in the next financial !ear and the next ross pa! for a five da! wee%0 ;onda! to rida!0 is $2:. =ow much accrued expense is added to the salar! account (a) $ 53 (b) $ 112 √ (c) $ 13: (d) $ 22+ 1.1 Interest on loan for $8 is owin at # une and has not !et 'een paid. To include this as 'alance da! adustment is it (a) An accrued expense √ (b) A prepaid expense (c) Accrued revenue (d) "evenue in advance