Adjusting Entries Quiz - ing Coach 714u
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NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________. If you have difficulty answering the following questions, learn more about this topic by reading our Adjusting Entries Explanation.
Bookkeeping Exam Gain knowledge and confidence with s, debits & credits, ing basics, and more. now
We also have Crosswords and Q&A for this topic.
Financial Exams Use the following information to answer questions 1 - 6: A company borrowed $100,000 on December 1, 2010 by g a six-month note that specifies interest at an annual percentage rate (APR) of 12%. No interest or principal payment is due until the note matures on May 31, 2011. The company prepares financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that should be entered in the company's records.
Covers 16 financial ing topics (640 questions). now
1.
What date should be used to record the December adjusting entry?
Answer
Managerial Exams
2.
How many s are involved in the adjusting entry?
Answer
Covers 19 managerial ing topics (520 questions).
3.
What is the name of the that w ill be debited?
Answer
4.
What is the name of the that w ill be credited?
Answer
5.
What is the amount of the debit and the credit?
Answer
6.
What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
now
Receive our popular 19-page Cheat Sheet at no cost when you our free newsletter: First Name: Use the following information to answer questions 7 - 12: A bank lent $100,000 to a customer on December 1, 2010 that required the customer to pay an annual percentage rate (APR) of 12% on the amount of the loan. The loan is due in six months and no payment of interest or principal is to be made until the note is due on May 31, 2011. The bank prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that the bank will be making for its ing records.
Email Address:
Our Newsletter
90,000+ have already ed 7.
W hat date should be used to record the December adjusting entry?
Answer
8.
How many s are involved in the adjusting entry?
Answer
9.
W hat is the name of the that should be debited?
Answer
W hat is the name of the that should be credited?
Answer
Business Forms Browse our 87 business forms and templates.
10. 11.
W hat is the amount of the debit and the credit?
Answer
12.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
ingcoach.com/…/08Dpg01.html
now
1/4
7/31/2011
Adjusting Entries Quiz | ingCoac…
CFA Institute
ing Jobs
Explore New Avenues in Global Finance.
ing job listings for job-seekers and employers.
www.cfainstitute.org/India
Browse ing jobs Use the following information to answer questions 13 - 18: On December 1, 2010 your company paid its insurance agent $2,400 for the annual insurance covering the period of December 1, 2010 through November 30, 2011. The $2,400 payment was recorded on December 1 with a debit to the current asset Prepaid Insurance and a credit to the current asset Cash. Your company prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that will be written by the company. 13.
W hat date should be used to record the December adjusting entry?
Answer
14.
How many s are involved in the adjusting entry?
Answer
15.
W hat is the name of the that will be debited?
Answer
16.
W hat is the name of the that will be credited?
Answer
17.
W hat is the amount of the debit and the credit?
Answer
18.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 19 - 24: On December 1, 2010 your company paid its insurance agent $2,400 for the annual insurance covering the period of December 1, 2010 through November 30, 2011. The $2,400 payment was recorded on December 1 with a debit to the income statement Insurance Expense and a credit to the current asset Cash. Your company prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that will be written by the company. 19.
W hat date should be used to record the December adjusting entry?
Answer
20.
How many s are involved in the adjusting entry?
Answer
21.
W hat is the name of the that will be debited?
Answer
22.
W hat is the name of the that will be credited?
Answer
23.
W hat is the amount of the debit and the credit?
Answer
24.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 25 - 30: On December 1, 2010 XYZ Insurance Co. received $2,400 from your company for the annual insurance covering the period of December 1, 2010 through November 30, 2011. XYZ Insurance Co. recorded the $2,400 receipt as of December 1 with a debit to the current asset Cash and a credit to the current liability Unearned Revenues. XYZ Insurance Co. prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that will be written by the XYZ Insurance Co. 25.
W hat date should be used to record the December adjusting entry?
Answer
25.
How many s are involved in the adjusting entry?
Answer
27.
W hat is the name of the that will be debited?
Answer
28.
W hat is the name of the that will be credited?
Answer
29.
W hat is the amount of the debit and the credit?
Answer
30.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 31 - 36: On December 1, 2010 your company began operations. On December 3 it purchased $1,500 of supplies and recorded the transaction with a debit to the current asset Supplies and a credit to the current liability s Payable. Your company prepares monthly financial statements at the end of each calendar month. At the end of the day on December 31, 2010 your company estimated that $700 of the supplies were still on hand in the supply room. The following
ingcoach.com/…/08Dpg01.html
2/4
7/31/2011
Adjusting Entries Quiz | ingCoac…
questions pertain to the adjusting entry that should be entered by your company. 31.
W hat date should be used to record the December adjusting entry?
Answer
32.
How many s are involved in the adjusting entry?
Answer
33.
W hat is the name of the that will be debited?
Answer
34.
W hat is the name of the that will be credited?
Answer
35.
W hat is the amount of the debit and the credit?
Answer
36.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 37 - 42: On December 1, 2010 your company began operations. On December 4 it purchased $1,500 of supplies and recorded the transaction with a debit to the income statement Supplies Expense and a credit to the current liability s Payable. Your company prepares monthly financial statements at the end of each calendar month. At the end of the day on December 31, 2010 your company estimated that $700 of the supplies were still on hand in the supply room. The following questions pertain to the adjusting entry that should be entered by your company. 37.
W hat date should be used to record the December adjusting entry?
Answer
38.
How many s are involved in the adjusting entry?
Answer
39.
W hat is the name of the that will be debited?
Answer
40.
W hat is the name of the that will be credited?
Answer
41.
W hat is the amount of the debit and the credit?
Answer
42.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
43.
A common characteristic of an adjusting entry is that it involves a balance sheet and an ___________ ______________ .
44.
Adjusting entries are usually dated the last day of the ing period and they convert s from the cash basis of ing to the _____________ basis of ing.
45.
Company S received money in advance of providing services to Company P. The money received before it is earned is an increase to Company S's asset Cash. The amount unearned should also be reported as another asset
46.
47.
48.
49.
50.
a liability
revenues
It is acceptable that some adjusting entries contain estimated amounts.
True
False
Adjusting entries are often categorized into two groups: _____________ and deferrals.
An adjusting entry to record interest expense incurred by a company but not yet included in its ing records is categorized as a(n)
Accrual
Deferral
An adjusting entry to adjust the amounts already recorded in the asset Supplies and in the income statement Supplies Expense is categorized as a(n)
Accrual
Deferral
A law firm has received $10,000 for services to be performed in the future. In which category would you put the entry to
ingcoach.com/…/08Dpg01.html
3/4
7/31/2011
Adjusting Entries Quiz | ingCoac…
adjust the s involved (Service Revenues and Unearned Revenues)?
Accrual
Deferral
About the Author: Harold Averkamp (A) has worked as an ant, consultant, and university ing instructor for more than 25 years. He is the author of the 2011 Master ing Package which has been praised for its ability to simplify ing in a way that anybody can understand.
Click here to get ALL of our materials in PDF format!
About | | s | Copyright | | Disclaimer | Helpful Links | Privacy | Site Map | Teachers | Testimonials Copyright © 2004 - 2011 ingCoach, LLC. All rights reserved. ingCoach® is a ed trademark.
ingcoach.com/…/08Dpg01.html
4/4
Adjusting Entries Quiz | ingCoac…
www.credila.com
Ads by Google
Search our website for more than 1,000 ing topics:
Search our Site Home
About
1,380 Testimonials
ing Topics
Test Yourself
Bookkeeping
Materials
Q&A
Careers
Dictionary
New to our website?
Quiz for the Topic...
View our most popular ing topics
Adjusting Entries
Read our credentials
Bookmark |
NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________. If you have difficulty answering the following questions, learn more about this topic by reading our Adjusting Entries Explanation.
Bookkeeping Exam Gain knowledge and confidence with s, debits & credits, ing basics, and more. now
We also have Crosswords and Q&A for this topic.
Financial Exams Use the following information to answer questions 1 - 6: A company borrowed $100,000 on December 1, 2010 by g a six-month note that specifies interest at an annual percentage rate (APR) of 12%. No interest or principal payment is due until the note matures on May 31, 2011. The company prepares financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that should be entered in the company's records.
Covers 16 financial ing topics (640 questions). now
1.
What date should be used to record the December adjusting entry?
Answer
Managerial Exams
2.
How many s are involved in the adjusting entry?
Answer
Covers 19 managerial ing topics (520 questions).
3.
What is the name of the that w ill be debited?
Answer
4.
What is the name of the that w ill be credited?
Answer
5.
What is the amount of the debit and the credit?
Answer
6.
What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
now
Receive our popular 19-page Cheat Sheet at no cost when you our free newsletter: First Name: Use the following information to answer questions 7 - 12: A bank lent $100,000 to a customer on December 1, 2010 that required the customer to pay an annual percentage rate (APR) of 12% on the amount of the loan. The loan is due in six months and no payment of interest or principal is to be made until the note is due on May 31, 2011. The bank prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that the bank will be making for its ing records.
Email Address:
Our Newsletter
90,000+ have already ed 7.
W hat date should be used to record the December adjusting entry?
Answer
8.
How many s are involved in the adjusting entry?
Answer
9.
W hat is the name of the that should be debited?
Answer
W hat is the name of the that should be credited?
Answer
Business Forms Browse our 87 business forms and templates.
10. 11.
W hat is the amount of the debit and the credit?
Answer
12.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
ingcoach.com/…/08Dpg01.html
now
1/4
7/31/2011
Adjusting Entries Quiz | ingCoac…
CFA Institute
ing Jobs
Explore New Avenues in Global Finance.
ing job listings for job-seekers and employers.
www.cfainstitute.org/India
Browse ing jobs Use the following information to answer questions 13 - 18: On December 1, 2010 your company paid its insurance agent $2,400 for the annual insurance covering the period of December 1, 2010 through November 30, 2011. The $2,400 payment was recorded on December 1 with a debit to the current asset Prepaid Insurance and a credit to the current asset Cash. Your company prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that will be written by the company. 13.
