Accounting Adjustments Quiz

Froggy Jumps

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Prepaid and Accrued Expenses

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Racquel Diaz

Trinidad and Tobago

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Accounting Adjustments Quiz


Froggy Jumps Accounting Adjustments QuizOnline version Prepaid and Accrued Expenses by Racquel Diaz 1 1. Why are adjustments made at the end of an accounting period? a To increase profit b To balance the bank account c To ensure income and expenses are recorded in the correct accounting period 2 3. Which accounting principle ensures that income and expenses are recorded in the appropriate accounting period? a Business Entity b Prudence c Matching Concept 3 4. The Accrual Concept states that income and expenses should be recorded: a At the beginning of the year b When cash is received or paid c When they are earned or incurred 4 5. Which accounting principle encourages accountants to avoid overstating profits? a Prudence b Going Concern c Consistency 5 6. A prepaid expense is: a An expense incurred but not yet paid b Revenue earned but not yet received c An expense paid in advance for a future period 6 7. Which of the following is an example of a prepaid expense? a Insurance paid for the next six months b Electricity bill unpaid at year-end c Wages owing at year-end 7 8. A prepaid expense is classified as a: a Liability b Revenue c Asset 8 9. If rent paid during the year includes an amount relating to next year, that amount should be: a Treated as a prepaid expense b Written off c Added to expenses 9 10. An accrued expense is: a An expense paid in advance b Income earned but not received c An expense incurred but not yet paid 10 11. Which of the following is an accrued expense? a Rent received in advance b Insurance paid for next year c Electricity used but not yet paid 11 12. Accrued expenses are reported as: a Liabilities b Revenue c Assets 12 13. If an accrued expense is omitted from the accounts, profit will be: a Understated b Overstated c Correctly stated 13 14. If a prepaid expense is omitted from the accounts, profit will be: a Understated b Correctly stated c Overstated 14 15. Which adjustment would increase the expense shown in the Income Statement? a A closing accrual b A closing prepayment c A reduction in expenses 15 16. A business paid $12,000 insurance covering 15 months. The unused portion should be treated as: a Accrued expense b Revenue c Prepaid expense 16 17. Which statement is TRUE? a Prepaid expenses represent future economic benefits. b Prepaid expenses are liabilities. c Accrued expenses are assets. 17 19. Which adjustment would appear as a Current Asset in the Statement of Financial Position? a Accrued electricity b Prepaid rent c Accrued wages 18 20. Which adjustment would appear as a Current Liability in the Statement of Financial Position? a Accrued electricity b Prepaid wages c Prepaid insurance

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Accounting Adjustments Quiz

Froggy Jumps

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Accounting Adjustments QuizOnline version

by Racquel Diaz

1. Why are adjustments made at the end of an accounting period?

3. Which accounting principle ensures that income and expenses are recorded in the appropriate accounting period?

4. The Accrual Concept states that income and expenses should be recorded:

5. Which accounting principle encourages accountants to avoid overstating profits?

6. A prepaid expense is:

7. Which of the following is an example of a prepaid expense?

8. A prepaid expense is classified as a:

9. If rent paid during the year includes an amount relating to next year, that amount should be:

10. An accrued expense is:

11. Which of the following is an accrued expense?

12. Accrued expenses are reported as:

13. If an accrued expense is omitted from the accounts, profit will be:

14. If a prepaid expense is omitted from the accounts, profit will be:

15. Which adjustment would increase the expense shown in the Income Statement?

16. A business paid $12,000 insurance covering 15 months. The unused portion should be treated as:

17. Which statement is TRUE?

19. Which adjustment would appear as a Current Asset in the Statement of Financial Position?

20. Which adjustment would appear as a Current Liability in the Statement of Financial Position?