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35 questions
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- Q1Arrange the following based on the accounting cycle that you have learned from the previous quarter. (adjusting entries, closing the books, financial statements, journalizing, posting, transactions, trial balance, worksheet). Example 1. Transaction 2. ____ 3. ______ 4.____ and so on1. Transactions 2. Journalizing 3. Posting 4. Trial Balance 5. Worksheet 6. Adjusting Entries 7. Financial Statements 8. Closing the books.200s
- Q2It is an adjustment that is applicable to tangible non-current assets or to property, plant and equipment (except Land)AccrualsDeferralsDoubtful accountsDepreciation150s
- Q3A financial statement that provides an analysis of inflows and/or outflows of cash from/to operating, investing and financing activities.SFPSCECFSSCI150s
- Q4Which of the following is not a nominal or temporary accounts?Withdrawalexpenseincomeowner’s equity150s
- Q5The recording of transactions into the book of original entry is called ___________-Journalizing150s
- Q6The process of transferring similar accounts to the book of final entry.Posting150s
- Q7It is prepared after the preparation of the unadjusted trial balance, it is needed to arrange all the accounting information required at the end of a period.Adjusting EntriesAdjusted Trial BalanceWorksheetClosing Entries150s
- Q8it is used to bring the accounts up to date which is needed and must be done at the end of the accounting period.PostingAdjusting EntriesJournalizingClosing Entries150s
- Q9Deferrals are adjusting entries containing accrued revenues and accrued expenses while Accruals are adjusting entries containing unearned revenues and prepaid expenses.FALSETRUE90s
- Q10This is an income already earned but not yet received in cash as of the end of the year.Accrued IncomePrepaid ExpenseAccrued ExpenseUnearned Income150s
- Q11Expense already incurred but not yet paid in cash nor recorded.Prepaid ExpenseAccrued ExpenseAccrued IncomeUnearned Income150s
- Q12Expense paid in advance.Unearned IncomeAccrued IncomePrepaid ExpenseAccrued Expense150s
- Q13If the cost of an equipment is 150,000.00, its scrap value is 10,000.00 and has an estimated useful life of 5 years. How much is its annual accumulated depreciation and deprecriation expense?28,000.002,333.3310,000.00150,000.00150s
- Q14It is the value of the asset at the end of its useful life (residual or scrap value)Acquisition CostEstimated CostDepreciation CostSalvage Vallue150s
- Q15An expense that refers to the portion of accounts receivable that is in doubt of being collected.Accrued ExpenseDepreciation ExpensePrepaid ExpenseDoubtful Account Expense150s