McGraw-Hill OnlineMcGraw-Hill Higher EducationLearning Center
Student Center | Instructor Center | Information Center | Home
Sample Study Guide Chapter
Sample Working Papers Chapter
NetTutor
PowerWeb
Links to Resources
Download GLAS
Text Updates
Chapter Summary
Multiple Choice Quiz
True or False Quiz
Online Tutorial Quiz
Downloadable Definitions
Internet Exercises
PowerPoint Presentations
Alternate Problems
Check Figures
Tootsie Roll Exercises
SPATS
Feedback
Help Center


Book Cover
Financial and Managerial Accounting: The Basis for Business Decisions, 12/e
Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs

The Accounting Cycle: Accruals and Deferrals

True/False Quiz

Please answer all questions



1

If no errors are made in the daily recording of transactions, adjusting entries are unnecessary at the end of the period.
A)True
B)False
2

An adjusting entry to recognize wages payable at year-end causes a decrease in total assets
A)True
B)False
3

An adjusting entry to recognize that an advance payment from a customer has now been earned will cause an increase in assets.
A)True
B)False
4

The Accumulated Depreciation account has a credit balance and is increased by the year-end adjusting entry for depreciation.
A)True
B)False
5

Adjusting entries to accrue unrecorded expenses such as salaries and interest expense cause an increase in expenses and a corresponding decrease in assets.
A)True
B)False