Question 1

Under which of the following categories would Buildings appear?

Accepted Answer

A) Current assets 
B) Non- current assets 
C) Non- current liabilities 
D) Current liabilities 
A) Current assets 
B) Non- current assets 
C) Non- current liabilities 
D) Current liabilities B

Question 2

Revenues total $10 200. Expenses total $7 300. Drawings total $2 600. What is the balance in the Income summary account prior to closing profit or loss to the Capital account?

Accepted Answer

A) Credit balance of $2 900 
B) Credit balance of $300 
C) Debit balance of $2 900 
D) Balance of $0 
A) Credit balance of $2 900 
B) Credit balance of $300 
C) Debit balance of $2 900 
D) Balance of $0 A

Question 3

Please refer to the following partially completed worksheet:   How much was the Profit or Loss?

Accepted Answer

A) Loss of $28 400 
B) Profit of $27 000 
C) Profit of $1 400 
D) Loss of $1 400 
A) Loss of $28 400 
B) Profit of $27 000 
C) Profit of $1 400 
D) Loss of $1 400 D

Question 4

Which of the following accounts does NOT close at the end of the period?

Accepted Answer

A) Sales revenues 
B) Accumulated depreciation 
C) Drawings 
D) Depreciation expense 
A) Sales revenues 
B) Accumulated depreciation 
C) Drawings 
D) Depreciation expense

Question 5

What is the result if the amount of profit for the year is less than the amount of the drawings?

Accepted Answer

A) The amount in the Cash account decreases. 
B) The amount in the Cash account increases. 
C) The Capital account decreases. 
D) The Capital account increases. 
A) The amount in the Cash account decreases. 
B) The amount in the Cash account increases. 
C) The Capital account decreases. 
D) The Capital account increases.

Question 6

Please refer to the worksheet below:
   Post adjustments needed according to the information below, and complete the worksheet.
· At year- end, the company has earned $2 000 of service revenue from a client, but has not yet completed the job, or received a payment.
· At year- end, the company owes $180 of salaries to its staff that it has not paid yet.
· At year- end, the company has only $20 of supplies left.
· At year- end, the company records $240 of depreciation expense.

Accepted Answer

The answer of Please refer to the worksheet below:
 ...

Question 7

Where does Profit appear on a worksheet?

Accepted Answer

A) Profit appears only in the balance sheet credit column. 
B) Profit appears only in the Income statement debit column. 
C) Profit appears in the Income statement credit column and in the balance sheet debit column. 
D) Profit appears in the balance sheet credit column and in the Income statement debit column. 
A) Profit appears only in the balance sheet credit column. 
B) Profit appears only in the Income statement debit column. 
C) Profit appears in the Income statement credit column and in the balance sheet debit column. 
D) Profit appears in the balance sheet credit column and in the Income statement debit column.

Question 8

Which of the following would be considered the POOREST current ratio?

Accepted Answer

A) 1.8 
B) 1.3 
C) 1.1 
D) 0.5 
A) 1.8 
B) 1.3 
C) 1.1 
D) 0.5

Question 9

Cash is a temporary account.

Accepted Answer

A) True 
 B)False

Question 10

Accumulated depreciation is a permanent account.

Accepted Answer

A) True 
 B)False

Question 11

Accounts receivable is a permanent account.

Accepted Answer

A) True 
 B)False

Question 12

Please refer to the worksheet below. Enter the following adjusting entry into the worksheet:
At year- end, the company has only $20 of supplies left.

Accepted Answer

The answer of Please refer to the worksheet below. Enter...

Question 13

Which of the following is TRUE of a completed worksheet?

Accepted Answer

A) The total debits in the Income statement column equal the dividends paid. 
B) The total debits equal the total credits in each column. 
C) The total debits in the Income statement column equal the total debits in the balance sheet column. 
D) The total debits in the trial balance column equal the total debits in the adjusted trial balance column. 
A) The total debits in the Income statement column equal the dividends paid. 
B) The total debits equal the total credits in each column. 
C) The total debits in the Income statement column equal the total debits in the balance sheet column. 
D) The total debits in the trial balance column equal the total debits in the adjusted trial balance column.

Question 14

Under which of the following categories would Accounts payable appear?

Accepted Answer

A) Non- current liabilities 
B) Current assets 
C) Current liabilities 
D) Non- current assets 
A) Non- current liabilities 
B) Current assets 
C) Current liabilities 
D) Non- current assets

Question 15

Supplies expense is a temporary account.

Accepted Answer

A) True 
 B)False

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

A balance sheet prepared in the account form lists the assets at the top and the liabilities and owners' equity below.

Accepted Answer

A) True 
 B)False

Question 18

Salary expense is a temporary account.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet?

Accepted Answer

A) Equipment 
B) Salary payable 
C) Insurance expense 
D) Rent revenue 
A) Equipment 
B) Salary payable 
C) Insurance expense 
D) Rent revenue

Question 20

Depreciation expense is a temporary account.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

Under which of the following categories would Buildings appear?

Revenues total $10 200. Expenses total $7 300. Drawings total $2 600. What is the balance in the Income summary account prior to closing profit or loss to the Capital account?

Please refer to the following partially completed worksheet: How much was the Profit or Loss?

Which of the following accounts does NOT close at the end of the period?

What is the result if the amount of profit for the year is less than the amount of the drawings?

Where does Profit appear on a worksheet?

Which of the following would be considered the POOREST current ratio?

Cash is a temporary account.

Accumulated depreciation is a permanent account.

Accounts receivable is a permanent account.

Please refer to the worksheet below. Enter the following adjusting entry into the worksheet: At year- end, the company has only $20 of supplies left.

Which of the following is TRUE of a completed worksheet?

Under which of the following categories would Accounts payable appear?

Supplies expense is a temporary 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.

A balance sheet prepared in the account form lists the assets at the top and the liabilities and owners' equity below.

Salary expense is a temporary account.

Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet?

Depreciation expense is a temporary account.

The Role of Accounting in Business

Recording Business Transactions

The Adjusting Process

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities, Debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Share Capital and the Balance Sheet

Companies: Effects on Retained Earnings, Share Splits and Buy-Backs, and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Introduction to Managerial Accounting and the Master Budget

Job Costing

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Appendix

Filters