Q.1.
A suspense account facilitates the preparation of_____ even if the ____ has not been tallied.
Q.2.
Which account will have a zero balance after a company has journalized and posted closing entries?
Q.3.
Balances of the Accounts are transferred to:
Q.4.
Which of the following entries records the utility bill incurred but not paid from the water company?
Q.5.
Bhandari’s trial balance was showing difference of ₹ 5,(debit side exceeds). While checking of total sales register, he found that the total is over – cast by ₹ 2,After correction in sales register what would be the difference in his trial balance.
Q.6.
Salaries paid ₹ 4,is shown in credit side of trial balance. In the total of trial balance the debit side will be short by -----------
Q.7.
Which of the following in Trial Balance is contradictory to each other?___________.
Q.8.
Trial Balance creates __________ accuracy.
Q.9.
When the amounts of a transaction must be recorded in a minimum of two accounts-
Q.10.
A transaction is omitted completely from the books so that there is no debit and credit entry of the transaction. This is an example of what errors?
Q.11.
Permanent accounts are used to accumulate information until it is transferred to the owner’s capital account.
Q.12.
The balances of the liability accounts must be reduced to zero to prepare the accounts for he next period.
Q.13.
Which of the following is a temporary account?
Q.14.
Little Corporation received $5,from a customer for whom it is to perform work in the future, debiting Cash and crediting Unearned Revenue. At the end of the accounting period, Little has earned $2,of the revenue. The adjusting entry will require a:
Q.15.
InAbbott Company performs work for a customer and bills the customer $10,it also pays expenses of $3,The customer pays Abbott inIf Abbott uses the cash basis of accounting, then Abbott will report:
Q.16.
(LO 7)Which types of accounts will appear in the post-closing trial balance and have a balance?
Q.17.
Adjustments for unearned revenues:
Q.18.
Adjustments for prepaid expenses:
Q.19.
We purchased Indian Insurance (Prepaid Insurance) on June 1st,for $ What is the Insurance Expense as of December2020?
Q.20.
Refers to the allocation of the cost of the asset over its estimated useful life.