Question 1

Liquidity is

Accepted Answer

A)  how quickly Accounts Payable can be paid. 
B)  how easily an asset can be converted to cash. 
C)  how much cash a company has on its balance sheet. 
D)  None of the above are correct. 
A)  how quickly Accounts Payable can be paid. 
B)  how easily an asset can be converted to cash. 
C)  how much cash a company has on its balance sheet. 
D)  None of the above are correct.

Question 2

How is Income Summary closed if the company had a net income?

Accepted Answer

A)  Debit Capital; credit Income Summary 
B)  Debit Income Summary; credit Capital 
C)  Debit Capital; credit Withdrawals 
D)  Debit Withdrawals; credit Capital 
A)  Debit Capital; credit Income Summary 
B)  Debit Income Summary; credit Capital 
C)  Debit Capital; credit Withdrawals 
D)  Debit Withdrawals; credit Capital

Question 3

Identify the category(s) of each of the accounts below.
Current Asset
Plant and Equipment
Current Liabilities
Long-Term Liabilities
Item Category
0. Cash Current Asset ________
a. Accts. Payable ________ ________
b. Accumulated Amount. ________ ________
c. Mortgage Payable ________ ________
d. Unearned Revenue ________ ________
e. Merchandise Inv. ________ ________

Accepted Answer

Item Category
a. Current Liabi

Question 4

The post-closing trial balance would include Sales and Cost of Goods Sold.

Accepted Answer

A) True 
 B)False

Liquidity is

How is Income Summary closed if the company had a net income?

Identify the category(s) of each of the accounts below. Current Asset Plant and Equipment Current Liabilities Long-Term Liabilities Item Category 0. Cash Current Asset a. Accts. Payable b. Accumulated Amount. c. Mortgage Payable d. Unearned Revenue e. Merchandise Inv.

The post-closing trial balance would include Sales and Cost of Goods Sold.

Accounting Concepts and Procedures: an Introduction

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

The Accounting Cycle Completed: Closing and Post-Closing Trial Balance

Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash

Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals

Banking Procedures and Control of Cash

Payroll Procedures: the Employees Perspective

The Employers Tax Responsibilities: Principles and Procedures

Special Journals With Taxes

Preparing a Worksheet for a Merchandising Company

Filters

Exam 13: Completion of the Accounting Cycle for a Merchandising Company

Liquidity is

How is Income Summary closed if the company had a net income?

The post-closing trial balance would include Sales and Cost of Goods Sold.

Accounting Concepts and Procedures: an Introduction

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

The Accounting Cycle Completed: Closing and Post-Closing Trial Balance

Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash

Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals

Banking Procedures and Control of Cash

Payroll Procedures: the Employees Perspective

The Employers Tax Responsibilities: Principles and Procedures

Special Journals With Taxes

Preparing a Worksheet for a Merchandising Company

Filters