Question 1

Instructions
Prepare the end of the period closing entries for the Quick-E Delivery Service.

Accepted Answer

The answer of  
Instructions
Prepare the end of the period...

Question 2

The income statement for the year 2014 of Poole Co. contains the following information:   After all closing entries have been posted, the Income Summary account will have a balance of

Accepted Answer

A)  $0. 
B)  $2,500 debit. 
C)  $2,500 credit. 
D)  $37,500 credit. 
A)  $0. 
B)  $2,500 debit. 
C)  $2,500 credit. 
D)  $37,500 credit. A

Question 3

The following data (in thousands) is available for Chang Company.     The subtotal of the first asset classification on the 2014 Statement of Financial Position is:

Accepted Answer

A)  ¥20,380 
B)  ¥18,620 
C)  ¥528 
D)  ¥7,380 
A)  ¥20,380 
B)  ¥18,620 
C)  ¥528 
D)  ¥7,380 C

Question 4

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information:   The entry to close the expense accounts includes a

Accepted Answer

A)  debit to Income Summary for ₤3,900. 
B)  credit to Rent Expense for ₤1,500. 
C)  credit to Income Summary for ₤4,100. 
D)  debit to Salaries and Wages Expense for ₤2,000. 
A)  debit to Income Summary for ₤3,900. 
B)  credit to Rent Expense for ₤1,500. 
C)  credit to Income Summary for ₤4,100. 
D)  debit to Salaries and Wages Expense for ₤2,000.

Question 5

If errors occur in the recording process, they

Accepted Answer

A)  should be corrected as adjustments at the end of the period. 
B)  should be corrected as soon as they are discovered. 
C)  should be corrected when preparing closing entries. 
D)  cannot be corrected until the next accounting period. 
A)  should be corrected as adjustments at the end of the period. 
B)  should be corrected as soon as they are discovered. 
C)  should be corrected when preparing closing entries. 
D)  cannot be corrected until the next accounting period.

Question 6

The trial balances of Barola Company follow with the accounts arranged in alphabetic order. Analyze the data and prepare (a) the adjusting entries and (b) the closing entries made by Barola Company.

Accepted Answer

The answer of The trial balances of Barola Company follow...

Question 7

IFRS permits the noncurrent classifications to be reported before the current classifications on the statement of financial position

Accepted Answer

A) True 
 B)False

Question 8

Equipment is classified in the statement of financial position as

Accepted Answer

A)  a current asset. 
B)  property, plant, and equipment. 
C)  an intangible asset. 
D)  a long-term investment. 
A)  a current asset. 
B)  property, plant, and equipment. 
C)  an intangible asset. 
D)  a long-term investment.

Question 9

An intangible asset

Accepted Answer

A)  does not have physical substance, yet often is very valuable. 
B)  is worthless because it has no physical substance. 
C)  is converted into a tangible asset during the operating cycle. 
D)  cannot be classified on the statement of financial position because it lacks physical substance. 
A)  does not have physical substance, yet often is very valuable. 
B)  is worthless because it has no physical substance. 
C)  is converted into a tangible asset during the operating cycle. 
D)  cannot be classified on the statement of financial position because it lacks physical substance.

Question 10

A company's liquidity is concerned with the relationship between long-term investments and long-term debt.

Accepted Answer

A) True 
 B)False

Question 11

The format of the data in the Statement of Financial Position columns of the worksheet is the same as the format of the Statement of Financial Position.

Accepted Answer

A) True 
 B)False

Question 12

The final step in the accounting cycle is to prepare

Accepted Answer

A)  closing entries. 
B)  financial statements. 
C)  a post-closing trial balance. 
D)  adjusting entries. 
A)  closing entries. 
B)  financial statements. 
C)  a post-closing trial balance. 
D)  adjusting entries.

Question 13

The purpose of the post-closing trial balances is to prove the equality of the Statement of Financial Position.

Accepted Answer

A) True 
 B)False

Question 14

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information:   At June 1, 2014, Taylor reported Retained Earnings of ₤35,000. The company paid no dividends during June. At June 30, 2014, the company will report Retained Earnings of

Accepted Answer

A)  ₤35,000. 
B)  ₤43,000. 
C)  ₤38,900. 
D)  ₤31,100. 
A)  ₤35,000. 
B)  ₤43,000. 
C)  ₤38,900. 
D)  ₤31,100.

Question 15

Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.

Accepted Answer

A) True 
 B)False

Question 16

It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet.

