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Multiple Choice Quiz
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1
The purpose of an adjusting entry is:
A)Revenue was earned but not recorded.
B)Expenses incurred but not recorded.
C)To show the prepaid expense for one month.
D)Customer paid in advance of receiving goods or services.
E)All of the above.
2
Adjusting entries are made on the:
A)15th of every month.
B)First day of the new year, meaning January 1.
C)Last day of the month, quarter, or year.
D)Adjusting entries are rarely recorded for a company.
E)All of the above.
3
On January 1 of the new year, this account shows Net Income:
A)Sales.
B)Cost of Goods Sold.
C)Common Stock.
D)Retained Earnings
E)None of the above.
4
On January 1, the Profit & Loss statement shows the following account balances:
A)The same as on December 31 of the previous year.
B)Zero.
C)The same as the Balance Sheet accounts.
D)The same as the Statement of Cash Flows accounts.
E)None of the above.
5
The Exercise 6-2 December trial balance shows account balances before:
A)Recording expenses.
B)Adjustments.
C)Additional Common Stock investment.
D)Before bills are paid.
E)None of the above.
6
Record adjusting entries on the:
A)Customer payments window.
B)Vendor payments window.
C)Check window.
D)Journal Entry window.
E)None of the above.
7
When depreciating Computer Equipment, this method was used:
A)Double-declining balance.
B)Computer Equipment is not depreciated.
C)Straight-line.
D)Average.
E)None of the above.
8
This report lists each account on the chart of accounts with a minus sign in front of credit balances.
A)December 31 Journal.
B)Adjusted Trial Balance.
C)EOY Profit and Loss statement.
D)Transaction Detail by Account.
E)All of the above.
9
After adjustments are journalized and posted, the report(s) updated is/are:
A)Trial Balance.
B)Profit and Loss.
C)Balance Sheet.
D)Statement of Cash Flows.
E)All of the above.
10
In Chapter 7, when the Balance Sheet date is changed to January 1:
A)The Balance Sheet has zero account balances.
B)Net income is shown as Retained Earnings.
C)Depreciation expense has an $800.00 balance.
D)The Balance Sheet is the same on December 31 and January 1.
E)None of the above.





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