Question 1

Accountants often use a work sheet-a document with several columns-to summarize data for the financial statements.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following does the current ratio measure?

Accepted Answer

A)  The current ratio measures the company's overall ability to pay liabilities. 
B)  The current ratio measures the company's ability to pay current liabilities with current assets. 
C)  The current ratio measures the proportion of the company's assets that are financed with debt. 
D)  Both B and C are true. 
A)  The current ratio measures the company's overall ability to pay liabilities. 
B)  The current ratio measures the company's ability to pay current liabilities with current assets. 
C)  The current ratio measures the proportion of the company's assets that are financed with debt. 
D)  Both B and C are true.

Question 3

can closing entries be found?

Accepted Answer

A)  In a company's general journal 
B)  On a company's statement of Owner's equity 
C)  On a company's work sheet 
D)  On a company's balance sheet 
A)  In a company's general journal 
B)  On a company's statement of Owner's equity 
C)  On a company's work sheet 
D)  On a company's balance sheet

Question 4

Which of the following situations would indicate that an error has been made?

Accepted Answer

A)  The total of the debit column of the Balance Sheet does not equal the total of the debit column of the Income Statement. 
B)  The total of the debit column of Adjustments does not equal the total of the credit column of Adjustments. 
C)  The total of the debit column of the Trial Balance does not equal the total of the debit column of the Adjusted Trial Balance. 
D)  All of these situations are the result of an error. 
A)  The total of the debit column of the Balance Sheet does not equal the total of the debit column of the Income Statement. 
B)  The total of the debit column of Adjustments does not equal the total of the credit column of Adjustments. 
C)  The total of the debit column of the Trial Balance does not equal the total of the debit column of the Adjusted Trial Balance. 
D)  All of these situations are the result of an error.

Question 5

Accounts that stay open during the course of business are called:

Accepted Answer

A)  temporary accounts. 
B)  permanent accounts. 
C)  asset accounts. 
D)  liability accounts. 
A)  temporary accounts. 
B)  permanent accounts. 
C)  asset accounts. 
D)  liability accounts.

Accountants often use a work sheet-a document with several columns-to summarize data for the financial statements.

Which of the following does the current ratio measure?

can closing entries be found?

Which of the following situations would indicate that an error has been made?

Accounts that stay open during the course of business are called:

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities, Payroll, and Long-Term Liabilities

Corporations: Paid-In Capital and the Balance Sheet

Corporations: Effects on Retained Earnings and the Income Statement

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Management Accounting

Job Order and Process Costing

Appendix: Process Costing

Activity-Based Costing and Other Cost Management Tools

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Filters

Exam 4: Completing the Accounting Cycle

Accountants often use a work sheet-a document with several columns-to summarize data for the financial statements.

Which of the following does the current ratio measure?

can closing entries be found?

Which of the following situations would indicate that an error has been made?

Accounts that stay open during the course of business are called:

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities, Payroll, and Long-Term Liabilities

Corporations: Paid-In Capital and the Balance Sheet

Corporations: Effects on Retained Earnings and the Income Statement

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Management Accounting

Job Order and Process Costing

Appendix: Process Costing

Activity-Based Costing and Other Cost Management Tools

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Filters