Question 1

The account, Supplies, will appear in the following debit columns of the worksheet.

Accepted Answer

A) Trial balance 
B) Adjusted trial balance 
C) Statement of financial position 
D) All of these 
A) Trial balance 
B) Adjusted trial balance 
C) Statement of financial position 
D) All of these

Question 2

The closing entry process consists of closing

Accepted Answer

A) all asset and liability accounts. 
B) out the retained earnings account. 
C) all permanent accounts. 
D) all temporary accounts. 
A) all asset and liability accounts. 
B) out the retained earnings account. 
C) all permanent accounts. 
D) all temporary accounts.

Question 3

What are total Non-current liabilities at December 31, 2011?

Accepted Answer

A) ¥0 
B) ¥70,000 
C) ¥88,000 
D) ¥90,000 
A) ¥0 
B) ¥70,000 
C) ¥88,000 
D) ¥90,000

Question 4

When using a worksheet, adjusting entries are journalized

Accepted Answer

A) after the worksheet is completed and before financial statements are prepared. 
B) before the adjustments are entered on to the worksheet. 
C) after the worksheet is completed and after financial statements have been prepared. 
D) before the adjusted trial balance is extended to the proper financial statement columns. 
A) after the worksheet is completed and before financial statements are prepared. 
B) before the adjustments are entered on to the worksheet. 
C) after the worksheet is completed and after financial statements have been prepared. 
D) before the adjusted trial balance is extended to the proper financial statement columns.

Question 5

The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns.

Accepted Answer

A) True 
 B)False

Question 6

Office Equipment is classified in the statement of financial position as

Accepted Answer

A) a current asset. 
B) property, plant, and equipment. 
C) an intangible asset. 
D) a long-term investment. 
A) a current asset. 
B) property, plant, and equipment. 
C) an intangible asset. 
D) a long-term investment.

Question 7

Topeka Bike Company received a $940 check from a customer for the balance due.The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490.The correcting entry is

Accepted Answer

A) debit Cash, $940; credit Accounts Receivable, $940. 
B) debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. 
C) debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. 
D) debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490. 
A) debit Cash, $940; credit Accounts Receivable, $940. 
B) debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. 
C) debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. 
D) debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

Question 8

The permanent accounts appear on which financial statement?

Accepted Answer

A) Statement of Financial Position. 
B) Income Statement. 
C) Retained Earning Statements. 
D) Statement of Cash Flows. 
A) Statement of Financial Position. 
B) Income Statement. 
C) Retained Earning Statements. 
D) Statement of Cash Flows.

Question 9

Intangible assets include each of the following except

Accepted Answer

A) copyrights. 
B) goodwill. 
C) land improvements. 
D) patents. 
A) copyrights. 
B) goodwill. 
C) land improvements. 
D) patents.

Question 10

In one closing entry, the Dividends account is credited and Income Summary is debited.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following liabilities are not related to the operating cycle?

Accepted Answer

A) Wages payable 
B) Accounts payable 
C) Utilities payable 
D) Bonds payable 
A) Wages payable 
B) Accounts payable 
C) Utilities payable 
D) Bonds payable

Question 12

Income Summary has a credit balance of $12,000 in J.Wenger Co.after closing revenues and expenses.The entry to close Income Summary is

Accepted Answer

A) credit Income Summary $12,000, debit Retained Earnings $12,000. 
B) credit Income Summary $12,000, debit Dividends $12,000. 
C) debit Income Summary $12,000, credit Dividends $12,000. 
D) debit Income Summary $12,000, credit Retained Earnings $12,000. 
A) credit Income Summary $12,000, debit Retained Earnings $12,000. 
B) credit Income Summary $12,000, debit Dividends $12,000. 
C) debit Income Summary $12,000, credit Dividends $12,000. 
D) debit Income Summary $12,000, credit Retained Earnings $12,000.

Question 13

The following information is for Acme Auto Supplies:
 
The total dollar amount of assets to be classified as current assets is

Accepted Answer

A)  $ 220,000 
B)  $ 150,000 
C)  $ 300,000 
D)  $ 180,000 
A)  $ 220,000 
B)  $ 150,000 
C)  $ 300,000 
D)  $ 180,000

Question 14

The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.

