Question 1

A worksheet is a multiple column form that facilitates the

Accepted Answer

A)  identification of events. 
B)  measurement process. 
C)  preparation of financial statements. 
D)  analysis process. 
A)  identification of events. 
B)  measurement process. 
C)  preparation of financial statements. 
D)  analysis process.

Question 2

A post-closing trial balance will show

Accepted Answer

A)  only permanent account balances. 
B)  only temporary account balances. 
C)  zero balances for all accounts. 
D)  the amount of net income (or loss) for the period. 
A)  only permanent account balances. 
B)  only temporary account balances. 
C)  zero balances for all accounts. 
D)  the amount of net income (or loss) for the period.

Question 3

The first required step in the accounting cycle is

Accepted Answer

A)  reversing entries. 
B)  journalizing transactions in the book of original entry. 
C)  analyzing transactions. 
D)  posting transactions. 
A)  reversing entries. 
B)  journalizing transactions in the book of original entry. 
C)  analyzing transactions. 
D)  posting transactions.

Question 4

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information:   The entry to close Income Summary to Retained Earnings includes

Accepted Answer

A)  a debit to Revenue for ₤8,000. 
B)  credits to Expenses totalling ₤4,100. 
C)  a credit to Income Summary for ₤3,900 
D)  a credit to Retained Earnings for ₤3,900. 
A)  a debit to Revenue for ₤8,000. 
B)  credits to Expenses totalling ₤4,100. 
C)  a credit to Income Summary for ₤3,900 
D)  a credit to Retained Earnings for ₤3,900.

Question 5

North Company prepared the following adjusting entries at year end on December 31, 2014:   In an effort to minimize errors in recording transactions, North Company utilizes reversing entries.
Instructions
Prepare reversing entries on January 1, 2014, for the adjusting entries given where appropriate.

Accepted Answer

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

Question 6

After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.

Accepted Answer

A) True 
 B)False

Question 7

In order to close the Dividends account, the

Accepted Answer

A)  income summary account should be debited. 
B)  income summary account should be credited. 
C)  retained earnings account should be credited. 
D)  retained earnings account should be debited. 
A)  income summary account should be debited. 
B)  income summary account should be credited. 
C)  retained earnings account should be credited. 
D)  retained earnings account should be debited.

Question 8

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2014:   The sub-classifications for assets on the company's classified statement of financial position would include all of the following except

Accepted Answer

A)  Current Assets. 
B)  Property, Plant, and Equipment. 
C)  Intangible Assets. 
D)  Long-term Assets. 
A)  Current Assets. 
B)  Property, Plant, and Equipment. 
C)  Intangible Assets. 
D)  Long-term Assets.

Question 9

If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.

Accepted Answer

A) True 
 B)False

Question 10

Assets that do not have a physical substance yet often are very valuable are called ______________ assets.

Accepted Answer

The answer of Assets that do not have a physical...

Question 11

The account balances appearing in the adjusted trial balance columns are extended to the ______________ columns and the ______________ columns.

Accepted Answer

The answer of The account balances appearing in the adjusted...

Question 12

The following data (in thousands) is available for Chang Company.   The subtotal of the last equity and liabilities classification on the 2014 Statement of Financial Position is:

Accepted Answer

A)  ¥3,850. 
B)  ¥2,622. 
C)  ¥26,126. 
D)  ¥2,888. 
A)  ¥3,850. 
B)  ¥2,622. 
C)  ¥26,126. 
D)  ¥2,888.

Question 13

Match between columns
                        Premises: Obligations that a company expects to pay after one year.
 A part of equity in a corporation.
An optional tool which facilitates the preparation of financial statements.
 A temporary account used in the closing process.
 Statement of financial position accounts whose balances are carried forward to the next period.
The average time that it takes to go from cash to cash in producing revenues.
 Entries to correct errors made in recording transactions.
The exact opposite of an adjusting entry made in a previous period.
 Entries at the end of an accounting period to transfer the balances of temporary accounts to Retained Earnings.
 Assets that a company expects to pay or convert to cash or use up within one year.

Accepted Answer

The Answer of Worksheet and Permanent accounts and Closing entries is...

Question 14

The amounts appearing on an income statement should agree with the amounts appearing on the post-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 15

The procedures used to prepare the worksheet are the same under both IFRS and GAAP.

Accepted Answer

A) True 
 B)False

Question 16

The two optional steps in the accounting cycle are preparing

Accepted Answer

A)  a post-closing trial balance and reversing entries. 
B)  a worksheet and post-closing trial balances. 
C)  reversing entries and a worksheet. 
D)  an adjusted trial balance and a post-closing trial balance. 
A)  a post-closing trial balance and reversing entries. 
B)  a worksheet and post-closing trial balances. 
C)  reversing entries and a worksheet. 
D)  an adjusted trial balance and a post-closing trial balance.

