MCQs 1 To 10
1. Every adjusting entry affects?
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?
3. The record of such transactions in the book of prime entry is called?
4. Adjusting Entries?
5. A balance of unearned rent at the end of period represents?
6. Which one of the following is an example of unearned income?
7. The portion of cost expires during a year is?
8. Which of the following is not an adjusting entry?
9. A liability account that reports amounts received in advance of providing goods and services?
10. Which of the following entries records the utility bill incurred but not paid from the water company?
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11. An increase in value of a fixed asset is known as?
12. Short Term Loan can be best describing as?
13. Which of the following is true for every adjusting entry?
14. Unearned revenues are?
15. Which of the following is not an adjusting entry?
16. How does failure to record accrued revenue distort the financial reports?
17. The purpose of adjusting entries is to?
18. When the goods are provided, unearned revenue decreased and a revenue account is?
19. Which of the following should not be called “Sales”?
20. The revenue receipt is shown in income statement as a?
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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.