Question 1

Given the income statement columns and the balance sheet columns of the worksheet,prepare a balance sheet dated December 31,200X,for Baur Company.

Accepted Answer

The answer of Given the income statement columns and the...

Question 2

The accounts added below the trial balance,on the worksheet,are always decreasing.

Accepted Answer

A) True 
 B)False

Question 3

It is the year end,but not the pay period end.How will this affect the balance sheet?

Accepted Answer

A) Assets will be decreased. 
B) Liabilities will be increased. 
C) Owner's equity will be increased. 
D) This has no effect on the period end balance sheet. 
A) Assets will be decreased. 
B) Liabilities will be increased. 
C) Owner's equity will be increased. 
D) This has no effect on the period end balance sheet.

Question 4

Bringing account balances up to date before preparing financial reports is called:

Accepted Answer

A) posting. 
B) adjusting. 
C) journalizing. 
D) analyzing. 
A) posting. 
B) adjusting. 
C) journalizing. 
D) analyzing.

Question 5

What are the differences between depreciation expense and accumulated depreciation?

Accepted Answer

The differences between depreciation exp

Question 6

The estimated value of an item at the end of its useful life is:

Accepted Answer

A) depreciation expense. 
B) residual value. 
C) accumulated depreciation. 
D) book value. 
A) depreciation expense. 
B) residual value. 
C) accumulated depreciation. 
D) book value.

Question 7

Accumulated Depreciation is found on which of the following financial statements?

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) All of these answers are correct. 
A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) All of these answers are correct.

Question 8

If an adjustment to Supplies is not made,the balance in the Supplies account will be too low.

Accepted Answer

A) True 
 B)False

Question 9

Depreciation Expense would be found on which of the following financial statements?

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) Depreciation report 
A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) Depreciation report

Question 10

Adjusting entries affect:

Accepted Answer

A) the balance sheet. 
B) the income statement. 
C) Neither of these answers is correct. 
D) Both A and B are correct. 
A) the balance sheet. 
B) the income statement. 
C) Neither of these answers is correct. 
D) Both A and B are correct.

Question 11

Prepaid Rent Expense is considered to be a(n):

Accepted Answer

A) liability. 
B) asset. 
C) contra-asset. 
D) revenue. 
A) liability. 
B) asset. 
C) contra-asset. 
D) revenue.

Question 12

When Balance Sheet credits exceed the debits on the worksheet:

Accepted Answer

A) a net loss has occurred. 
B) a net income has occurred. 
C) an error has been made. 
D) Not enough information has been provided. 
A) a net loss has occurred. 
B) a net income has occurred. 
C) an error has been made. 
D) Not enough information has been provided.

Question 13

Using the following data,make the adjustments,and complete the worksheet for one month.
a.Equipment costing $750 with a residual value of $150 has an expected life of 12 months.
b.Accrued salaries of $100.
c.Supplies ledger balance $900,supplies used $400.

Accepted Answer

The answer of Using the following data,make the adjustments,and complete...

Question 14

Given the income statement columns and the balance sheet columns of the worksheet,prepare an income statement for the month of October 31,20XX,for the company.

Accepted Answer

The answer of Given the income statement columns and the...

Question 15

On a worksheet,the balance sheet debit column total is $1,000 and the credit column total is $2,000.Which of the following statements is correct?

Accepted Answer

A) The company had a net income of $1,000. 
B) The company had a loss of $1,000. 
C) The company's expenses were greater than revenues. 
D) None of the above is correct. 
A) The company had a net income of $1,000. 
B) The company had a loss of $1,000. 
C) The company's expenses were greater than revenues. 
D) None of the above is correct.

Question 16

From the following data,make the following adjustments,and complete the worksheet for the month.
a.Depreciation Expense is $350.
b.Supplies remaining at end of period $75.
c.Prepaid Insurance balance $400,$100 has expired.
d.Wages for the 5 day work-week are $500,the month ended on a Wednesday.

Accepted Answer

The answer of From the following data,make the following adjustments,and...

Question 17

The accumulated depreciation will appear in which of the following worksheet statement columns?

Accepted Answer

A) The Income Statement debit 
B) The Income Statement credit 
C) The Balance Sheet debit 
D) The Balance Sheet credit 
A) The Income Statement debit 
B) The Income Statement credit 
C) The Balance Sheet debit 
D) The Balance Sheet credit

Question 18

The depreciation of equipment will require an adjustment that results in:

Accepted Answer

A) total assets increasing and total expenses increasing. 
B) total assets increasing and total expenses decreasing. 
C) total assets and revenue decreasing. 
D) total assets decreasing and total expenses increasing. 
A) total assets increasing and total expenses increasing. 
B) total assets increasing and total expenses decreasing. 
C) total assets and revenue decreasing. 
D) total assets decreasing and total expenses increasing.

Question 19

Alcatraz Boat Tours showed store supplies available during the year,$600.If at the end of the month supplies used were $200,the adjusting entry would include a:

Accepted Answer

A) debit to Supplies Expense for $200. 
B) debit to Supplies Expense for $350. 
C) credit to Supplies Expense for $200. 
D) credit to Supplies Expense for $350. 
A) debit to Supplies Expense for $200. 
B) debit to Supplies Expense for $350. 
C) credit to Supplies Expense for $200. 
D) credit to Supplies Expense for $350.

Question 20

The worksheet is a formal financial statement.

Accepted Answer

A) True 
 B)False

Exam 4: The Accounting Cycle Continued

Given the income statement columns and the balance sheet columns of the worksheet,prepare a balance sheet dated December 31,200X,for Baur Company.

The accounts added below the trial balance,on the worksheet,are always decreasing.

It is the year end,but not the pay period end.How will this affect the balance sheet?

Bringing account balances up to date before preparing financial reports is called:

What are the differences between depreciation expense and accumulated depreciation?

The estimated value of an item at the end of its useful life is:

Accumulated Depreciation is found on which of the following financial statements?

If an adjustment to Supplies is not made,the balance in the Supplies account will be too low.

Depreciation Expense would be found on which of the following financial statements?

Adjusting entries affect:

Prepaid Rent Expense is considered to be a(n):

When Balance Sheet credits exceed the debits on the worksheet:

Using the following data,make the adjustments,and complete the worksheet for one month. a.Equipment costing $750 with a residual value of $150 has an expected life of 12 months. b.Accrued salaries of $100. c.Supplies ledger balance $900,supplies used $400.

Given the income statement columns and the balance sheet columns of the worksheet,prepare an income statement for the month of October 31,20XX,for the company.

On a worksheet,the balance sheet debit column total is $1,000 and the credit column total is $2,000.Which of the following statements is correct?

From the following data,make the following adjustments,and complete the worksheet for the month. a.Depreciation Expense is $350. b.Supplies remaining at end of period $75. c.Prepaid Insurance balance $400,$100 has expired. d.Wages for the 5 day work-week are $500,the month ended on a Wednesday.

The accumulated depreciation will appear in which of the following worksheet statement columns?

The depreciation of equipment will require an adjustment that results in:

Alcatraz Boat Tours showed store supplies available during the year,$600.If at the end of the month supplies used were $200,the adjusting entry would include a:

The worksheet is a formal financial statement.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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