Adjusted Trial Balance MCQs

Previous Practice: Adjusting Entries (II) MCQs

Next Practice: Financial Statement MCQs



MCQs 1 To 10

Click The Option and See Result

1. The appropriate journal entry to record equipment depreciation expense would consist of a debit to Depreciation Expense and a credit to which of the following accounts?

Correct! Wrong!

2. Payment for a two year insurance policy requires a debit to at the time of adjustments?

Correct! Wrong!

3. The entry to recognize depreciation expense?

Correct! Wrong!

4. Accrued revenue is also called?

Correct! Wrong!

5. Adjusting entries are required?

Correct! Wrong!

6. Depreciation is?

Correct! Wrong!

7. The amount reserved for doubtful debts is called?

Correct! Wrong!

8. Unearned revenue of Rs. 2,000 now earned. The entry is?

Correct! Wrong!

9. Accounting Period can be?

Correct! Wrong!

10. For purposes of measuring business income, the life of a business is?

Correct! Wrong!

Adjusted Trial Balance (1-10)
Super Genius ***
Excellent ***
Very Good **
Good *
Fair
Fail

Share your Results:

 

>>> Read Adjusted Trial Balance explanation, format and problems.



MCQs 11 To 20

Click The Option and See Result

11. Nabeel Law Associates began business in November with office stationery of Rs. 160. During the month, the firm purchased stationery of Rs. 290. On November 30, stationery of Rs. 210 was on hand. Stationery expense for period is?

Correct! Wrong!

12. When a concert promoting company collects cash for tickets sales two months in advance of the show date, which of the following account is recorded?

Correct! Wrong!

13. At the end of the fiscal year, Accounts Receivable has a balance of Rs. 100,000 and Allowance for Doubtful Accounts has a balance of Rs. 7,000. The expected net realizable value of the accounts receivable is?

Correct! Wrong!

14. Adjusting entries includes?

Correct! Wrong!

15. The adjusting entry to record unpaid salaries is?

Correct! Wrong!

16. The receipt of Rs. 5,000 of unearned revenue would be recorded by debiting Cash and what account should be credited?

Correct! Wrong!

17. The balance on the unearned rent account for Jones Co. as of 12/31 is Rs. 1,200. If Jones Co. failed to record the adjusting entry for Rs. 600 of rent earned during December, the effect on the balance sheet and income statement for December is?

Correct! Wrong!

18. Expense and income must be matched in the?

Correct! Wrong!

19. Which of the following is a non-cash expense that reduces the value of intangible fixed asset with the passage of time?

Correct! Wrong!

20. Accrued expenses are also called?

Correct! Wrong!

 

>> Practice Adjusted Trial Balance Problems and Solutions.

References

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.

Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.

Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.

 

1 Comment

  1. This website is very helpful for MCQs. Thank you

    Reply

Submit a Comment

Your email address will not be published. Required fields are marked *