please highlight the answer it's very urgent subject is ACC 111

Q: One principal difference between an adjusting journal entry and a journal entry to record a transaction is

1. The adjustment can be needed because of an internal event such as using supplies

2. The transaction involved accounts payable

3. The adjustment always reduces cash

4. The transaction always increases common stock

Q: When adjusting for insurance coverage expiring during a period

1. Insurance expense is increased

2. Prepaid insurance is decreased

3. Both A and B

4. Cash is increased

Q: When adjusting for depreciation expense

1. An expense is increased

2. A liability is decreased

3. A revenue is decreased

4. An equity account is increased

Q: When adjusting unearned revenue

1. Revenue is increased

2. A liability is decreased

3. Both A and B

4. Neither A nor B

Q: When adjusting for an accrued expense

1. An expense is reduced

2. A liability is increased

3. An equity account is increased

4. A revenue is decreased

Q; Adjusting for wages earned by employees but not yet recorded

1. Increases an expense

2. Increases a liability

3. Both A and B

4. Neither A nor B

Q : Omitting the adjustment for unrecorded revenue

1. Understates net income

2. Understates assets

3. Understates equity

4. All of the above

5. Q:Which of the following events requires an adjustment

6. Borrowing money on a loan where principal and interest are due at maturity

7. Hiring an employee

8. Asking for proposals from three advertising agencies

9. Discussing future price increases

Q: Which of the following events requires an adjustment

1. Discussing possible future changes to the companys logo

2. Receiving and paying Octobers water bill before October 31

3. Hiring an attorney and agreeing to pay a retainer immediately

4. Completing revenue on October 20 and billing the customer the same day

Q: Omitting the adjustment for unearned revenue

1. Understates net income

2. Overstates liabilities

3. Both A and B

4. Neither A nor B

Q: The main accounting principle that requires adjusting entries is

1. Substance over form

2. The cost principle

3. The going concern principle

4. The matching principle

Q: Smith Company owns its building and land. The annual property tax bill is $12,000. Assuming Smith adjusts its accounts each month they should

1. Debit property tax expense and credit property tax payable for $12,000

2. Make no adjustment at all since it has not yet been paid

3. Debit property tax payable and credit property tax expense for $1,000

4. Debit property tax expense and credit property tax payable for $1,000

Q: Adjusting journal entries

1. Are optional according to GAAP

2. Are only used in months that end in y

3. Always use the cash account

4. Never use the cash account

Q : When closing the accounts at the end of the period

1. All asset accounts are closed

2. All equity accounts are closed

3. All temporary or nominal accounts are closed

4. All liability accounts are closed

Q : Closing the accounts

1. Sets nominal accounts back to zero at the end of a period

2. Updates the retained earnings account

3. Enables meaningful comparison of one periods results to those of another period

4. All of the above

Q : When closing the revenue account

1. The revenue account is credited

2. The revenue account is debited

3. The unearned revenue account is closed

4. The expense accounts are debited

Q : When closing the expense accounts

1. The income summary account is debited

2. The expense accounts are credited

3. Both A and B

4. Neither A nor B

Q : When closing the income summary account

1. The retained earnings account may be debited or credited

2. The dividends account is debited

3. The cash account is credited

4. The common stock account is debited

Q ; When closing the dividends account

1. The income summary account is debited

2. The retained earnings account is credited

3. The retained earnings account is debited

4. None of the above

Q : The reason permanent or real accounts are not closed is because

1. They recorded how much of something occurred during a period

2. They recorded how much of something remains at the end of a period

3. They will stay open as long as the company still exists

4. Both B and C