Question 1

The post-closing trial balance shows the updated Owner, Capital balance.

Accepted Answer

A) True 
 B)False

Question 2

The Service Revenue account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 3

The following contains information from the records of the Wellborn Engineers and Architects. Wellborn Engineers and Architects
Selected Financial Information
December 31, 2017   Calculate the current ratio. (Round your answer to two decimals.)

Accepted Answer

A)  1.46 
B)  2.05 
C)  0.56 
D)  2.00 
A)  1.46 
B)  2.05 
C)  0.56 
D)  2.00

Question 4

The entries that transfer the revenue, expense, and withdrawals balances to the Owner, Capital account to prepare the company's books for the next period are called ________.

Accepted Answer

A)  closing entries 
B)  opening entries 
C)  adjusting entries 
D)  temporary accounts 
A)  closing entries 
B)  opening entries 
C)  adjusting entries 
D)  temporary accounts

Question 5

Which of the following accounts will be included in a post-closing trial balance?

Accepted Answer

A)  Dividends 
B)  Salaries Expense 
C)  Owner, Capital 
D)  Supplies Expense 
A)  Dividends 
B)  Salaries Expense 
C)  Owner, Capital 
D)  Supplies Expense

Question 6

GAAP requires publicly traded companies to prepare a post-closing trial balance and publish it in their annual report.

Accepted Answer

A) True 
 B)False

Question 7

The following is the adjusted trial balance as of December 31, 2016 of Mason Photography:   Provide the closing entry for revenues.

Accepted Answer

The answer of The following is the adjusted trial balance...

Question 8

The steps of the accounting cycle are followed throughout the accounting period.

Accepted Answer

A) True 
 B)False

Question 9

In the closing process, the Owner,Withdrawals account is closed to the Owner, Capital account.

Accepted Answer

A) True 
 B)False

Question 10

To which of the following accounts should the balance in the Income Summary account be closed?

Accepted Answer

A)  Owner, Withdrawals 
B)  Net Income 
C)  Owner, Capital 
D)  Service Revenue 
A)  Owner, Withdrawals 
B)  Net Income 
C)  Owner, Capital 
D)  Service Revenue

Question 11

The balances of select accounts of Stephanie Company as of December 31, 2016 are given below.   What amount of total long-term assets would be shown on the balance sheet?

Accepted Answer

A)  $100,000 
B)  $131,500 
C)  $132,000 
D)  $139,000 
A)  $100,000 
B)  $131,500 
C)  $132,000 
D)  $139,000

Question 12

For each account listed, identify the category in which it would appear on a classified balance sheet.

Accepted Answer

The answer of For each account listed, identify the category...

Question 13

A balance sheet prepared in the report form lists the assets on the left and the liabilities and stockholders' equity on the right.

Accepted Answer

A) True 
 B)False

Question 14

The Supplies Expense account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following accounts will be closed by crediting the Income Summary account?

Accepted Answer

A)  Service Revenue 
B)  Depreciation Expense 
C)  Accounts Payable 
D)  Accumulated Depreciation 
A)  Service Revenue 
B)  Depreciation Expense 
C)  Accounts Payable 
D)  Accumulated Depreciation

Question 16

The following is the adjusted trial balance from the worksheet for Tuttle Photography.   Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography.

Accepted Answer

The answer of The following is the adjusted trial balance...

Question 17

The formula for computing the current ratio is ________.

Accepted Answer

A)  Current ratio = Current assets / Total assets 
B)  Current ratio = Current assets / Total liabilities 
C)  Current ratio = Current assets / Owner's Equity 
D)  Current ratio = Current assets / Current liabilities 
A)  Current ratio = Current assets / Total assets 
B)  Current ratio = Current assets / Total liabilities 
C)  Current ratio = Current assets / Owner's Equity 
D)  Current ratio = Current assets / Current liabilities

Question 18

Which of the following accounts will be included in a post-closing trial balance?

