Question 1

The balances that appear on the post-closing trial balance will match the

Accepted Answer

A)  income statement account balances after adjustments. 
B)  statement of financial position account balances after closing entries. 
C)  income statement account balances after closing entries. 
D)  statement of financial position account balances after adjustments. 
A)  income statement account balances after adjustments. 
B)  statement of financial position account balances after closing entries. 
C)  income statement account balances after closing entries. 
D)  statement of financial position account balances after adjustments.

Question 2

Liabilities are generally classified on a statement of financial position as

Accepted Answer

A)  small liabilities and large liabilities. 
B)  present liabilities and future liabilities. 
C)  tangible liabilities and intangible liabilities. 
D)  current liabilities and non-current liabilities. 
A)  small liabilities and large liabilities. 
B)  present liabilities and future liabilities. 
C)  tangible liabilities and intangible liabilities. 
D)  current liabilities and non-current liabilities.

Question 3

Assuming that there is a net loss for the period, debits equal credits in all but which section of the worksheet?

Accepted Answer

A)  Income statement columns 
B)  Adjustments columns 
C)  Trial balance columns 
D)  Adjusted trial balance columns 
A)  Income statement columns 
B)  Adjustments columns 
C)  Trial balance columns 
D)  Adjusted trial balance columns

Question 4

Current assets are listed in the reverse order of liquidity.

Accepted Answer

A) True 
 B)False

Question 5

The final closing entry to be journalized is typically the entry that closes the

Accepted Answer

A)  revenue accounts. 
B)  dividends account. 
C)  retained earnings account. 
D)  expense accounts. 
A)  revenue accounts. 
B)  dividends account. 
C)  retained earnings account. 
D)  expense accounts.

Question 6

The preparation of a ______________ and ______________ entries are two optional steps in the accounting cycle.

Accepted Answer

The answer of The preparation of a ______________ and ______________...

Question 7

Which of the following liabilities are not related to the operating cycle?

Accepted Answer

A)  Salaries and wages payable 
B)  Accounts payable 
C)  Utilities payable 
D)  Bonds payable 
A)  Salaries and wages payable 
B)  Accounts payable 
C)  Utilities payable 
D)  Bonds payable

Question 8

Which of the following is in the proper order?

Accepted Answer

A)  Cash; Short-term Investments; Accounts Receivable; Inventories; Supplies. 
B)  Cash; Short-term Investments; Inventories; Accounts Receivable; Supplies. 
C)  Supplies; Inventories; Accounts Receivables; Short-term Investments; Cash. 
D)  Supplies; Accounts Receivables; Inventories; Short-term Investments; Cash. 
A)  Cash; Short-term Investments; Accounts Receivable; Inventories; Supplies. 
B)  Cash; Short-term Investments; Inventories; Accounts Receivable; Supplies. 
C)  Supplies; Inventories; Accounts Receivables; Short-term Investments; Cash. 
D)  Supplies; Accounts Receivables; Inventories; Short-term Investments; Cash.

Question 9

Which account balance will change between the adjusted trial balance and the post-closing trial balance?

Accepted Answer

A)  Retained Earnings 
B)  Share Capital-Ordinary 
C)  Interest Payable 
D)  Accumulated Depreciation 
A)  Retained Earnings 
B)  Share Capital-Ordinary 
C)  Interest Payable 
D)  Accumulated Depreciation

Question 10

Adjusting entries are prepared from

Accepted Answer

A)  source documents. 
B)  the adjustments columns of the worksheet. 
C)  the general ledger. 
D)  last year's worksheet. 
A)  source documents. 
B)  the adjustments columns of the worksheet. 
C)  the general ledger. 
D)  last year's worksheet.

Question 11

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2014:   What are total current assets at December 31, 2014?

Accepted Answer

A)  ¥78,000 
B)  ¥96,000 
C)  ¥108,000 
D)  ¥654,000 
A)  ¥78,000 
B)  ¥96,000 
C)  ¥108,000 
D)  ¥654,000

Question 12

Scot Company prepared the following adjusting entries at year end on December 31, 2013:
 
In an effort to minimize errors in recording transactions, F. Scot Company utilizes reversing entries. Prepare reversing entries on January 1, 2014.

Accepted Answer

The answer of Scot Company prepared the following adjusting entries...

Question 13

Selected worksheet data for East Carolina Company are presented below.   Instructions
(a) Fill in the missing amounts.
(b) Prepare the adjusting entries that were made.

Accepted Answer

(a) Accounts Receivable-$18000 ($31000 -

Question 14

The first item listed under current liabilities is usually

Accepted Answer

A)  accounts payable. 
B)  notes payable. 
C)  salaries and wages payable. 
D)  taxes payable. 
A)  accounts payable. 
B)  notes payable. 
C)  salaries and wages payable. 
D)  taxes payable.

Question 15

The four major classifications of assets in a classified statement of financial position are: ________________, ________________, ________________ and ________________.

