Adjustment and Depreciation

Added in respective a/c

Minus from Respective a/c

Both of the above

None of the above

Adjusting entries affect balance sheet accounts only

Adjusting entries affect income statement accounts only

Adjusting entries affect both balance sheet accounts and income statement accounts

Adjusting entries may affect two or more balance sheet accounts or two or more income statement accounts, but they cannot affect both balance sheet and income statement accounts

Closing entries

Adjusting entries

Journal entries

Opening entries

Has been received but not earned

Has been earned but not received

Has been earned and received

Has neither been earned nor received

At the beginning of the year

At the end of the year

During the year

All of these

Outstanding rent – Dr. & Rent expense – Cr.

Outstanding rent – Dr. & Cash – Cr.

Rent expense – Dr. & A/C P.A – Cr.

Rent expense – Dr. & Outstanding rent – Cr.

Prepaid expenses

Deferred expenses

Outstanding expenses

Advance expenses

Rectifying entries

Closing entries

Reversing entries

Adjusting entries