Question

7.There are _________ types of error which not affecting trial balance. A. 4 B. 3 C....

7.There are _________ types of error which not affecting trial balance.

  • A. 4
  • B. 3
  • C. 2
  • D. 1

8.The adjusting entries are important to conform the following accounting principles EXCEPT__________

  • A. time period concept
  • B. matching principle
  • C. revenue recognition principle
  • D. money measurement concept

9.On 1 August 2019, Blue Design paid RM24,000 by cheque for store rent covering 12 month period ending 31 July 2020. The adjusting entry for rent on 31 December 2019 will be ____________

  • A. Debit: Rent Expense RM10,000 and Credit: Cash RM10,000
  • B. Debit: Rent Expense RM14,000 and Credit: Prepaid Rent RM14,000
  • C. Debit: Prepaid Rent RM14,000 and Credit: Cash RM14,000
  • D. Debit: Rent Expense RM10,000 and Credit: Prepaid Rent RM10,000
Business   Accounting   
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Homework Answers

Answer #1

7) Option B -3 is the right answer.

The different types of errors are Errors of principal,Errors of omission,Errors of Commission,Compensating errors.Errors of omission will affect if its partial . The errors of commission will include wrong totalling,posting and casting errors which will affect trial balance.

8) Option D- Money measurement is the right answer.

The money measurement concept states that a business should only record an accounting transaction if it can be expressed in terms of money. This principle is not related to adjusting entries.

9) Option D- Debit: Rent Expense RM10,000 and Credit: Prepaid Rent RM10,000 is the right answer.

At the time of payment,the prepaid rent would have been debited which should be credited at the time of adjusting the expense.

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