ACC 1O1/102/202
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, ACC 101 Chapter 3 Exam
questions with correct answers
2026/2027 Edition Graded A+
The following adjusting journal entry does not include an explanation.
Select the best explanation for the entry. - ✅✅Record Supplies
Used
Adjusting entries affect only expense and asset accounts. - ✅✅False
Vertical analysis compares each item in a financial statement with a
total amount from the same statement. - ✅✅True
Payment for a 6-month trade magazine subscription is an example of
a(n) - ✅✅Prepaid Expense
Fees payable would appear on the balance sheet as a(n) -
✅✅Liability
The balance in the supplies account before adjustment at the end of
the year is $6,250. The proper adjusting entry if the amount of supplies
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, ACC 101 Chapter 3 Exam
questions with correct answers
2026/2027 Edition Graded A+
The following adjusting journal entry does not include an explanation.
Select the best explanation for the entry. - ✅✅Record Supplies
Used
Adjusting entries affect only expense and asset accounts. - ✅✅False
Vertical analysis compares each item in a financial statement with a
total amount from the same statement. - ✅✅True
Payment for a 6-month trade magazine subscription is an example of
a(n) - ✅✅Prepaid Expense
Fees payable would appear on the balance sheet as a(n) -
✅✅Liability
The balance in the supplies account before adjustment at the end of
the year is $6,250. The proper adjusting entry if the amount of supplies
