Question 1

The IASB and FASB are working on a converged statement of financial position using the headings of

Accepted Answer

A) assets, liabilities, and equity. 
B) revenues and expenses. 
C) assets, liabilities, revenues, expenses and equity. 
D) operating, investing, and financing.
IFRS. 
A) assets, liabilities, and equity. 
B) revenues and expenses. 
C) assets, liabilities, revenues, expenses and equity. 
D) operating, investing, and financing.
IFRS.

Question 2

The post-closing trial balance contains only

Accepted Answer

A) income statement accounts. 
B) balance sheet accounts. 
C) balance sheet and income statement accounts. 
D) income statement, balance sheet, and retained earnings statement accounts. 
A) income statement accounts. 
B) balance sheet accounts. 
C) balance sheet and income statement accounts. 
D) income statement, balance sheet, and retained earnings statement accounts.

Question 3

The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is

Accepted Answer

A) analyzing transactions. 
B) journalizing and posting adjusting entries. 
C) preparing a post-closing trial balance. 
D) posting to ledger accounts. 
A) analyzing transactions. 
B) journalizing and posting adjusting entries. 
C) preparing a post-closing trial balance. 
D) posting to ledger accounts.

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Intangible assets are

Accepted Answer

A) listed directly under current assets on the balance sheet. 
B) not listed on the balance sheet because they do not have physical substance. 
C) long-lived assets that are often very valuable. 
D) listed as long-term investments on the balance sheet. 
A) listed directly under current assets on the balance sheet. 
B) not listed on the balance sheet because they do not have physical substance. 
C) long-lived assets that are often very valuable. 
D) listed as long-term investments on the balance sheet.

Question 6

Preparing a worksheet involves

Accepted Answer

A) two steps. 
B) three steps. 
C) four steps. 
D) five steps. 
A) two steps. 
B) three steps. 
C) four steps. 
D) five steps.

Question 7

Closing entries may be prepared from all of the following except

Accepted Answer

A) Adjusted balances in the ledger 
B) Income statement and balance sheet columns of the worksheet 
C) Balance sheet 
D) Income and retained earnings statements 
A) Adjusted balances in the ledger 
B) Income statement and balance sheet columns of the worksheet 
C) Balance sheet 
D) Income and retained earnings statements

Question 8

The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021:   What are total current liabilities at December 31, 2021?

Accepted Answer

A) $18,000 
B) $70,000 
C) $88,000 
D) $120,000 
A) $18,000 
B) $70,000 
C) $88,000 
D) $120,000

Question 9

A worksheet can be thought of as a(n)

Accepted Answer

A) permanent accounting record. 
B) optional device used by accountants. 
C) part of the general ledger. 
D) part of the journal. 
A) permanent accounting record. 
B) optional device used by accountants. 
C) part of the general ledger. 
D) part of the journal.

Question 10

Identify which of the following are temporary accounts of Sabrina Company.
(1) Retained Earnings
(2) Dividends
(3) Equipment
(4) Accumulated Depreciation
(5) Depreciation Expense

Accepted Answer

(2) Divide

Question 11

Assuming that there is a net loss for the period, in which section of the worksheet would debits not equal credits?

Accepted Answer

A) Income statement columns 
B) Adjustments columns 
C) Trial balance columns 
D) Adjusted trial balance columns 
A) Income statement columns 
B) Adjustments columns 
C) Trial balance columns 
D) Adjusted trial balance columns

Question 12

Current assets are customarily the first items listed on a classified balance sheet.

Accepted Answer

A) True 
 B)False

Question 13

Current assets are listed in order of their liquidity.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) Adjusting entries 
B) Closing entries 
C) Correcting entries 
D) Reversing entries 
A) Adjusting entries 
B) Closing entries 
C) Correcting entries 
D) Reversing entries

Question 15

Current liabilities

Accepted Answer

A) are obligations that the company is to pay within the forthcoming year. 
B) are listed in the balance sheet in order of their expected maturity. 
C) are listed in the balance sheet, starting with accounts payable. 
D) should not include long-term debt that is expected to be paid within the next year. 
A) are obligations that the company is to pay within the forthcoming year. 
B) are listed in the balance sheet in order of their expected maturity. 
C) are listed in the balance sheet, starting with accounts payable. 
D) should not include long-term debt that is expected to be paid within the next year.