Accepted Answer

A) True 
 B)False

Question 17

Correcting entries are made

Accepted Answer

A)  at the beginning of an accounting period. 
B)  at the end of an accounting period. 
C)  whenever an error is discovered. 
D)  after closing entries. 
A)  at the beginning of an accounting period. 
B)  at the end of an accounting period. 
C)  whenever an error is discovered. 
D)  after closing entries.

Question 18

Which of the following accounts does not appear in the Statement of Financial Position?

Accepted Answer

A)  Retained Earnings 
B)  Unearned Revenues 
C)  Dividends 
D)  Share Capital-Ordinary 
A)  Retained Earnings 
B)  Unearned Revenues 
C)  Dividends 
D)  Share Capital-Ordinary

Question 19

The income statement of Hall Marine Repairs is as follows:   On April 1, the retained earnings account had a balance of ₤12,900. During April, the company paid ₤3,000 in dividends.
Instructions
(a) Prepare closing entries at April 30.
(b) Prepare a retained earnings statement for the month of April.

Accepted Answer

The answer of The income statement of Hall Marine Repairs...

Question 20

The income statement for the year 2014 of Poole Co. contains the following information:   After the revenue and expense accounts have been closed, the balance in Income Summary will be

Accepted Answer

A)  $0. 
B)  a debit balance of $2,500. 
C)  a credit balance of $2,500. 
D)  a credit balance of $75,000. 
A)  $0. 
B)  a debit balance of $2,500. 
C)  a credit balance of $2,500. 
D)  a credit balance of $75,000.

Instructions Prepare the end of the period closing entries for the Quick-E Delivery Service.

The income statement for the year 2014 of Poole Co. contains the following information: After all closing entries have been posted, the Income Summary account will have a balance of

The following data (in thousands) is available for Chang Company. The subtotal of the first asset classification on the 2014 Statement of Financial Position is:

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: The entry to close the expense accounts includes a

If errors occur in the recording process, they

The trial balances of Barola Company follow with the accounts arranged in alphabetic order. Analyze the data and prepare (a) the adjusting entries and (b) the closing entries made by Barola Company.

IFRS permits the noncurrent classifications to be reported before the current classifications on the statement of financial position

Equipment is classified in the statement of financial position as

An intangible asset

A company's liquidity is concerned with the relationship between long-term investments and long-term debt.

The format of the data in the Statement of Financial Position columns of the worksheet is the same as the format of the Statement of Financial Position.

The final step in the accounting cycle is to prepare

The purpose of the post-closing trial balances is to prove the equality of the Statement of Financial Position.

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: At June 1, 2014, Taylor reported Retained Earnings of ₤35,000. The company paid no dividends during June. At June 30, 2014, the company will report Retained Earnings of

Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.

It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet.

Correcting entries are made

Which of the following accounts does not appear in the Statement of Financial Position?

The income statement for the year 2014 of Poole Co. contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be

Accounting in Action

The Recording Process

Adjusting the Accounts

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Share Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Accounting Principles and Contingent Liabilities in Business Operations

Filters

Exam 4: Completing the Accounting Cycle

Instructions Prepare the end of the period closing entries for the Quick-E Delivery Service.

The income statement for the year 2014 of Poole Co. contains the following information: After all closing entries have been posted, the Income Summary account will have a balance of

The following data (in thousands) is available for Chang Company. The subtotal of the first asset classification on the 2014 Statement of Financial Position is:

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: The entry to close the expense accounts includes a

If errors occur in the recording process, they

The trial balances of Barola Company follow with the accounts arranged in alphabetic order. Analyze the data and prepare (a) the adjusting entries and (b) the closing entries made by Barola Company.

IFRS permits the noncurrent classifications to be reported before the current classifications on the statement of financial position

Equipment is classified in the statement of financial position as

An intangible asset

A company's liquidity is concerned with the relationship between long-term investments and long-term debt.

The format of the data in the Statement of Financial Position columns of the worksheet is the same as the format of the Statement of Financial Position.

The final step in the accounting cycle is to prepare

The purpose of the post-closing trial balances is to prove the equality of the Statement of Financial Position.

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: At June 1, 2014, Taylor reported Retained Earnings of ₤35,000. The company paid no dividends during June. At June 30, 2014, the company will report Retained Earnings of

Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.

It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet.

Correcting entries are made

Which of the following accounts does not appear in the Statement of Financial Position?

The income statement for the year 2014 of Poole Co. contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be

Accounting in Action

The Recording Process

Adjusting the Accounts

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Share Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Accounting Principles and Contingent Liabilities in Business Operations

Filters