10. What is the purpose of balance day adjustments in accounting?
a) To close financial statements
b) To ensure accurate representation of business transactions
c) To prepare tax returns
d) To calculate profits
11. Which of the following is an example of a prepayment adjustment?
a) Accrued salaries
b) Depreciation expense
c) Unearned revenue
d) Bad debt expense
12. In the Columnar Format of a General Ledger, what does the "Balance" column represent?
a) Net income
b) Total debits
c) Closing balance
d) Beginning balance
13. What is the purpose of posting in accounting?
a) To create financial statements
b) To transfer entries from the journal to the ledger
c) To calculate depreciation
d) To record opening balances
14. How is an opening entry recorded in the General Ledger?
a) "By Balance b/d" on the debit side
b) "To Balance b/d" on the debit side
c) "By Balance c/d" on the credit side
d) "To Balance c/d" on the credit side
15. What does a credit balance in an account indicate?
a) The account has more credits than debits
b) The account has a surplus
c) The account has more debits than credits
d) The account has a deficit
16. When is a prepayment adjustment made in accounting?
a) At the end of the accounting period
b) At the beginning of the accounting period
c) Throughout the accounting period
d) Only in case of losses
Answer (2)
We calculated that when a device delivers a current of 15.0 A for 30 seconds, approximately 2.81 x 10^21 electrons flow through it. This was determined by first converting the current and time into total charge and then dividing by the charge of a single electron. Thus, the total number of electrons can be derived from these basic electrical principles.
;
Balance day adjustments in accounting ensure accurate representation of transactions by aligning revenues and expenses with the correct period. Prepayment adjustments reflect expenses paid in advance to correct periods, influencing the financial statements. Understanding posting and credit balances is crucial for accurate financial reporting. ;
