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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) If you initially record supplies as an expense, the amt. in the exp. acct. before adjustment equals the beg. bal. in the supplies exp. acct. + all supplies bought during the period
A
False
B
True
2) Wilson, Inc. signs a 90-day, 8% note for $5,000. The entry would be recorded in the cash payments journal.
A
True
B
False
3) The day a note is due is called the
A
interest date of a note
B
date of a note
C
maturity date of a note
D
principal date of a note
4) The adjusting entry for supplies is made only when financial statements need to be prepared. This fact is an application of which accounting concept?
A
revenue recognition
B
adequate disclosure
C
historical cost
D
matching expenses with revenue
5) An amount paid for the use of money for a period of time is called
A
security
B
bank charges
C
interest
D
principal
6) In order to recognize salary expense as a liability in the period in which employees provided their services, the company records accrued salary expense as a(n)
A
reversing entry
B
adjusting entry
C
closing entry
D
work sheet entry
7) Wilson, Inc. signed a 90-day, 9% note for $3,000. The interest due at maturity is
A
$50
B
$67.50
C
$57.50
D
$27
8) Promissory notes signed by a business and given to a creditor are called
A
loans payable
B
notes receivable
C
notes payable
D
mortgages payable
9) The % of the principal that is paid for use of the money is called the
A
principal rate of a note
B
bank rate of a note
C
interest rate of a note
D
prepaid interest on a note
10) Notes payable due within the next year are classified as
A
current liabilities
B
long-term liabilities
C
current assets
D
long-term assets
*select an answer for all questions
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