CH3MultipleSolutions - MULTIPLE CHOICE QUESTIONS 1 CHAPTER...

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MULTIPLE CHOICE QUESTIONS CHAPTER 3 1. Which of the following is a nominal account? a. Prepaid Insurance b. Unearned Revenue c. Insurance Expense d. Interest Receivable 2. Which of the following errors will cause an imbalance in the trial balance? 3. Which of the following statements is associated with the accrual basis of accounting? 4. An accrued expense is an expense that: 5. In reviewing some adjusting entries, you observe an entry which contains a debit to Prepaid Insurance and a credit to Insurance Expense. The purpose of this journal entry is to record a(n): a. Accrued expense b. Deferred expense c. Expired Cost d. Prepaid Revenue
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