Question 1

A work sheet is prepared

Accepted Answer

A)  from [date] to [date]. 
B)  for the [period] ended [date]. 
C)  at any time in the accounting period. 
D)  always on December 31. 
A)  from [date] to [date]. 
B)  for the [period] ended [date]. 
C)  at any time in the accounting period. 
D)  always on December 31.

Question 2

An increase in a revenue account may reflect a decrease in a liability account.

Accepted Answer

A) True 
 B)False

Question 3

An example of a contra-revenue account is

Accepted Answer

A)  Purchases. 
B)  Purchases Returns and Allowances. 
C)  Purchases Discounts. 
D)  Sales Returns and Allowances. 
A)  Purchases. 
B)  Purchases Returns and Allowances. 
C)  Purchases Discounts. 
D)  Sales Returns and Allowances.

Question 4

On a work sheet, the Debit column of the Income Statement totals $550,356 and the Credit column totals $734,225. This represents

Accepted Answer

A)  unbalanced totals indicating that an error exists. 
B)  a net loss to the business. 
C)  other expenses. 
D)  a net income for the business. 
A)  unbalanced totals indicating that an error exists. 
B)  a net loss to the business. 
C)  other expenses. 
D)  a net income for the business.

Question 5

In preparing a work sheet, the amounts for the Trial Balance columns are copied from the

Accepted Answer

A)  general journal. 
B)  sales and purchases journal. 
C)  general ledger. 
D)  current chart of accounts. 
A)  general journal. 
B)  sales and purchases journal. 
C)  general ledger. 
D)  current chart of accounts.

Question 6

A beginning inventory of $75,000 is removed from the merchandise inventory account by

Accepted Answer

A)  debiting $75,000 to Merchandise Inventory. 
B)  crediting $75,000 to Merchandise Inventory. 
C)  debiting $75,000 to Purchases. 
D)  crediting $75,000 to Income Summary. 
A)  debiting $75,000 to Merchandise Inventory. 
B)  crediting $75,000 to Merchandise Inventory. 
C)  debiting $75,000 to Purchases. 
D)  crediting $75,000 to Income Summary.

A work sheet is prepared

An increase in a revenue account may reflect a decrease in a liability account.

An example of a contra-revenue account is

On a work sheet, the Debit column of the Income Statement totals $550,356 and the Credit column totals $734,225. This represents

In preparing a work sheet, the amounts for the Trial Balance columns are copied from the

A beginning inventory of $75,000 is removed from the merchandise inventory account by

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for a Professional Service Business: The Combination Journal

Filters

Exam 14: Adjustments and the Work Sheet for a Merchandising Business

A work sheet is prepared

An increase in a revenue account may reflect a decrease in a liability account.

An example of a contra-revenue account is

On a work sheet, the Debit column of the Income Statement totals $550,356 and the Credit column totals $734,225. This represents

In preparing a work sheet, the amounts for the Trial Balance columns are copied from the

A beginning inventory of $75,000 is removed from the merchandise inventory account by

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for a Professional Service Business: The Combination Journal

Filters