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Chapter 3—The Matching Concept and the Adjusting Process
9. Accrued expenses have
a. not yet been incurred, paid, or recorded
b. been incurred, not paid, but have been recorded c. been incurred, not paid, and not recorded d. been paid but have not yet been incurred
ANS: C DIF: 3 OBJ: 02
10. Accrued revenue has
a. been earned and cash received
b. been earned and not recorded as revenue c. not been earned but recorded as revenue
d. not been recorded as revenue but cash has been received
ANS: B DIF: 3 OBJ: 02
11. Deferred expenses have
a. not yet been recorded as expenses or paid b. been recorded as expenses and paid c. been incurred and paid
d. not yet been recorded as expenses
ANS: D DIF: 3 OBJ: 02
12. Deferred revenue is revenue that is
a. earned and the cash has been received b. earned but the cash has not been received c. not earned and the cash has not been received d. not earned but the cash has been received
ANS: D DIF: 3 OBJ: 02
13. Adjusting entries are
a. the same as correcting entries
b. needed to bring accounts up to date and match revenue and expense c. optional under generally accepted accounting principles d. rarely needed in large companies
ANS: B DIF: 3 OBJ: 02
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Chapter 3—The Matching Concept and the Adjusting Process
14. Adjusting entries affect at least one
a. income statement account and one balance sheet account b. revenue and the drawing account c. asset and one owner's equity account d. revenue and one capital account
ANS: A DIF: 3 OBJ: 02
15. Which account would normally not require an adjusting entry?
a. Wages Expense
b. Accounts Receivable
c. Accumulated Depreciation d. Smith, Capital
ANS: D DIF: 3 OBJ: 03
16. Which one of the accounts below would likely be included in an accrual adjusting entry?
a. Insurance Expense b. Prepaid Rent c. Interest Expense d. Unearned Rent
ANS: C DIF: 3 OBJ: 02
17. Which one of the following accounts below would likely be included in a deferral adjusting
entry?
a. Interest Revenue b. Unearned Revenue c. Salaries Payable d. Accounts Receivable
ANS: B DIF: 3 OBJ: 02
18. The balance in the prepaid rent account before adjustment at the end of the year is $15,000,
which represents three months' rent paid on December 1. The adjusting entry required on December 31 is
a. debit Rent Expense, $5,000; credit Prepaid Rent, $5,000 b. debit Prepaid Rent, $10,000; credit Rent Expense, $5,000 c. debit Rent Expense, $10,000; credit Prepaid Rent, $5,000 d. debit Prepaid Rent, $5,000; credit Rent Expense, $5,000
ANS: A DIF: 4 OBJ: 03
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Chapter 3—The Matching Concept and the Adjusting Process
19. The balance in the office supplies account on June 1 was $5,200, supplies purchased during
June were $2,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is a. $4,500 b. $2,500 c. $9,700 d. $5,700
ANS: D DIF: 4 OBJ: 03
20. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid
insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500?
a. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500 b. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500 c. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500 d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000
ANS: D DIF: 4 OBJ: 03
21. The entry to adjust for the cost of supplies used during the accounting period is
a. Supplies Expense, debit; Supplies, credit b. James Smith, Capital, debit; Supplies, credit c. Accounts Payable, debit; Supplies, credit d. Supplies, debit; credit James Smith, Capital
ANS: A DIF: 3 OBJ: 03
22. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day.
The adjusting entry necessary at the end of the fiscal period ending on Thursday is a. debit Salaries Payable, $16,000; credit Cash, $16,000 b. debit Salary Expense, $16,000; credit Drawing, $16,000
c. debit Salary Expense, $16,000; credit Salaries Payable, $16,000 d. debit Drawing, $16,000; credit Cash, $16,000
ANS: C DIF: 4 OBJ: 03
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Chapter 3—The Matching Concept and the Adjusting Process
23. The balance in the prepaid insurance account before adjustment at the end of the year is $10,000.
If the additional data for the adjusting entry is (1) \year is $8,500,\applicable to a future period is $1,500,\
a. the debit and credit amount for (1) would be the same as (2) but the accounts would be different
b. the accounts for (1) would be the same as the accounts for (2) but the amounts would be different
c. the accounts and amounts would be the same for both (1) and (2)
d. there is not enough information given to determine the correct accounts and amounts
ANS: C DIF: 4 OBJ: 03
24. The difference between the balance of a fixed asset account and the related accumulated
depreciation account is termed a. historical cost b. contra asset c. book value d. market value
ANS: C DIF: 2 OBJ: 03
25. The adjusting entry to record the depreciation of equipment for the fiscal period is
a. debit Depreciation Expense; credit Equipment
b. debit Depreciation Expense; credit Accumulated Depreciation c. debit Accumulated Depreciation; credit Depreciation Expense d. debit Equipment; credit Depreciation Expense
ANS: B DIF: 3 OBJ: 03
26. As time passes, fixed assets other than land lose their capacity to provide useful services. To
account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called a. equipment allocation b. depreciation c. accumulation d. matching
ANS: B DIF: 1 OBJ: 03
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