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Chapter 3

Quiz by Julie Morris

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10 questions
Show answers
  • Q1
    For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Paid six months of rent, $4,800
    Deferred Revenue
    Accrued Expense
    Accrued Revenue
    Deferred expense
    30s
  • Q2
    For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Received $1,200 from customer for six-month service contract
    Deferred Expense
    Accrued Revenue
    Deferred Revenue
    Accrued Expense
    30s
  • Q3
    For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Purchased a computer for $1,000.
    Deferred Revenue
    Accrued Revenue
    Accrued Expense
    Deferred Expense
    30s
  • Q4
    For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Purchased $300 of office supplies on account.
    Deferred Revenue
    Deferred Expense
    Accrued Expense
    Accrued Revenue
    30s
  • Q5
    For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Work performed but not yet billed to customer, $500.
    Deferred Revenue
    Accrued Expense
    Deferred Expense
    Accrued Revenue
    30s
  • Q6
    For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Employees earned $600 in salaries that will be paid next month.
    Accrued Revenue
    Deferred Revenue
    Deferred Expense
    Accrued Expense
    30s
  • Q7
    Accounting method that records revenues only when cash is received and expenses only when cash is paid.
    Revenue Recognition Principle
    Matching Principle
    Accrual Basis Accounting
    Cash Basis Accounting
    30s
  • Q8
    Accounting method that records revenues when earned and expenses when incurred.
    Accrual Basis Accounting
    Time Period Concept
    Cash Basis Accounting
    Fiscal Year
    30s
  • Q9
    An accounting year of any 12 consecutive months that may or may not coincide with the calendar year.
    Calendar Year
    Fiscal Year
    Matching Principle
    Time Period Concept
    30s
  • Q10
    Requires companies to record revenue when (or as) the entity satisfies each performance obligation.
    Fiscal Year
    Matching Principle
    Time Period concept
    Revenue Recognition Principle
    30s

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