Question 16

All of the following are stockholders' equity accounts except

Accepted Answer

A) Dividends. 
B) Common Stock. 
C) Investment in Stock. 
D) Retained Earnings. 
A) Dividends. 
B) Common Stock. 
C) Investment in Stock. 
D) Retained Earnings.

Question 17

The final step in the accounting cycle is to prepare

Accepted Answer

A) closing entries. 
B) financial statements. 
C) a post-closing trial balance. 
D) adjusting entries. 
A) closing entries. 
B) financial statements. 
C) a post-closing trial balance. 
D) adjusting entries.

Question 18

The first item listed under current liabilities is usually

Accepted Answer

A) accounts payable. 
B) notes payable. 
C) salaries and wages payable. 
D) taxes payable. 
A) accounts payable. 
B) notes payable. 
C) salaries and wages payable. 
D) taxes payable.

Question 19

The income statement for the month of June, 2021 of Camera Obscura Enterprises contains the following information:   At June 1, 2021, Camera Obscura reported retained earnings of $35,000.The company had no dividends during June.At June 30, 2021, the company will report retained earnings of

Accepted Answer

A) $29,300. 
B) $35,000. 
C) $36,300. 
D) $42,000. 
A) $29,300. 
B) $35,000. 
C) $36,300. 
D) $42,000.

Question 20

The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021:   The sub-classifications for assets on the company's classified balance sheet would include all of the following except

Accepted Answer

A) Current Assets. 
B) Property, Plant, and Equipment. 
C) Intangible Assets. 
D) Long-term Assets. 
A) Current Assets. 
B) Property, Plant, and Equipment. 
C) Intangible Assets. 
D) Long-term Assets.

The IASB and FASB are working on a converged statement of financial position using the headings of

The post-closing trial balance contains only

The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is

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

Intangible assets are

Preparing a worksheet involves

Closing entries may be prepared from all of the following except

The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021: What are total current liabilities at December 31, 2021?

A worksheet can be thought of as a(n)

Identify which of the following are temporary accounts of Sabrina Company. (1) Retained Earnings (2) Dividends (3) Equipment (4) Accumulated Depreciation (5) Depreciation Expense

Assuming that there is a net loss for the period, in which section of the worksheet would debits not equal credits?

Current assets are customarily the first items listed on a classified balance sheet.

Current assets are listed in order of their liquidity.

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

Current liabilities

All of the following are stockholders' equity accounts except

The final step in the accounting cycle is to prepare

The first item listed under current liabilities is usually

The income statement for the month of June, 2021 of Camera Obscura Enterprises contains the following information: At June 1, 2021, Camera Obscura reported retained earnings of $35,000.The company had no dividends during June.At June 30, 2021, the company will report retained earnings of

The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021: The sub-classifications for assets on the company's classified balance sheet would include all of the following except

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: Organisations, Stock Transactions and Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Time Value of Money

Payroll Accounting

Other Significant Liabilities

Filters

Exam 4: Completing the Accounting Cycle

The IASB and FASB are working on a converged statement of financial position using the headings of

The post-closing trial balance contains only

The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is

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

Intangible assets are

Preparing a worksheet involves

Closing entries may be prepared from all of the following except

The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021: What are total current liabilities at December 31, 2021?

A worksheet can be thought of as a(n)

Identify which of the following are temporary accounts of Sabrina Company. (1) Retained Earnings (2) Dividends (3) Equipment (4) Accumulated Depreciation (5) Depreciation Expense

Assuming that there is a net loss for the period, in which section of the worksheet would debits not equal credits?

Current assets are customarily the first items listed on a classified balance sheet.

Current assets are listed in order of their liquidity.

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

Current liabilities

All of the following are stockholders' equity accounts except

The final step in the accounting cycle is to prepare

The first item listed under current liabilities is usually

The income statement for the month of June, 2021 of Camera Obscura Enterprises contains the following information: At June 1, 2021, Camera Obscura reported retained earnings of $35,000.The company had no dividends during June.At June 30, 2021, the company will report retained earnings of

The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021: The sub-classifications for assets on the company's classified balance sheet would include all of the following except

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: Organisations, Stock Transactions and Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Time Value of Money

Payroll Accounting

Other Significant Liabilities

Filters