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2.
ce?
a.
b.
c.
counts
d.
umn of

Which of the following errors will cause an imbalance in the trial balan
Omission of a transaction
Posting an entire journal
Posting a credit of $ 720
Receivable.
Listing the balance of an
the trial balance.

in the journal
entry twice to the ledger
to Accounts Payable as a credit of $ 720 to Ac
account with a debit balance in the credit col

3.
Which of the following statements is associated with the accrual basis o
f accounting?
a.
The timing of cash receipts and disbursements is emphasized.
b.
A minimum amount of record keeping is required.
c.
This method is used less frequently by businesses than the cash method o
f accounting.
d.
Revenues are recognized in the period they are earned, regardless of the
time period the cash is received.
4.
a.
b.
c.
d.

An accrued expense is an expense that:

Has been incurred but has jzbjvbbeen paid.
Has been paid but has not been incurred.
Has been incurred for which payment is to be made in installments.
Will never be paid.bnkzxbv'ip

5.
In reviewing some adjusting entries, you observe an entry which contains
a debit to Prepaid
Insurance and a credit to Insurance Expense
. The purpose of this journal entry is to record a(n):
a.
Accrued expense
b.
Deferred expense
c.
Expired Cost
d.
Prepaid Revenue
6.
):
a.
b.
c.
d.

An adjusting entry to record an accrued expense involves a debit to a (n

Expense account and a
Expense account and a
Expense account and a
Liability account and

7.
The failure to
ill result in an:
a.
Understatement
b.
Understatement
c.
Understatement

credit to a prepaid account

credit to cash.
credit to a liability account
a credit to an expense account.

properly record an adjusting entry to accrue an expense w

of expenses and an understatement of liabilities
of expenses and an overstatement of liabilities
of expenses and an overstatement of assets

d.

Overstatement of expenses and an understatement of assets.

8.
a.
b.
c.

Which of the following properly describes a deferral?

Cash is received after revenue is earned.
Cash is received before revenue is earned.
Cash is paid after e

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