Exam 4: Completing the Accounting Cycle

An intangible asset

Correcting entries

Which one of the following is usually prepared only at the end of a company's annual accounting period?

Adjusting entries are prepared from

An unacceptable way to make a correcting entry is to

On March 8, Fernetti Company bought office supplies on account from the Flint Company for $880.Fernetti Company incorrectly debited Office Equipment for $800 and credited Accounts Payable for $800.The entries have been posted to the ledger.the correcting entry should be:

6,000 What is the balance that would be reported for equity at December 31, 2011?

The entry to close the revenue account includes a

After all closing entries have been posted, the Income Summary account will have a balance of

Closing entries are

The temporary account balances ultimately wind up in what account?

Which account listed below would be double ruled in the ledger as part of the closing process?

All of the following are equity accounts except

A worksheet is a multiple column form that facilitates the

Which of the following steps in the accounting cycle may be performed most frequently?

What is the total amount of property, plant, and equipment that will appear on the statement of financial position?

The heading for a post-closing trial balance has a date line that is similar to the one found on

If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.

The Income Summary account is an important account that is used

When constructing a worksheet, accounts are often needed that are not listed in the trial balance already entered on the worksheet from the ledger.Where should these additional accounts be shown on the worksheet?