Site MapHelpFeedbackSelf Quiz
Self Quiz
(See related pages)



1

Adjusting entries are normally made:
A)At the beginning of the accounting period
B)At the end of the accounting period
C)Throughout the accounting period
D)After the financial statements are prepared
2

Which one of the following types of adjusting entries is not one of the four general categories of adjusting entries?
A)Converting assets to expenses
B)Converting liabilities to revenue
C)Accruing unpaid expenses
D)All three are general categories
3

Accumulated depreciation is
A)An expense
B)An asset
C)A contra-asset
D)A liability
4

Prepaid expenses are:
A)Assets
B)Expenses
C)Liabilities
D)Revenues
5

Unearned revenues are:
A)Assets
B)Expenses
C)Liabilities
D)Revenues
6

Book value is:
A)Always the original cost of an asset
B)The cost of an asset less its accumulated depreciation
C)The fair market value of an asset
D)Not also called the carrying value
7

Materiality is:
A)Usually 10 percent of the item in question
B)Well defined as a certain percentage for each particular case as outlined by the FASB
C)The relative importance of an item so that it is significant enough to influence decisions
D)Only used to value assets
8

The matching principle:
A)Relates to the relationship of assets and liabilities
B)Requires recognition of expenses in the periods that are used in the effort to produce revenue
C)Assures debits will equal credits
D)None of the above
9

Adjusting entries:
A)Only impact the balance sheet
B)Only impact the income statement
C)Do not impact either the income statement or the balance sheet
D)May impact both the income statement and the balance sheet
10

Straight-line depreciation is calculated by:
A)Book value of an asset divided by its estimated useful life
B)Cost of an asset divided by its estimated useful life
C)Book value of an asset divided by its accumulated depreciation
D)Cost of an asset divided by its accumulated depreciation





To learn more about the book this website supports, please visit its Information Center.
(c)2003 McGraw-Hill Higher Education
Any use is subject to the Terms of Use and Privacy Policy.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.


Williams Financial AccountingOnline Learning Center

Home > Chapter 4 > Multiple Choice Quiz