adjusting entries quiz

Quiz 33: Adjusting Entries Quiz

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

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1. Adjusting entries always affect which type of accounts?
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Right!
2.The journal to record an accrued expense includes a credit to which account?
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3. If an adjusting entry is not made to accrue expenses, then the balance sheet liabilities will be?
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Wrong

 

4. When are adjusting entries usually carried out?
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5. An adjusting entry to accrue revenue earned but not received at the end of an accounting period includes which type of entry to a balance sheet asset account?
Wrong
Right!
6. The depreciation adjusting entry to record the depreciation expense estimate for the accounting period requires a credit to which account?
Right!
Wrong
7. Adjusting entries are needed to comply with which accounting concept?
Wrong
Right!
8. Expenses paid in advance require what type of adjusting entry?
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Wrong
9. Adjusting entries never involve which account?
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10. What is the normal balance on a deferred revenue account ?
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Last modified May 11th, 2020 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 and has built financial models for 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 degree from Loughborough University.

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