Question 17

The income statement and statement of financial position columns of Reed Company's worksheet reflect the following totals:   The net income (or loss) for the period is

Accepted Answer

A)  $45,000 income. 
B)  $13,000 income. 
C)  $13,000 loss. 
D)  not determinable. 
A)  $45,000 income. 
B)  $13,000 income. 
C)  $13,000 loss. 
D)  not determinable.

Question 18

The information for preparing a trial balance on a worksheet is obtained from

Accepted Answer

A)  financial statements. 
B)  general ledger accounts. 
C)  general journal entries. 
D)  business documents. 
A)  financial statements. 
B)  general ledger accounts. 
C)  general journal entries. 
D)  business documents.

Question 19

The Income Summary account is an important account that is used

Accepted Answer

A)  during interim periods. 
B)  in preparing adjusting entries. 
C)  annually in preparing closing entries. 
D)  annually in preparing correcting entries. 
A)  during interim periods. 
B)  in preparing adjusting entries. 
C)  annually in preparing closing entries. 
D)  annually in preparing correcting entries.

Question 20

The income statement for the year 2014 of Poole Co. contains the following information:   The entry to close Income Summary to Retained Earnings includes

Accepted Answer

A)  a debit to Revenue for $75,000. 
B)  credits to Expenses totalling $77,500. 
C)  a credit to Income Summary for $2,500. 
D)  a credit to Retained Earnings for $2,500. 
A)  a debit to Revenue for $75,000. 
B)  credits to Expenses totalling $77,500. 
C)  a credit to Income Summary for $2,500. 
D)  a credit to Retained Earnings for $2,500.

A worksheet is a multiple column form that facilitates the

A post-closing trial balance will show

The first required step in the accounting cycle is

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: The entry to close Income Summary to Retained Earnings includes

North Company prepared the following adjusting entries at year end on December 31, 2014: In an effort to minimize errors in recording transactions, North Company utilizes reversing entries. Instructions Prepare reversing entries on January 1, 2014, for the adjusting entries given where appropriate.

After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.

In order to close the Dividends account, the

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2014: The sub-classifications for assets on the company's classified statement of financial position would include all of the following except

If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.

Assets that do not have a physical substance yet often are very valuable are called ______________ assets.

The account balances appearing in the adjusted trial balance columns are extended to the columns and the columns.

The following data (in thousands) is available for Chang Company. The subtotal of the last equity and liabilities classification on the 2014 Statement of Financial Position is:

The amounts appearing on an income statement should agree with the amounts appearing on the post-closing trial balance.

The procedures used to prepare the worksheet are the same under both IFRS and GAAP.

The two optional steps in the accounting cycle are preparing

The income statement and statement of financial position columns of Reed Company's worksheet reflect the following totals: The net income (or loss) for the period is

The information for preparing a trial balance on a worksheet is obtained from

The Income Summary account is an important account that is used

The income statement for the year 2014 of Poole Co. contains the following information: The entry to close Income Summary to Retained Earnings includes

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

A worksheet is a multiple column form that facilitates the

A post-closing trial balance will show

The first required step in the accounting cycle is

The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: The entry to close Income Summary to Retained Earnings includes

North Company prepared the following adjusting entries at year end on December 31, 2014: In an effort to minimize errors in recording transactions, North Company utilizes reversing entries. Instructions Prepare reversing entries on January 1, 2014, for the adjusting entries given where appropriate.

After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.

In order to close the Dividends account, the

The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2014: The sub-classifications for assets on the company's classified statement of financial position would include all of the following except

If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.

Assets that do not have a physical substance yet often are very valuable are called ______________ assets.

The account balances appearing in the adjusted trial balance columns are extended to the ______________ columns and the ______________ columns.

The following data (in thousands) is available for Chang Company. The subtotal of the last equity and liabilities classification on the 2014 Statement of Financial Position is:

The amounts appearing on an income statement should agree with the amounts appearing on the post-closing trial balance.

The procedures used to prepare the worksheet are the same under both IFRS and GAAP.

The two optional steps in the accounting cycle are preparing

The income statement and statement of financial position columns of Reed Company's worksheet reflect the following totals: The net income (or loss) for the period is

The information for preparing a trial balance on a worksheet is obtained from

The Income Summary account is an important account that is used

The income statement for the year 2014 of Poole Co. contains the following information: The entry to close Income Summary to Retained Earnings includes

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 account balances appearing in the adjusted trial balance columns are extended to the columns and the columns.