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1. If business has got cash in advance of services performed and credits liability account, adjusting entry needed after the services are performed will be:

a. Debit Unearned Revenue and credit Prepaid Expense.
b. Debit Unearned Revenue and credit Accounts Receivable.
c. Debit Unearned Revenue and credit Revenue Earned.
d. Debit Unearned Revenue and credit Cash.

2. All the following are required for calculation of depreciation except:

a. Estimated useful life.
b. Training costs of manufacturing personnel.
c. Cost.
d. Salvage value.

3. The LIFO inventory method suppose that cost of latest units buys are:

a. The last to be allocated to cost of goods sold.
b. The first to be allocated to ending inventory.
c. The first to be allocated to cost of goods sold.
d. Not allocated to cost of goods sold or ending inventory.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920457

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