Adjusting Accounts for Financial Statements MCQs

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At the end of the fiscal year, an adjusting entry was made for accrued salaries of $500. The salaries for one week, $1,250, were paid on the first Fri...






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The ________________ is the length of time into which the life of a business is divided for the purpose of preparing periodic financial statements. ...






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The notion that the life of a business is divisible into equal time periods of equal length is known as the






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The adjusting process is based on two accounting principles. The two accounting principles are






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At the beginning of the year, a business had a two-year, $1,200 insurance policy on its office equipment. On July 1, it purchased a three-year, $1,800...






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At the beginning of the year, a business had a two-year, $1,200 insurance policy on its office equipment. On July 1 it purchased a three-year, $1,800 ...






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At the end of the accounting period, the business had $450 of office supplies on hand, which was a 50% increase over the beginning balance. If the bus...






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A tenant rented space in our companies office building on September 1 at $450 per month, paying six months’ rent in advance. The bookkeeper rec...






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A tenant rented space in an office building on October 1 at $450 per month, paying six months’ rent in advance. The bookkeeper recorded the Oct...






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A tenant rented space in an office building on October 1, at $450 per month, paying six months’ rent in advance. The bookkeeper recognized a cu...






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Dee Preciated rented an office space to Core Poration for three months at $500 per month, payable at the end of the third month, January 31. No year-e...






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You have agreed to keep the accounting records for a business that has agreed to pay you $800 per month, beginning December 16. You use the accrual ba...