Question

In: Accounting

Adjusting entries for unearned items typically include which of the following related types of accounts:


QUESTION 11

Adjusting entries for unearned items typically include which of the following related types of accounts:



Revenue and Liability accounts



Revenue and Asset accounts



Expense and Liability accounts



Expense and Asset accounts

QUESTION 12

Before making adjusting entries you should:



Close permanent accounts



Prepare a Trial Balance



Close temporary accounts



Prepare a balance sheet

QUESTION 13

To record adjusting journal entries in QuickBooks, select:



Company Center > Journal Entry icon



Accountant Menu > Make General Journal Entries



Banking section of the Home Page > Journal Entry icon



Company section of the Home Page > Journal Entry icon

QUESTION 14

The order of the steps in the accounting cycle includes:



Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance



Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance



Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports



Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance

QUESTION 15

To prepare the Trial Balance, select:



Reports Center > Accountant & Taxes



Company Center > Company & Financials



Reports Center > Company & Financials



Company Center > Accountant & Taxes

QUESTION 16

Adjusting entries for prepaid items typically include which of the following related types of accounts:



Revenue and Liability accounts



Revenue and Asset accounts



Expense and Liability accounts



Expense and Asset accounts

QUESTION 17

Unearned revenue occurs when:



Customers pay after receiving a service



Customers pay in advance of receiving a service



Customers default and do not pay you what is owed



All of the choices are correct

QUESTION 18

To print the Adjusted Trial Balance, select:



Reports Center > Accountant & Taxes



Company Center > Company & Financials



Reports Center > Company & Financials



Company Center > Accountant & Taxes

QUESTION 19

Sales are recorded under cash basis accounting when:



The goods or services are provided regardless of whether the cash is collected from the customers



The bookkeeper has time to record the transactions



The cash is collected from the customers



The costs are incurred to earn the revenue

QUESTION 20

The Trial Balance:



Lists all the company's accounts and ending balances



Is prepared before and after making adjustments



Verifies the accounting system balances



All of the choices are correct

Solutions

Expert Solution

ekkarill92 answered 3 years ago
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