MCQs 1 To 10

 

1. Every adjusting entry affects?

Correct! Wrong!

2. If a business pays for only 11 months rent during a financial year, what accounting term is given to the outstanding one month's rent?

Correct! Wrong!

3. The record of such transactions in the book of prime entry is called?

Correct! Wrong!

4. Adjusting Entries?

Correct! Wrong!

5. A balance of unearned rent at the end of period represents?

Correct! Wrong!

6. Which one of the following is an example of unearned income?

Correct! Wrong!

7. The portion of cost expires during a year is?

Correct! Wrong!

8. Which of the following is not an adjusting entry?

Correct! Wrong!

9. A liability account that reports amounts received in advance of providing goods and services?

Correct! Wrong!

10. Which of the following entries records the utility bill incurred but not paid from the water company?

Correct! Wrong!

Adjustment Entries I (1-10)
Super Genius ***
Excellent **
Very Good **
Good *
Fair
Fail

Share your Results:

 

>> Practice Adjusting Entries.

MCQs 11-20

 

11. An increase in value of a fixed asset is known as?

Correct! Wrong!

12. Short Term Loan can be best describing as?

Correct! Wrong!

13. Which of the following is true for every adjusting entry?

Correct! Wrong!

14. Unearned revenues are?

Correct! Wrong!

15. Which of the following is not an adjusting entry?

Correct! Wrong!

16. How does failure to record accrued revenue distort the financial reports?

Correct! Wrong!

17. The purpose of adjusting entries is to?

Correct! Wrong!

18. When the goods are provided, unearned revenue decreased and a revenue account is?

Correct! Wrong!

19. Which of the following should not be called “Sales”?

Correct! Wrong!

20. The revenue receipt is shown in income statement as a?

Correct! Wrong!

Adjustment Entries I (11-20)
Super Genius ***
Excellent ***
Very Good **
Good *
Fair
Fail

Share your Results:

 

>> Practice Adjusting Entries Problems and Solutions.

Facebook Handle

Facebook Pagelike Widget

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.

 

11 Comments

  1. one vine

    Nice read. You are obviously very knowledgeable. I will probably be going through a few of these issues as well at some point. Very good blog post.

    Reply
  2. soul cbd

    Interesting content. You are obviously very knowledgeable. I enjoyed reading what you had to say. Nice write up.

    Reply
  3. Bajrang

    Great post! working on and . It’s like you read my thoughts!

    Reply
  4. Arti

    Hit me up! I’m really beyond blown away, I got to admit. It’s like you read my thoughts! Your MCQs have proven useful to me.

    Reply
  5. Richa

    Nice read. Great read. When I turned on my Iphone your site was already loaded. You’ve made my day! Thx again.

    Reply
  6. Madeeha

    I know this web site provides quality based content and additional information, is there any other web page which presents such stuff in quality?

    Reply
  7. Aakriti

    Appreciation to my father who told me about this website, this blog is actually amazing.

    Reply
  8. Ahmet Mehmet

    Great blog

    Reply
  9. Marten

    Everything is very open with a very clear explanation of the issues. It was definitely informative. Your website is very helpful. Thank you for sharing!

    Reply
  10. Alejandra

    Good interesting multiple choice questions, thank you.

    Reply
  11. Usman Momand

    Really enhanced my knowledge

    Reply

Submit a Comment

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