Adv. Accounting - Ch. 9 Review: Question Preview (ID: 13144)


Below is a preview of the questions contained within the game titled ADV. ACCOUNTING - CH. 9 REVIEW: Notes Payable, Prepaid Expenses & Accrued Expenses .To play games using this data set, follow the directions below. Good luck and have fun. Enjoy! [print these questions]


Play games to reveal the correct answers. Click here to play a game and get the answers.

The interest rate that banks charge their most creditworthy customers is called the prime rate.
a) True b) False c) d)
Corporations pay estimated federal income taxes quarterly. Any unpaid federal income tax is recorded as a prepaid expense.
a) True b) False c) d)
Wilson, Inc. initially records prepaid insurance as an asset; therefore, it should record a reversing entry for insurance.
a) True b) False c) d)
If supplies are initially recorded as assets, the adjusting entry to record the use of supplies is a debit to Supplies and a credit to Supplies Expense.
a) True b) False c) d)
After the adjusting entry has been recorded for sales supplies, the asset amount represents the portion of sales supplies not used during the current fiscal period.
a) True b) False c) d)
if the adjusting entry included a debit to the asset account and a credit to the expense account, the reversing entry would include a debit to the expense and a credit to the asset
a) True b) False c) d)
Adjusting entries are recorded so that the supplies used during a fiscal period are reported as expenses & the supplies not used are reported as assets. This is an application of
a) adequate disclosure b) historical cost c) matching expenses with revenue d) revenue recognition
To determine if a reversing entry is needed, accountants apply which of the following rules?
a) If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed. b) If a clos. entry creates a bal. in an asset or liability acct., the clos. entry needs to be reversed c) If an adj. entry creates a bal. in an expense or revenue acct., the adj. entry needs to be reversed. d) If a clos. entry creates a bal. in an expense or revenue acct., the clos. entry needs to be reversed
Wilson, Inc. signs a 180-day, 8% note for $6,000. The interest due on the note at maturity will be
a) $200 b) $240 c) $280 d) $480
The beg. bal. of Supplies is $12,000, and the adjusting entry to record the supplies used is $8,000. The amount of supplies remaining at the end of the period is
a) $12,000 b) $8,000 c) $4,000 d) $0
Play Games with the Questions above at ReviewGameZone.com
To play games using the questions from the data set above, visit ReviewGameZone.com and enter game ID number: 13144 in the upper right hand corner at ReviewGameZone.com or simply click on the link above this text.

TEACHERS / EDUCATORS
Log In
| Sign Up / Register