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Identification: Provide the term(s) being described by each of the statement listed below.

Quiz by Mary Mildred De Jesus

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15 questions
Show answers
  • Q1
    This account is used to record the costs incurred in marketing or promoting the products or services of a business.
    Salary Expense
    Utilities expense
    Supplies Expense
    Advertising Expense
    30s
  • Q2
    This is the expense account used to record the uncollectible portion of accounts receivable.
    Depreciation Expense
    Unearned Income
    Bad debts expense (Doubtful accounts expense
    Accumulated Depreciation
    30s
  • Q3
    This is used to record the cost of supplies used during the period.
    Rent Expense
    Supplies expense
    Salary Expense
    Utilities Expense
    30s
  • Q4
    This account may be used to record the payments for water and electricity bills.
    Utilities Expense
    Depreciation Expense
    Rent Expense
    Salary Expense
    30s
  • Q5
    Transport costs of delivering goods to customers are recorded in this account.
    Supplies Expense
    Salary Expense
    Freight-out
    Rent Expense
    30s
  • Q6
    It is a liability account that is used to record amounts received from customers in advance of providing goods or services.
    Earned Income
    Unearned Income
    Sales
    Revenue
    30s
  • Q7
    These represent claims for cash that are supported by oral or informal promises to pay by a customer.
    Accounts Payable
    Accounts Receivable
    Notes Receivable
    Notes Payable
    30s
  • Q8
    This is used to record the unused portion of supplies.
    Prepaid Rent
    Prepaid Supplies
    Utilities Expense
    Supplies Expense
    30s
  • Q9
    This represents the goods that are held for sale by a business.
    Equipment
    Sales
    Inventory
    Cash
    30s
  • Q10
    This account is used to record the temporary withdrawals of the owner.
    Retained Earnings
    Investment
    Owner's drawing
    Cash
    30s
  • Q11
    It is a revenues earned from the sale of goods.
    Income
    Equity
    Sales
    Investment
    30s
  • Q12
    It is a kind of expense that the portion of the cost of a depreciable asset (e.g. building, equipment, vehicles, etc.)
    Freight-Out
    Utilities Expense
    Depreciation Expense
    Bad Debts
    30s
  • Q13
    It is an obligations supported by written or formal promises to pay by the debtor in the form of promissory notes.
    Notes Payable
    Accounts Receivable
    Notes Receivable
    Accounts Payable
    30s
  • Q14
    It is an advance payment for rent.
    Prepaid Rent
    Salaries Expense
    Rent Expense
    Miscellaneous Expense
    30s
  • Q15
    It is the aggregate amount of estimated losses from uncollectible accounts receivable. A contra asset account.
    Allowance for Bad Debts or Allowance for Doubtful Accounts
    Bad Debts
    Depreciation Expense
    Prepaid rent
    30s

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