UTA ACCOUNTING ENTRANCE EXAM, QUESTIONS WITH CORRECT ANSWERS

UTA ACCOUNTING ENTRANCE EXAM, QUESTIONS WITH CORRECT ANSWERS
Question :Which of the following would not be
considered a current asset? All of the above are current
assets.
Correct answer:All of the above are current assets.
Question :The Prepaid Insurance account has an account
balance of $3,000. At the end of an accounting period, the
controller has decided that $2,000 of the balance has
expired. Which of the following adjusting entries should
be made?
Correct answer:D: Insurance Expense 2,000 C : Prepaid
Insurance 2,000
Question :Assume that Jones Company purchased $100 of
inventory on credit. If Jones Company uses the Periodic
Inventory system the journal entry to record this purchase
would be:

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