WGU D103 Intermediate Accounting I|OA |
Objective Assessment | Actual Questions
and Answers Latest Updated
(Graded A+)
Correct 200
Incorrect 0
D103 Intermediate Accounting I| Objective Assessment
, 1 of 200
Term
What is an example of an accrued expense?
Property taxes incurred during the year, to be paid in the first quarter
of the subsequent year
Office supplies purchased at the beginning of the year and debited to
an expense account
Depreciation expense
Rent recognized during the period, to be received at the end of the
year
Give this one a try later!
Because the taxes are for the current year, but will not be paid until the
subsequent year, it is necessary to create an accrual entry for the current year.
The transaction approach focuses on the income-related activities that have
occurred during the period.
A single-step income statement consists of only two sections - revenues & expenses
Debit Interest Expense 400
Credit Interest Payable 400
Nothing is done with the cash in the assets account as the $400 has not been paid
, Don't know?
2 of 200
Term
Common examples of ______ are interest on notes payable, payroll taxes,
and wages.
Give this one a try later!
prepaid expense Selling Expense
Accrued Expenses adjusted trial balance
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3 of 200
Term
Adjustment of Expenses
Insurance expired during the year equaled $2,341
Initial Entry
Debit prepaid insurance 2341
, Credit Cash 2341
What is the adjusting entry?
Give this one a try later!
Debit Unearned Revenue 4890 Debit Interest receivable XXX
Credit Revenue 4890 Credit Interest revenue XXX
Revenues that have been paid for, but
Debit Insurance Expense 2341
not earned are classified as unearned
Credit Prepaid Insurance 2341
revenue.
Don't know?
4 of 200
Definition
An adjusting entry for prepaid expenses results in a debit
to an expense account and a credit to an asset account.
Give this one a try later!
Calculate and journalize the annual
What effect does the adjusting entry
adjusting entry to be made to record
for accruals have on the balance
sheet and the income statement?
Objective Assessment | Actual Questions
and Answers Latest Updated
(Graded A+)
Correct 200
Incorrect 0
D103 Intermediate Accounting I| Objective Assessment
, 1 of 200
Term
What is an example of an accrued expense?
Property taxes incurred during the year, to be paid in the first quarter
of the subsequent year
Office supplies purchased at the beginning of the year and debited to
an expense account
Depreciation expense
Rent recognized during the period, to be received at the end of the
year
Give this one a try later!
Because the taxes are for the current year, but will not be paid until the
subsequent year, it is necessary to create an accrual entry for the current year.
The transaction approach focuses on the income-related activities that have
occurred during the period.
A single-step income statement consists of only two sections - revenues & expenses
Debit Interest Expense 400
Credit Interest Payable 400
Nothing is done with the cash in the assets account as the $400 has not been paid
, Don't know?
2 of 200
Term
Common examples of ______ are interest on notes payable, payroll taxes,
and wages.
Give this one a try later!
prepaid expense Selling Expense
Accrued Expenses adjusted trial balance
Don't know?
3 of 200
Term
Adjustment of Expenses
Insurance expired during the year equaled $2,341
Initial Entry
Debit prepaid insurance 2341
, Credit Cash 2341
What is the adjusting entry?
Give this one a try later!
Debit Unearned Revenue 4890 Debit Interest receivable XXX
Credit Revenue 4890 Credit Interest revenue XXX
Revenues that have been paid for, but
Debit Insurance Expense 2341
not earned are classified as unearned
Credit Prepaid Insurance 2341
revenue.
Don't know?
4 of 200
Definition
An adjusting entry for prepaid expenses results in a debit
to an expense account and a credit to an asset account.
Give this one a try later!
Calculate and journalize the annual
What effect does the adjusting entry
adjusting entry to be made to record
for accruals have on the balance
sheet and the income statement?