Accepted Answer

A)  Accumulated Depreciation-Building 
B)  Rent Expense 
C)  Interest Expense 
D)  Service Revenue 
A)  Accumulated Depreciation-Building 
B)  Rent Expense 
C)  Interest Expense 
D)  Service Revenue

Question 19

Clear Cleaning Services pays out wages every week on Friday. Payroll expense totals $4,000 per week, based on a five-day week. The month of June ended on a Thursday. On Thursday, June 30, Clear made the following accrual adjustment:   At the same time, they prepared the following reversing entry to be booked on July 1:   On Friday afternoon, when wages were paid, what journal entry was made?

Accepted Answer

The answer of Clear Cleaning Services pays out wages every...

Question 20

Assets are listed in the order of their ________ on the balance sheet.

Accepted Answer

A)  magnitude 
B)  dates of purchase 
C)  liquidity 
D)  durability 
A)  magnitude 
B)  dates of purchase 
C)  liquidity 
D)  durability

The post-closing trial balance shows the updated Owner, Capital balance.

The Service Revenue account is a temporary account.

The following contains information from the records of the Wellborn Engineers and Architects. Wellborn Engineers and Architects Selected Financial Information December 31, 2017 Calculate the current ratio. (Round your answer to two decimals.)

The entries that transfer the revenue, expense, and withdrawals balances to the Owner, Capital account to prepare the company's books for the next period are called ________.

Which of the following accounts will be included in a post-closing trial balance?

GAAP requires publicly traded companies to prepare a post-closing trial balance and publish it in their annual report.

The following is the adjusted trial balance as of December 31, 2016 of Mason Photography: Provide the closing entry for revenues.

The steps of the accounting cycle are followed throughout the accounting period.

In the closing process, the Owner,Withdrawals account is closed to the Owner, Capital account.

To which of the following accounts should the balance in the Income Summary account be closed?

The balances of select accounts of Stephanie Company as of December 31, 2016 are given below. What amount of total long-term assets would be shown on the balance sheet?

For each account listed, identify the category in which it would appear on a classified balance sheet.

A balance sheet prepared in the report form lists the assets on the left and the liabilities and stockholders' equity on the right.

The Supplies Expense account is a temporary account.

Which of the following accounts will be closed by crediting the Income Summary account?

The following is the adjusted trial balance from the worksheet for Tuttle Photography. Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography.

The formula for computing the current ratio is ________.

Which of the following accounts will be included in a post-closing trial balance?

Assets are listed in the order of their ________ on the balance sheet.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Completing the Accounting Cycle

The post-closing trial balance shows the updated Owner, Capital balance.

The Service Revenue account is a temporary account.

The following contains information from the records of the Wellborn Engineers and Architects. Wellborn Engineers and Architects Selected Financial Information December 31, 2017 Calculate the current ratio. (Round your answer to two decimals.)

The entries that transfer the revenue, expense, and withdrawals balances to the Owner, Capital account to prepare the company's books for the next period are called ________.

Which of the following accounts will be included in a post-closing trial balance?

GAAP requires publicly traded companies to prepare a post-closing trial balance and publish it in their annual report.

The following is the adjusted trial balance as of December 31, 2016 of Mason Photography: Provide the closing entry for revenues.

The steps of the accounting cycle are followed throughout the accounting period.

In the closing process, the Owner,Withdrawals account is closed to the Owner, Capital account.

To which of the following accounts should the balance in the Income Summary account be closed?

The balances of select accounts of Stephanie Company as of December 31, 2016 are given below. What amount of total long-term assets would be shown on the balance sheet?

For each account listed, identify the category in which it would appear on a classified balance sheet.

A balance sheet prepared in the report form lists the assets on the left and the liabilities and stockholders' equity on the right.

The Supplies Expense account is a temporary account.

Which of the following accounts will be closed by crediting the Income Summary account?

The following is the adjusted trial balance from the worksheet for Tuttle Photography. Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography.

The formula for computing the current ratio is ________.

Which of the following accounts will be included in a post-closing trial balance?

Assets are listed in the order of their ________ on the balance sheet.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Filters