W hat date should be used to record the December adjusting entry?
Answer
14.
How many s are involved in the adjusting entry?
Answer
15.
W hat is the name of the that will be debited?
Answer
16.
W hat is the name of the that will be credited?
Answer
17.
W hat is the amount of the debit and the credit?
Answer
18.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 19 - 24: On December 1, 2010 your company paid its insurance agent $2,400 for the annual insurance covering the period of December 1, 2010 through November 30, 2011. The $2,400 payment was recorded on December 1 with a debit to the income statement Insurance Expense and a credit to the current asset Cash. Your company prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that will be written by the company. 19.
W hat date should be used to record the December adjusting entry?
Answer
20.
How many s are involved in the adjusting entry?
Answer
21.
W hat is the name of the that will be debited?
Answer
22.
W hat is the name of the that will be credited?
Answer
23.
W hat is the amount of the debit and the credit?
Answer
24.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 25 - 30: On December 1, 2010 XYZ Insurance Co. received $2,400 from your company for the annual insurance covering the period of December 1, 2010 through November 30, 2011. XYZ Insurance Co. recorded the $2,400 receipt as of December 1 with a debit to the current asset Cash and a credit to the current liability Unearned Revenues. XYZ Insurance Co. prepares monthly financial statements at the end of each calendar month. The following questions pertain to the adjusting entry that will be written by the XYZ Insurance Co. 25.
W hat date should be used to record the December adjusting entry?
Answer
25.
How many s are involved in the adjusting entry?
Answer
27.
W hat is the name of the that will be debited?
Answer
28.
W hat is the name of the that will be credited?
Answer
29.
W hat is the amount of the debit and the credit?
Answer
30.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 31 - 36: On December 1, 2010 your company began operations. On December 3 it purchased $1,500 of supplies and recorded the transaction with a debit to the current asset Supplies and a credit to the current liability s Payable. Your company prepares monthly financial statements at the end of each calendar month. At the end of the day on December 31, 2010 your company estimated that $700 of the supplies were still on hand in the supply room. The following
ingcoach.com/…/08Dpg01.html
2/4
7/31/2011
Adjusting Entries Quiz | ingCoac…
questions pertain to the adjusting entry that should be entered by your company. 31.
W hat date should be used to record the December adjusting entry?
Answer
32.
How many s are involved in the adjusting entry?
Answer
33.
W hat is the name of the that will be debited?
Answer
34.
W hat is the name of the that will be credited?
Answer
35.
W hat is the amount of the debit and the credit?
Answer
36.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
Use the following information to answer questions 37 - 42: On December 1, 2010 your company began operations. On December 4 it purchased $1,500 of supplies and recorded the transaction with a debit to the income statement Supplies Expense and a credit to the current liability s Payable. Your company prepares monthly financial statements at the end of each calendar month. At the end of the day on December 31, 2010 your company estimated that $700 of the supplies were still on hand in the supply room. The following questions pertain to the adjusting entry that should be entered by your company. 37.
W hat date should be used to record the December adjusting entry?
Answer
38.
How many s are involved in the adjusting entry?
Answer
39.
W hat is the name of the that will be debited?
Answer
40.
W hat is the name of the that will be credited?
Answer
41.
W hat is the amount of the debit and the credit?
Answer
42.
W hat w ould be the effect on the financial statements if the company fails to make the adjusting entry on December 31, 2010?
Answer
43.
A common characteristic of an adjusting entry is that it involves a balance sheet and an ___________ ______________ .
44.
Adjusting entries are usually dated the last day of the ing period and they convert s from the cash basis of ing to the _____________ basis of ing.
45.
Company S received money in advance of providing services to Company P. The money received before it is earned is an increase to Company S's asset Cash. The amount unearned should also be reported as another asset
46.
47.
48.
49.
50.
a liability
revenues
It is acceptable that some adjusting entries contain estimated amounts.
True
False
Adjusting entries are often categorized into two groups: _____________ and deferrals.
An adjusting entry to record interest expense incurred by a company but not yet included in its ing records is categorized as a(n)
Accrual
Deferral
An adjusting entry to adjust the amounts already recorded in the asset Supplies and in the income statement Supplies Expense is categorized as a(n)
Accrual
Deferral
A law firm has received $10,000 for services to be performed in the future. In which category would you put the entry to
ingcoach.com/…/08Dpg01.html
3/4
7/31/2011
Adjusting Entries Quiz | ingCoac…
adjust the s involved (Service Revenues and Unearned Revenues)?
Accrual
Deferral
About the Author: Harold Averkamp (A) has worked as an ant, consultant, and university ing instructor for more than 25 years. He is the author of the 2011 Master ing Package which has been praised for its ability to simplify ing in a way that anybody can understand.
Click here to get ALL of our materials in PDF format!
About | | s | Copyright | | Disclaimer | Helpful Links | Privacy | Site Map | Teachers | Testimonials Copyright © 2004 - 2011 ingCoach, LLC. All rights reserved. ingCoach® is a ed trademark.
ingcoach.com/…/08Dpg01.html
4/4
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