Question 1

The following is the adjusted trial balance as of December 31, 2017 of Piedmont Exteriors:   Provide the closing entry for the Income Summary account.

Accepted Answer

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

Question 2

Reversing entries are dated on the first day of the new accounting period.

Accepted Answer

A) True 
 B)False

Question 3

Answer the following questions regarding the current ratio:

Accepted Answer

The answer of Answer the following questions regarding the current...

Question 4

Use the Adjusted Trial Balance for Anderson Service Company to prepare the classified balance sheet at September 30, 2016. Use the report form. You must compute the ending balance of Owner's Equity.
Anderson Service Company
Adjusted Trial Balance
September 30, 2016
Balance

Accepted Answer

Net Income: Service Revenue $27,500 less

Question 5

Net income is entered as the balancing amount on the debit side of the income statement columns and the credit side of the balance sheet columns of the worksheet.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following accounts would appear in the income statement debit column?

Accepted Answer

A)  Unearned Revenue 
B)  Service Revenue 
C)  Depreciation Expense 
D)  Prepaid Insurance 
A)  Unearned Revenue 
B)  Service Revenue 
C)  Depreciation Expense 
D)  Prepaid Insurance

Question 7

The current ratio shows the profitability of a firm.

Accepted Answer

A) True 
 B)False

Question 8

Under which of the following categories would bonds held as an investment for less than a year appear?

Accepted Answer

A)  Long-term assets 
B)  Current assets 
C)  Long-term liabilities 
D)  Current liabilities 
A)  Long-term assets 
B)  Current assets 
C)  Long-term liabilities 
D)  Current liabilities

Question 9

James Service Company earned revenues of $100,000 and incurred expenses of $107,000. Prepare the entry to close the Income Summary account.

Accepted Answer

The answer of James Service Company earned revenues of $100,000...

Question 10

The Owner, Capital account is a permanent account.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A)  Service Revenue 
B)  Interest Payable 
C)  Interest Expense 
D)  Utilities Expense 
A)  Service Revenue 
B)  Interest Payable 
C)  Interest Expense 
D)  Utilities Expense

Question 12

Under which of the following categories would bonds held as an investment for more than a year appear?

Accepted Answer

A)  Current assets 
B)  Long-term liabilities 
C)  Long-term assets 
D)  Current liabilities 
A)  Current assets 
B)  Long-term liabilities 
C)  Long-term assets 
D)  Current liabilities

Question 13

The worksheet helps accountants to ________.

Accepted Answer

A)  make the trial balance 
B)  prepare the financial statements 
C)  prepare the unadjusted trial balance 
D)  maintain books of accounts without a journal 
A)  make the trial balance 
B)  prepare the financial statements 
C)  prepare the unadjusted trial balance 
D)  maintain books of accounts without a journal

Question 14

The post-closing trial balance shows the net income for the period just ended.

Accepted Answer

A) True 
 B)False

Question 15

The balance sheet section of the worksheet includes the asset and liability accounts and all equity accounts except revenues and expenses.

Accepted Answer

A) True 
 B)False

Question 16

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

Accepted Answer

A) True 
 B)False

Question 17

An income statement includes ________.

Accepted Answer

A)  Land and Salaries Payable 
B)  Owner's Capital and Owner's Withdrawals 
C)  Furniture and Cash 
D)  Service Revenue and Utilities Expense 
A)  Land and Salaries Payable 
B)  Owner's Capital and Owner's Withdrawals 
C)  Furniture and Cash 
D)  Service Revenue and Utilities Expense

Question 18

Permanent accounts are not closed at the end of the accounting period.

Accepted Answer

A) True 
 B)False

Question 19

Under which of the following categories would Accounts Receivable appear?

Accepted Answer

A)  Current assets 
B)  Current liabilities 
C)  Long-term assets 
D)  Long-term liabilities 
A)  Current assets 
B)  Current liabilities 
C)  Long-term assets 
D)  Long-term liabilities

Question 20

Which of the following is the most liquid asset?

Accepted Answer

A)  Building 
B)  Prepaid Expenses 
C)  Accounts Receivable 
D)  Cash 
A)  Building 
B)  Prepaid Expenses 
C)  Accounts Receivable 
D)  Cash

The following is the adjusted trial balance as of December 31, 2017 of Piedmont Exteriors: Provide the closing entry for the Income Summary account.

Reversing entries are dated on the first day of the new accounting period.

Answer the following questions regarding the current ratio:

Use the Adjusted Trial Balance for Anderson Service Company to prepare the classified balance sheet at September 30, 2016. Use the report form. You must compute the ending balance of Owner's Equity. Anderson Service Company Adjusted Trial Balance September 30, 2016 Balance

Net income is entered as the balancing amount on the debit side of the income statement columns and the credit side of the balance sheet columns of the worksheet.

Which of the following accounts would appear in the income statement debit column?

The current ratio shows the profitability of a firm.

Under which of the following categories would bonds held as an investment for less than a year appear?

James Service Company earned revenues of $100,000 and incurred expenses of $107,000. Prepare the entry to close the Income Summary account.

The Owner, Capital account is a permanent account.

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

Under which of the following categories would bonds held as an investment for more than a year appear?

The worksheet helps accountants to ________.

The post-closing trial balance shows the net income for the period just ended.

The balance sheet section of the worksheet includes the asset and liability accounts and all equity accounts except revenues and expenses.

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

An income statement includes ________.

Permanent accounts are not closed at the end of the accounting period.

Under which of the following categories would Accounts Receivable appear?

Which of the following is the most liquid asset?

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

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Exam 4: Completing the Accounting Cycle

The following is the adjusted trial balance as of December 31, 2017 of Piedmont Exteriors: Provide the closing entry for the Income Summary account.

Reversing entries are dated on the first day of the new accounting period.

Answer the following questions regarding the current ratio:

Use the Adjusted Trial Balance for Anderson Service Company to prepare the classified balance sheet at September 30, 2016. Use the report form. You must compute the ending balance of Owner's Equity. Anderson Service Company Adjusted Trial Balance September 30, 2016 Balance

Net income is entered as the balancing amount on the debit side of the income statement columns and the credit side of the balance sheet columns of the worksheet.

Which of the following accounts would appear in the income statement debit column?

The current ratio shows the profitability of a firm.

Under which of the following categories would bonds held as an investment for less than a year appear?

James Service Company earned revenues of $100,000 and incurred expenses of $107,000. Prepare the entry to close the Income Summary account.

The Owner, Capital account is a permanent account.

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

Under which of the following categories would bonds held as an investment for more than a year appear?

The worksheet helps accountants to ________.

The post-closing trial balance shows the net income for the period just ended.

The balance sheet section of the worksheet includes the asset and liability accounts and all equity accounts except revenues and expenses.

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

An income statement includes ________.

Permanent accounts are not closed at the end of the accounting period.

Under which of the following categories would Accounts Receivable appear?

Which of the following is the most liquid asset?

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