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Adjusting Entries

Quiz by Jerry Guttman

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10 questions
Show answers
  • Q1
    When adjusting Merchandise Inventory, what is the partner account when recording the adjustment?
    Income Statement
    Income Summary
    Merchandise Inventory Expense
    20s
  • Q2
    Why do companies need to perform adjusting entries at the end of the accounting period?
    To update account balances at the end of the accounting period.
    To close all of the permanent accounts.
    To update all of the temporary accounts.
    To close all of the temporary accounts.
    20s
  • Q3
    Sept. 1, 2015 our company purchased a 6-month insurance policy for $4,800. What would be the amount of the adjustment on Dec. 31, 2015, the end of our accounting period?
    $3200
    $800
    $4800
    $1600
    20s
  • Q4
    As required by law, all merchandising businesses, must do this at least once a year. It involves employees counting every item of inventory available in the store. This process of counting is called:
    A fiscal inventory
    Inventory certification
    Inventory adjustment
    A physical inventory
    20s
  • Q5
    What is a key word in the FCIT Expense adjustment that will help you to decide, if you are given the adjustment amount or the amount AFTER the adjustment?
    Additional
    20s
  • Q6
    What type of accounts are included in the Income Statement section of the Work Sheet?
    Revenue
    Temporary
    Expense
    Permanent
    20s
  • Q7
    After completing the formal Income Statement, what should the final number match?
    Total Assets on the Balance Sheet
    Net Income on the Balance Sheet
    None of the above.
    Net Income on the Work Sheet
    20s
  • Q8
    The total of the Credit column in the Income Statement section of the Work Sheet represents the company's ______.
    Total Expenses
    Total Revenue
    Total Net Income/Loss
    Total Cost of Merchandise Sold
    30s
  • Q9
    If a company has Net Sales of $252,000, and a Gross Profit on Sales of $192,500, what would be their Cost of Merchandise Sold?
    $444,500
    $59,500
    ($59,500)
    45s
  • Q10
    If Income Summary has a credit balance prior to closing it, did the company have a Net Income or a Net Loss?
    Net Loss
    Net Income
    Neither, closing Income Summary has nothing to do with Net Income/Loss.
    20s

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