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- 1. Multiple ChoiceReporting income when it is earned and expenses when they are incurred.accrual basis of accountingadjusting Entriescash basis accountingtrial balance
- 2. Multiple ChoiceChanges recorded on a work sheet to update general ledger accounts at the end of a fiscal period.adjusting entriesadjustmentsfiscal periodfiscal year
- 3. Multiple ChoiceThe difference between total revenue and total expenses when total revenue is greater.adjustmentsincome statementnet incometrial balance
- 4. Multiple ChoiceThe length of time for which a business summarizes financial information and reports its financial information and reports its financial performance.balance sheettrial balancefiscal periodfiscal year
- 5. Multiple ChoiceReporting income when the cash is received and expenses when the cash is paid.accrual basis of accountingcash basis of accountingbalance sheetincome statement
- 6. Multiple ChoiceA columnar accounting form used to summarize financial information and reports its financial statements.balance sheetincome statementtrial balancework sheet
- 7. Multiple ChoiceJournal entries recorded to update general ledger accounting at the end of a fiscal period.adjusting entriesadjustimentsaccrual basis of accountingcash basis of accounting
- 8. Multiple ChoiceCash paid for an expense in one fiscal period that is not used until a later period.assetsliababilitiesprepaid expensesrevenue
- 9. Multiple Choice
A milling machine was bought for R200,000 and has accumulated depreciation of R65,000. On February 20th, the company disposed of the machine receiving nothing in return. How would you record the loss on the disposal of the milling machine?
R65,000
R70,000
R135,000
No loss on the disposal
- 10. Multiple Choice
The only long-term asset that does not depreciate is:Land ImprovementsLandBuildingTrademarks - Answer choicesTagsAnswer choicesTags