Adjusting Entries MCQs 2

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 26, 2023

This is the second multiple choice question (MCQ) test on adjusting entries. These MCQs are suited for exam preparation, interview training, and revising for other assessments.

The first MCQ test covered Questions 1 to 14. This MCQ test includes Questions 15 to 25. If you find it difficult to answer these MCQs, we advise that you read more about adjusting entries before completing the test.

1. Correcting the record of a transaction that has either not been recorded or recorded in an incomplete or incorrect is called:
2. Entries made at the end of the accounting period to correct and update the record of business transactions are called:
3. Adjusting entries are made:
4. Expenses against which goods or services have been received but payment has not been made are called:
5. Outstanding expenses are also known as:
6. Treatment of outstanding expenses in the trading and profit and loss account is:
7. Outstanding expenses are recorded in the balance sheet as:
8. Outstanding expenses are a:
9. Expenses whose benefit has not yet been received but whose payment has been made are called:
10. Prepaid expenses are also called:

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Adjusting Entries MCQs 2 FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.