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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) The original amount of a note is called the
A
principal
B
term of the note
C
rate of the note
D
maturity value
2) The interest accrued on money borrowed is called
A
interest receivable
B
interest expense
C
prepaid interest
D
interest revenue
3) A written & signed promise to pay a sum of money at a specified time is called a
A
secured note
B
principal
C
promissory note
D
loan document
4) The beginning balance of Supplies is $15,000, and the adjusting entry to record the supplies used is $10,000. The amount of supplies used during the fiscal period is $5,000.
A
False
B
True
5) Wilson, Inc. initially records supplies as an expense; therefore, it should record a reversing entry for supplies.
A
False
B
True
6) The accrual for federal income tax is recorded as an adjusting entry by debiting Federal Income Tax Payable and crediting Federal Income Tax Expense.
A
True
B
False
7) Supplies may be recorded initially as expenses or as assets.
A
False
B
True
8) When a note payable is repaid, the amount of cash paid equals the maturity value of the note.
A
False
B
True
9) If the principal of a 90-day note is $4,000 and the interest due at maturity is $100, the interest rate on the note is
A
5%
B
7%
C
10%
D
3%
10) If the term of a note is 6 months and the note is dated March 20, it is due
A
August 20
B
July 20
C
October 20
D
September 20
*select an answer for all questions
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