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Practice test chap 34

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KRUG PRACTICE TEST ACCTG 1 - CHAP 3, 4 PRACTICE TEST -- The following is a practice test for Accounting 1, Chapters 3 and 4. It is only a representation of wha the test could be like. It is not a guarantee in any way that ONLY these types of questions will be asked, on the number of questions, nor on the breakdown between multiple choice and problems. 1 Which of the following is a type of adjusting journal entry? A) Prepaid (Deferred) expenses. B) Unearned (Deferred) revenues. C) Accrued revenues. D) Accrued expenses. E) All of the above 2 At the beginning of the year, a business had a two-year, $2,400 insurance policy on its office equipment. On July 1, it purchased a three-year, $3,600 policy on a newly constructed building. Which of the following will be the December 31, year-end, adjusting entry? A) Insurance Expense, debit, $6,000; Prepaid Insurance, credit, $6,000 B) Insurance Expense, debit, $2,400; Prepaid Insurance, credit, $2,400 C) Insurance Expense, debit, $2,100; Prepaid Insurance, credit, $2,100 D) Insurance Expense, debit, $1,800; Prepaid Insurance, credit, $1,800 E) None of the journal entries in this group 3 At the end of the accounting period, the business had $4,500 of office supplies on hand. At the beginning of the period, the amount of supplies on hand was $3,000. If the business purchased $12,000 of office supplies during the year, what amount of office supplies were used during year? A) $16,500 B) $14,250 C) $10,500 D) $ 9,750 E) None of the abo ...
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