Accepted Answer

The four major classifications

Question 16

If a company utilizes reversing entries, they will

Accepted Answer

A)  be made at the beginning of the next accounting period. 
B)  not actually be posted to the general ledger accounts. 
C)  be made before the post-closing trial balance. 
D)  be part of the adjusting entry process. 
A)  be made at the beginning of the next accounting period. 
B)  not actually be posted to the general ledger accounts. 
C)  be made before the post-closing trial balance. 
D)  be part of the adjusting entry process.

Question 17

At March 31, account balances after adjustments for Blowing Rock Stage Theatre are as follows:   Instructions
Prepare the closing journal entries for Blowing Rock Stage Theatre.

Accepted Answer

The answer of At March 31, account balances after adjustments...

Question 18

The income statement for the month of June, 2014 of Taylor Enterprises 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 ₤3,900. 
C)  a credit balance of ₤3,900. 
D)  a credit balance of ₤8,000. 
A)  ₤0. 
B)  a debit balance of ₤3,900. 
C)  a credit balance of ₤3,900. 
D)  a credit balance of ₤8,000.

Question 19

When using a worksheet, adjusting entries are journalized

Accepted Answer

A)  after the worksheet is completed and before financial statements are prepared. 
B)  before the adjustments are entered on to the worksheet. 
C)  after the worksheet is completed and after financial statements are prepared. 
D)  before the adjusted trial balance is extended to the proper financial statement columns. 
A)  after the worksheet is completed and before financial statements are prepared. 
B)  before the adjustments are entered on to the worksheet. 
C)  after the worksheet is completed and after financial statements are prepared. 
D)  before the adjusted trial balance is extended to the proper financial statement columns.

Question 20

Statement of financial position accounts are considered to be

Accepted Answer

A)  temporary owner's equity accounts. 
B)  permanent accounts. 
C)  capital accounts. 
D)  nominal accounts. 
A)  temporary owner's equity accounts. 
B)  permanent accounts. 
C)  capital accounts. 
D)  nominal accounts.

The balances that appear on the post-closing trial balance will match the

Liabilities are generally classified on a statement of financial position as

Assuming that there is a net loss for the period, debits equal credits in all but which section of the worksheet?

Current assets are listed in the reverse order of liquidity.

The final closing entry to be journalized is typically the entry that closes the

The preparation of a and entries are two optional steps in the accounting cycle.

Which of the following liabilities are not related to the operating cycle?

Which of the following is in the proper order?

Which account balance will change between the adjusted trial balance and the post-closing trial balance?

Adjusting entries are prepared from

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2014: What are total current assets at December 31, 2014?

Scot Company prepared the following adjusting entries at year end on December 31, 2013: In an effort to minimize errors in recording transactions, F. Scot Company utilizes reversing entries. Prepare reversing entries on January 1, 2014.

Selected worksheet data for East Carolina Company are presented below. Instructions (a) Fill in the missing amounts. (b) Prepare the adjusting entries that were made.

The first item listed under current liabilities is usually

The four major classifications of assets in a classified statement of financial position are: , , and .

If a company utilizes reversing entries, they will

At March 31, account balances after adjustments for Blowing Rock Stage Theatre are as follows: Instructions Prepare the closing journal entries for Blowing Rock Stage Theatre.

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be

When using a worksheet, adjusting entries are journalized

Statement of financial position accounts are considered to 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

The balances that appear on the post-closing trial balance will match the

Liabilities are generally classified on a statement of financial position as

Assuming that there is a net loss for the period, debits equal credits in all but which section of the worksheet?

Current assets are listed in the reverse order of liquidity.

The final closing entry to be journalized is typically the entry that closes the

The preparation of a ______________ and ______________ entries are two optional steps in the accounting cycle.

Which of the following liabilities are not related to the operating cycle?

Which of the following is in the proper order?

Which account balance will change between the adjusted trial balance and the post-closing trial balance?

Adjusting entries are prepared from

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2014: What are total current assets at December 31, 2014?

Scot Company prepared the following adjusting entries at year end on December 31, 2013: In an effort to minimize errors in recording transactions, F. Scot Company utilizes reversing entries. Prepare reversing entries on January 1, 2014.

Selected worksheet data for East Carolina Company are presented below. Instructions (a) Fill in the missing amounts. (b) Prepare the adjusting entries that were made.

The first item listed under current liabilities is usually

The four major classifications of assets in a classified statement of financial position are: ________________, ________________, ________________ and ________________.

If a company utilizes reversing entries, they will

At March 31, account balances after adjustments for Blowing Rock Stage Theatre are as follows: Instructions Prepare the closing journal entries for Blowing Rock Stage Theatre.

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be

When using a worksheet, adjusting entries are journalized

Statement of financial position accounts are considered to 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

The preparation of a and entries are two optional steps in the accounting cycle.

The four major classifications of assets in a classified statement of financial position are: , , and .