Practice 10 questions on FINACC1 - Financial Accounting 1 at University of Zululand. Free AI-generated quiz on uNotes — track your score, retake anytime.
1Your business makes custom tote bags and completes a $1,200 order in February, but the client does not pay until March. Which adjusting entry is required on February 27 to accurately reflect revenue earned?
2What is the primary purpose of the Adjusted Trial Balance in the accounting cycle?
3A company pays $12,000 in December for a full year of rent in advance. When recording the adjusting entry for the month of January, which account is credited?
4Which type of adjusting entry is used when a company receives payment in January for a speaking engagement that will take place in March?
5In the PRINTING PLUS example, if the 'Accumulated Depreciation: Equipment' account has a balance of $75, on which side of the Adjusted Trial Balance will this amount appear?
6A company has a starting Supplies balance of $5,000. At the end of the period, a physical count reveals $2,150 of supplies are still on hand. What is the amount of 'Supplies Expense' that must be recognized in the adjusting entry?
7According to the document, which of the following accounts would have a different balance on the Balance Sheet than it does on the Adjusted Trial Balance?
8An accrued expense represents:
9If a business fails to make an adjusting entry for $2,000 of salaries earned by employees but not yet paid at the end of the month, what is the impact on the financial statements?
10When moving January's portion of prepaid rent from an asset to an expense, the journal entry includes:
