Question 1

The current ratio is computed by dividing current liabilities by current assets.

Accepted Answer

A) True 
 B)False

Question 2

Real accounts are not permanent accounts.

Accepted Answer

A) True 
 B)False

Question 3

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.​​   ​

Accepted Answer

The answer of Sean Enterprises offers carpet and upholstery cleaning...

Question 4

There are two closing entries. The first one is to close _____; the second one is to close _____.

Accepted Answer

A)  revenues and expenses, the drawing account 
B)  revenues, expenses and the drawing account 
C)  revenues, expenses 
D)  the drawing account, revenues 
A)  revenues and expenses, the drawing account 
B)  revenues, expenses and the drawing account 
C)  revenues, expenses 
D)  the drawing account, revenues

Question 5

Of the following steps of the accounting cycle, which step should be completed first?

Accepted Answer

A)  Closing entries are journalized and posted to the ledger. 
B)  Transactions are posted to the ledger. 
C)  Adjusting entries are journalized and posted to the ledger. 
D)  Financial statements are prepared. 
A)  Closing entries are journalized and posted to the ledger. 
B)  Transactions are posted to the ledger. 
C)  Adjusting entries are journalized and posted to the ledger. 
D)  Financial statements are prepared.

Question 6

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Accepted Answer

A) True 
 B)False

Question 7

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.:​   Prepare an income statement.

Accepted Answer

The answer of The following accounts were taken from the...

Question 8

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Accepted Answer

A) True 
 B)False

The current ratio is computed by dividing current liabilities by current assets.

Real accounts are not permanent accounts.

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.

There are two closing entries. The first one is to close _; the second one is to close _.

Of the following steps of the accounting cycle, which step should be completed first?

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Prepare an income statement.

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Cost-Volume-Profit Analysis

Evaluating Variances From Standard Costs

Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Filters

Exam 4: Completing the Accounting Cycle

The current ratio is computed by dividing current liabilities by current assets.

Real accounts are not permanent accounts.

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.​​ ​

There are two closing entries. The first one is to close _____; the second one is to close _____.

Of the following steps of the accounting cycle, which step should be completed first?

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.:​ Prepare an income statement.

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Cost-Volume-Profit Analysis

Evaluating Variances From Standard Costs

Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Filters

Sean Enterprises offers carpet and upholstery cleaning services to residential clients. Below is a partial end-of-period spreadsheet for the year ended December 31. Record the necessary reversing entries on January 1 in proper general journal form.

There are two closing entries. The first one is to close _; the second one is to close _.

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Prepare an income statement.