Question 1

The trial balance prepared after all closing entries have been journalized and posted is called the:

Accepted Answer

A) Unadjusted trial balance. 
B) Post-closing trial balance. 
C) General ledger. 
D) Adjusted trial balance. 
E) Work sheet. 
A) Unadjusted trial balance. 
B) Post-closing trial balance. 
C) General ledger. 
D) Adjusted trial balance. 
E) Work sheet.

Question 2

The unadjusted trial balance of R.Tryon,Consultant is entered on the partial work sheet below.Complete the work sheet using the following information:
(a)Salaries earned by employees that are unpaid and unrecorded,$500.
(b)An inventory of supplies showed $800 of unused supplies still on hand.
(c)Depreciation on equipment,$1,300.

Accepted Answer

The answer of The unadjusted trial balance of R.Tryon,Consultant is...

Question 3

The current ratio:

Accepted Answer

A) Is used to measure a company's profitability. 
B) Is used to measure the relation between assets and long-term debt. 
C) Measures the effect of operating income on profit. 
D) Is used to help assess a company's ability to pay its debts in the near future. 
E) Is calculated by dividing current assets by equity. 
A) Is used to measure a company's profitability. 
B) Is used to measure the relation between assets and long-term debt. 
C) Measures the effect of operating income on profit. 
D) Is used to help assess a company's ability to pay its debts in the near future. 
E) Is calculated by dividing current assets by equity.

Question 4

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?

Accepted Answer

A) Office Equipment. 
B) Accumulated Depreciation-Office Equipment. 
C) Depreciation Expense-Office Equipment. 
D) N.Young,Capital. 
E) Salaries Payable. 
A) Office Equipment. 
B) Accumulated Depreciation-Office Equipment. 
C) Depreciation Expense-Office Equipment. 
D) N.Young,Capital. 
E) Salaries Payable.

Question 5

For the year ended December 31,a company has revenues of $317,000 and expenses of $196,000.The owner withdrew $50,000 during the year.The balance in the owner's capital account before closing is $81,000.Which of the following entries would be used to close the withdrawal account?

Accepted Answer

A) Debit Income Summary $50,000;credit Owner's,Capital $50,000. 
B) Debit Owner's Capital $50,000;credit Owner Withdrawals $50,000. 
C) Debit Owner's Capital $81,000;credit Income Summary $81,000. 
D) Debit Income Summary $81,000,credit Owner's Withdrawals $81,000. 
E) Debit Owner's Withdrawals $50,000;credit Owner's Capital $50,000. 
A) Debit Income Summary $50,000;credit Owner's,Capital $50,000. 
B) Debit Owner's Capital $50,000;credit Owner Withdrawals $50,000. 
C) Debit Owner's Capital $81,000;credit Income Summary $81,000. 
D) Debit Income Summary $81,000,credit Owner's Withdrawals $81,000. 
E) Debit Owner's Withdrawals $50,000;credit Owner's Capital $50,000.

Question 6

Which of the following statements regarding reporting under GAAP and IFRS is not true:

Accepted Answer

A) Both GAAP and IFRS define the initial asset value as historical cost for nearly all assets. 
B) The definition of an asset under GAAP and IFRS involves three basic criteria. 
C) Both GAAP and IFRS define the initial asset value as replacement value. 
D) The definition of a liability under GAAP and IFRS involves three basic criteria. 
E) After acquisition,one of two asset measurement systems is applied. 
A) Both GAAP and IFRS define the initial asset value as historical cost for nearly all assets. 
B) The definition of an asset under GAAP and IFRS involves three basic criteria. 
C) Both GAAP and IFRS define the initial asset value as replacement value. 
D) The definition of a liability under GAAP and IFRS involves three basic criteria. 
E) After acquisition,one of two asset measurement systems is applied.

The trial balance prepared after all closing entries have been journalized and posted is called the:

The current ratio:

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?

For the year ended December 31,a company has revenues of $317,000 and expenses of $196,000.The owner withdrew $50,000 during the year.The balance in the owner's capital account before closing is $81,000.Which of the following entries would be used to close the withdrawal account?

Which of the following statements regarding reporting under GAAP and IFRS is not true:

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

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Exam 4: Completing the Accounting Cycle

The trial balance prepared after all closing entries have been journalized and posted is called the:

The current ratio:

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?

For the year ended December 31,a company has revenues of $317,000 and expenses of $196,000.The owner withdrew $50,000 during the year.The balance in the owner's capital account before closing is $81,000.Which of the following entries would be used to close the withdrawal account?

Which of the following statements regarding reporting under GAAP and IFRS is not true:

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

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