1. If an adjustment includes an entry to a payable or receivable account, which type of...
1. If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it?
a. accrual
b. deferral
c. estimate
d. cull
2. What adjusting journal entry is needed to record depreciation expense for the period?
a. a debit to Depreciation Expense; a credit to Accumulated Depreciation
b. a debit to Depreciation Expense; a credit to Cash
c. a debit to Accumulated Depreciation; a credit to Depreciation Expense
d. a debit to Accumulated Depreciation; a credit to Cash
3. Revenue earned but not yet collected is an example of which of the following?
a. accrued revenue
b. accrued expense
c. deferred expense (prepaid expense)
d. deferred revenue (unearned revenue)
4. If an adjustment includes an entry to Accumulated Depreciation, which type of adjustment is it?
a. deferral
b. accrual
c. estimate
d. cull
Homework Answers
1) Option 'A' is correct
Payable or receivable account referred to as Accrual.
2) Option 'A' is correct
Depreciation expense account.....debit
To Accumulated Depreciation account.... credit
3) Option 'A' is correct
Revenue earned but not yet collected is an example of 'Accrued Revenue'
4) Option 'A' is correct
Accumulated depreciation is a Deferral type of adjustment
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