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Adv. Accounting - Ch. 9 Review
Test Description: Notes Payable, Prepaid Expenses & Accrued Expenses
Instructions: Answer all questions to get your test result.
1) Wilson Company signs a 180-day, 10% note for $7,000. The source document for this transaction is a receipt.
A
False
B
True
2) On Dec. 31, Wilson Co. owes 20 days worth of accrued interest on a $4,000 note payable at 9% interest. The adjusting entry includes a debit to Interest Payable for $20.
A
False
B
True
3) The payment of a note payable is recorded in the cash payments journal.
A
False
B
True
4) Accrued salary expense occurs when employees earn a salary in the current fiscal period that is not paid until the next fiscal period.
A
True
B
False
5) Prepaid expenses are expenses until they are actually used.
A
False
B
True
6) If an employer records an entry for accrued salaries, it will also record an entry for accrued employer payroll taxes expense.
A
True
B
False
7) The original amount of the note is called the
A
interest of a note
B
maturity value of a note
C
principal of a note
D
original value of a note
8) For a company whose fiscal year ends on Dec., 31, the date of reversing entries is typically
A
Jan. 1
B
Dec. 31
9) The day a note is issued is called the
A
principal of a note
B
maturity date of a note
C
date of a note
D
interest date of a note
10) The amount that is due on the maturity date of a note is called the
A
principal
B
interest
C
maturity value
D
amount due
*select an answer for all questions
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