Quiz 49: Accounting Adjusting Entries Quiz

Test your knowledge of double entry bookkeeping with our accounting adjusting entries quiz.

If you need a refresher course on this topic you can view our basics of bookkeeping tutorials here.

Start the Accounting Adjusting Entries Quiz

Click on an answer to reveal whether its Right! or Wrong. Answer True or False to each of the following questions.

1. Adjusting entries are prepared after the financial statements are finalized?
Wrong
Right!
2. Unearned revenue adjustments are needed when cash is received before revenue is earned?
Right!
Wrong

 

3. Accrued expenses are expenses which have been paid before they occur?
Right!
Wrong
4. Adjusting entries for inventory are used in a perpetual inventory system to determine the cost of goods?
Wrong
Right!
5. Accrued revenues represent revenues received after they are earned?
Wrong
Right!
6. Adjusting entries for accrued expenses include a debit to an expense account?
Right!
Wrong
7. Prepaid or deferred expenses represent expenses which have been paid in advance before they occur and need to be allocated to a later accounting period?
Wrong
Right!
8. Adjusting entries are used when the exact value of an expense cannot be determined?
Right!
Wrong
9. Depreciation journals are adjusting entries?
Right!
Wrong
10. An accrual for estimated income tax is not an adjusting entry?
Right!
Wrong

 

 

 

 

Try Another Double Entry Bookkeeping Quiz

The accounting adjusting entries quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below.

Last modified July 16th, 2019 by Michael Brown

About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years in all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.

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