Question 1

Which of the following is a real account?

Accepted Answer

A)  Cash 
B)  Accounts Payable 
C)  Utilities Expense 
D)  A and B are correct 
A)  Cash 
B)  Accounts Payable 
C)  Utilities Expense 
D)  A and B are correct

Question 2

Identify whether the entries below are an adjusting entry (AE) or a closing entry (CE).
-________

Accepted Answer

The answer of Identify whether the entries below are an...

Question 3

The Capital account debited and the Withdrawals credited would be the result of:

Accepted Answer

A)  closing the Income Summary account-there is a net income. 
B)  closing the withdrawal account. 
C)  closing the Income Summary account-there is a net loss. 
D)  closing the capital accounts. 
A)  closing the Income Summary account-there is a net income. 
B)  closing the withdrawal account. 
C)  closing the Income Summary account-there is a net loss. 
D)  closing the capital accounts.

Question 4

The beginning capital balance is $1,600; there are no additional investments or withdrawals by the owner during the accounting period. The period's revenue is $630 and expenses total $600. What is the ending capital balance (after closing entries)?

Accepted Answer

A)  $1,630 
B)  $2,200 
C)  $2,230 
D)  $30 
A)  $1,630 
B)  $2,200 
C)  $2,230 
D)  $30

Question 5

What are the major goals of the closing process?

Accepted Answer

Closing is a mechanical process that aid

Question 6

The following normal account balances were found on the general ledger before closing entries were prepared:   After closing entries are posted, what is the balance in the Revenue account?

Accepted Answer

A)  $910 
B)  $0 
C)  $360 
D)  Closing entries do not affect Revenue. 
A)  $910 
B)  $0 
C)  $360 
D)  Closing entries do not affect Revenue.

Which of the following is a real account?

Identify whether the entries below are an adjusting entry (AE) or a closing entry (CE). -________

The Capital account debited and the Withdrawals credited would be the result of:

The beginning capital balance is $1,600; there are no additional investments or withdrawals by the owner during the accounting period. The period's revenue is $630 and expenses total $600. What is the ending capital balance (after closing entries)?

What are the major goals of the closing process?

The following normal account balances were found on the general ledger before closing entries were prepared: After closing entries are posted, what is the balance in the Revenue account?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 5: The Accounting Cycle Completed

Which of the following is a real account?

Identify whether the entries below are an adjusting entry (AE) or a closing entry (CE). -________

The Capital account debited and the Withdrawals credited would be the result of:

The beginning capital balance is $1,600; there are no additional investments or withdrawals by the owner during the accounting period. The period's revenue is $630 and expenses total $600. What is the ending capital balance (after closing entries)?

What are the major goals of the closing process?

The following normal account balances were found on the general ledger before closing entries were prepared: After closing entries are posted, what is the balance in the Revenue account?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters