Exam 4: Completing the Accounting Cycle

The steps in the preparation of a worksheet do not include

Current liabilities

All of the following statements about the post-closing trial balance are correct except it

On May 25, Carlin Company received a $550 check from Andy Jeter for services to be performed in the future.The bookkeeper for Carlin Company incorrectly debited Cash for $550 and credited Accounts Receivable for $550.The amounts have been posted to the ledger.To correct this entry, the bookkeeper should:

Long-term investments would appear in the property, plant, and equipment section of the statement of financial position.

If a worksheet is used, financial statements can be prepared before adjusting entries are journalized.

It is not true that current assets are assets that a company expects to

In preparing closing entries

An error has occurred in the closing entry process if

At June 1, 2011, Taylor reported Retained Earnings of ₤35,000.The company paid no dividends during June.At June 30, 2011, the company will report Retained Earnings of

Which of the following is a true statement about closing the books of a corporation?

The sub-classifications for assets on the company's classified statement of financial position would include all of the following except:

Which statement about long-term investments is not true?

Which of the following is an optional step in the accounting cycle?

The purpose of the post-closing trial balance is to

After the revenue and expense accounts have been closed, the balance in Income Summary will be

A worksheet can be thought of as a(n)

The current assets should be listed on Dinkel's statement of financial position in the following order:

The following information (in thousands) is for Zháng Office Supplies: The total dollar amount of assets to be classified as current assets is

A worksheet is a mandatory form that must be prepared along with an income statement and statement of financial position.