Exam 4: Completing the Accounting Cycle
Exam 1: Introduction to Accounting and Business234 Questions
Exam 2: Analyzing Transactions240 Questions
Exam 3: The Adjusting Process210 Questions
Exam 4: Completing the Accounting Cycle197 Questions
Exam 5: Accounting for Merchandising Businesses233 Questions
Exam 6: Inventories205 Questions
Exam 7: Sarbanes-Oxley, Internal Control, and Cash187 Questions
Exam 8: Receivables196 Questions
Exam 9: Fixed Assets and Intangible Assets226 Questions
Exam 10: Current Liabilities and Payroll194 Questions
Exam 11: Corporations: Organization, Stock Transactions, and Dividends207 Questions
Exam 12: Long-Term Liabilities: Bonds and Notes174 Questions
Exam 13: Investments and Fair Value Accounting167 Questions
Exam 14: Statement of Cash Flows187 Questions
Exam 15: Financial Statement Analysis199 Questions
Exam 16: Managerial Accounting Concepts and Principles202 Questions
Exam 17: Job Order Costing195 Questions
Exam 18: Process Cost Systems198 Questions
Exam 19: Cost Behavior and Cost-Volume-Profit Analysis225 Questions
Exam 20: Variable Costing for Management Analysis160 Questions
Exam 21: Budgeting197 Questions
Exam 22: Performance Evaluation Using Variances From Standard Costs175 Questions
Exam 23: Performance Evaluation for Decentralized Operations217 Questions
Exam 24: Differential Analysis, Product Pricing, and Activity-Based Costing176 Questions
Exam 25: Capital Investment Analysis188 Questions
Exam 26: Cost Allocation and Activity-Based Costing110 Questions
Exam 27: Lean Principles, Lean Accounting, and Activity Analysis137 Questions
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The post-closing trial balance differs from the adjusted trial balance in that it does not
(Multiple Choice)
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After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns show debits of $37,686 and the credits of $41,101. This indicates that
(Multiple Choice)
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Which of these accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?
(Multiple Choice)
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Journalizing and posting the adjustments and closing entries update the ledger for the new accounting period.
(True/False)
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Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
-Determine the net income loss) for the period.

(Multiple Choice)
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The work sheet is not considered a part of the formal accounting records.
(True/False)
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The end-of-period spreadsheet work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430. This is before the amount for net income or net loss has been included. In preparing the income statement from the work sheet, what is the amount of net income or net loss?
(Short Answer)
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Net income appears on the end-of-period spreadsheet in the
(Multiple Choice)
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Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
-Determine the retained earnings ending balance.

(Multiple Choice)
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Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.
(True/False)
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The trial balance may be listed on the work sheet instead of being prepared separately.
(True/False)
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After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs: Accounts Payable \ 27,600 Rent Expense \ 32,700 Accounts Receivable 64,500 Salary Expense 41,390 Accumulated Depreciation 73,325 Salaries Payable 8,150 Cash 17,150 Service Revenue 186,000 Depreciation Expense 13,500 Supplies 1,500 Equipment 165,000 Supplies Expense 2,500 Insurance Expense 2,510 Common Stock 79,950 Prepaid Insurance 6,275 Dividends 48,000 Retained Earnings 20,000 Journalize the entries to close the appropriate accounts.
(Essay)
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Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?
(Multiple Choice)
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The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Martin Corporation. Use these adjusted values to journalize the closing entries for Martin Corporation. 

(Essay)
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Match each journal entry that follows as one of the types of journal entries a-c) below.
-Cash 450
Fees Earned 450
(Multiple Choice)
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Which of the accounts below would be closed by posting a debit to the account?
(Multiple Choice)
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Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.
(True/False)
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