3 Written questions
2 Multiple choice questions
- No adjusting entry debits or credits cash at bank because the cash transaction are recored at other times.
- 1. Measure business profit(revenue and expenses) in the income statement accurately.
2. Update the balance sheet accounts(assets and liabilities).
2 True/False questions
Accrued expense. → Debited - Expense.
Credit - Liability
Depreciation. → Debited - Liability
Credit - Revenue.