Question 1

A worksheet can be thought of as a(n)

Accepted Answer

A) permanent accounting record. 
B) optional device used by accountants. 
C) part of the general ledger. 
D) part of the journal. 
A) permanent accounting record. 
B) optional device used by accountants. 
C) part of the general ledger. 
D) part of the journal.

Question 2

A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet.

Accepted Answer

A) True 
 B)False

Question 3

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the

Accepted Answer

A) adjusted trial balance. 
B) post-closing trial balance. 
C) the general journal. 
D) adjustments columns of the worksheet. 
A) adjusted trial balance. 
B) post-closing trial balance. 
C) the general journal. 
D) adjustments columns of the worksheet.

Question 4

Intangible assets are

Accepted Answer

A) listed under current assets on the balance sheet. 
B) not listed on the balance sheet because they do not have physical substance. 
C) long-lived assets that are often very valuable. 
D) listed as a long-term investment on the balance sheet. 
A) listed under current assets on the balance sheet. 
B) not listed on the balance sheet because they do not have physical substance. 
C) long-lived assets that are often very valuable. 
D) listed as a long-term investment on the balance sheet.

Question 5

Closing entries

Accepted Answer

A) are prepared before the financial statements. 
B) reduce the number of permanent accounts. 
C) cause the revenue and expense accounts to have zero balances. 
D) summarize the activity in every account. 
A) are prepared before the financial statements. 
B) reduce the number of permanent accounts. 
C) cause the revenue and expense accounts to have zero balances. 
D) summarize the activity in every account.

Question 6

Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period.

Accepted Answer

A) True 
 B)False

Question 7

Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.

Accepted Answer

A) True 
 B)False

Question 8

The operating cycle of a company is the average time required to collect the receivables resulting from producing revenues.

Accepted Answer

A) True 
 B)False

Question 9

A post-closing trial balance is prepared

Accepted Answer

A) after closing entries have been journalized and posted. 
B) before closing entries have been journalized and posted. 
C) after closing entries have been journalized but before the entries are posted. 
D) before closing entries have been journalized but after the entries are posted. 
A) after closing entries have been journalized and posted. 
B) before closing entries have been journalized and posted. 
C) after closing entries have been journalized but before the entries are posted. 
D) before closing entries have been journalized but after the entries are posted.

Question 10

Equipment is classified in the balance sheet 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.

A worksheet can be thought of as a(n)

A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet.

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the

Intangible assets are

Closing entries

Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period.

Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.

The operating cycle of a company is the average time required to collect the receivables resulting from producing revenues.

A post-closing trial balance is prepared

Equipment is classified in the balance sheet as

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, Stock Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Completing the Accounting Cycle

A worksheet can be thought of as a(n)

A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet.

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the

Intangible assets are

Closing entries

Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period.

Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.

The operating cycle of a company is the average time required to collect the receivables resulting from producing revenues.

A post-closing trial balance is prepared

Equipment is classified in the balance sheet as

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, Stock Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Filters