Accepted Answer

A) True 
 B)False

Question 15

The net income (or loss) for the period is

Accepted Answer

A) $48,000 income. 
B) $10,000 income. 
C) $10,000 loss. 
D) not determinable. 
A) $48,000 income. 
B) $10,000 income. 
C) $10,000 loss. 
D) not determinable.

Question 16

Current assets are listed in the reverse order of liquidity.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following steps in the accounting cycle would not generally be performed daily?

Accepted Answer

A) Journalize transactions 
B) Post to ledger accounts 
C) Prepare adjusting entries 
D) Analyze business transactions 
A) Journalize transactions 
B) Post to ledger accounts 
C) Prepare adjusting entries 
D) Analyze business transactions

Question 18

A post-closing trial balance will show

Accepted Answer

A) only permanent account balances. 
B) only temporary account balances. 
C) zero balances for all accounts. 
D) the amount of net income (or loss) for the period. 
A) only permanent account balances. 
B) only temporary account balances. 
C) zero balances for all accounts. 
D) the amount of net income (or loss) for the period.

Question 19

The post-closing trial balance is entered in the first two columns of a worksheet.

Accepted Answer

A) True 
 B)False

Question 20

The most important information needed to determine if companies can pay their current obligations is the

Accepted Answer

A) net income for this year. 
B) projected net income for next year. 
C) relationship between current assets and current liabilities. 
D) relationship between short-term and N on-current liabilities. 
A) net income for this year. 
B) projected net income for next year. 
C) relationship between current assets and current liabilities. 
D) relationship between short-term and N on-current liabilities.

The account, Supplies, will appear in the following debit columns of the worksheet.

The closing entry process consists of closing

What are total Non-current liabilities at December 31, 2011?

When using a worksheet, adjusting entries are journalized

The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns.

Office Equipment is classified in the statement of financial position as

Topeka Bike Company received a $940 check from a customer for the balance due.The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490.The correcting entry is

The permanent accounts appear on which financial statement?

Intangible assets include each of the following except

In one closing entry, the Dividends account is credited and Income Summary is debited.

Which of the following liabilities are not related to the operating cycle?

Income Summary has a credit balance of $12,000 in J.Wenger Co.after closing revenues and expenses.The entry to close Income Summary is

The following information is for Acme Auto Supplies: The total dollar amount of assets to be classified as current assets is

The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.

The net income (or loss) for the period is

Current assets are listed in the reverse order of liquidity.

Which of the following steps in the accounting cycle would not generally be performed daily?

A post-closing trial balance will show

The post-closing trial balance is entered in the first two columns of a worksheet.

The most important information needed to determine if companies can pay their current obligations is the

Accounting in Action

The Recording Process

Adjusting the Accounts

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Share Transactions, Dividends,and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Payroll Accounting

Other Significant Liabilities

Filters

Exam 4: Completing the Accounting Cycle

The account, Supplies, will appear in the following debit columns of the worksheet.

The closing entry process consists of closing

What are total Non-current liabilities at December 31, 2011?

When using a worksheet, adjusting entries are journalized

The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns.

Office Equipment is classified in the statement of financial position as

Topeka Bike Company received a $940 check from a customer for the balance due.The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490.The correcting entry is

The permanent accounts appear on which financial statement?

Intangible assets include each of the following except

In one closing entry, the Dividends account is credited and Income Summary is debited.

Which of the following liabilities are not related to the operating cycle?

Income Summary has a credit balance of $12,000 in J.Wenger Co.after closing revenues and expenses.The entry to close Income Summary is

The following information is for Acme Auto Supplies: The total dollar amount of assets to be classified as current assets is

The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.

The net income (or loss) for the period is

Current assets are listed in the reverse order of liquidity.

Which of the following steps in the accounting cycle would not generally be performed daily?

A post-closing trial balance will show

The post-closing trial balance is entered in the first two columns of a worksheet.

The most important information needed to determine if companies can pay their current obligations is the

Accounting in Action

The Recording Process

Adjusting the Accounts

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Share Transactions, Dividends,and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Payroll Accounting

Other Significant Liabilities

Filters