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

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