Question 1

Typically,formal adjusting entries

Accepted Answer

A)  are prepared prior to completion of the work sheet. 
B)  are prepared at the same time as closing entries. 
C)  need not be prepared if a work sheet has been completed. 
D)  are entered directly into the ledger. 
A)  are prepared prior to completion of the work sheet. 
B)  are prepared at the same time as closing entries. 
C)  need not be prepared if a work sheet has been completed. 
D)  are entered directly into the ledger.

Question 2

The amount of net income for the period can be found on the work sheet.

Accepted Answer

A) True 
 B)False

Question 3

The work sheet is a type of source document.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following accounts probably would have a smaller balance in the Adjusted Trial Balance columns of a work sheet than in the Trial Balance columns?

Accepted Answer

A)  Office Supplies 
B)  Utilities Payable 
C)  Accumulated Depreciation-Equipment 
D)  Rent Expense 
A)  Office Supplies 
B)  Utilities Payable 
C)  Accumulated Depreciation-Equipment 
D)  Rent Expense

Question 5

The amount for Dividends will appear in the Income Statement columns of a work sheet.

Accepted Answer

A) True 
 B)False

Question 6

Why would a large company probably benefit more from a work sheet than would a very small company?

Accepted Answer

A large company probably would need to p

Question 7

The heading of a work sheet might include the line "For the Year Ended December 31,2013."

Accepted Answer

A) True 
 B)False

Question 8

From the following items in the Income Statement columns of the work sheet of Dane Corporation,prepare the closing entries at December 31,assuming that a $100 dividend was paid during the period (omit explanations).

Accepted Answer

The answer of From the following items in the Income...

Question 9

The Trial Balance and Adjusted Trial Balance columns of Owen Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)Using this information,prepare the post-closing trial balance for Owen Cleaning Corporation as of June 30,2013.

Accepted Answer

@#IMG-DLM& *Net Income: $7,820 - $2,600

Question 10

The work sheet is prepared after the formal adjusting and closing entries.

Accepted Answer

A) True 
 B)False

Question 11

When the Income Statement columns of the work sheet are initially footed,they should be out of balance by the amount of net income or net loss.

Accepted Answer

A) True 
 B)False

Question 12

The total assets and the total liabilities and stockholders' equity on the balance sheet are the same as the totals of the Balance Sheet columns on the work sheet.

Accepted Answer

A) True 
 B)False

Question 13

The process of crossfooting on the work sheet results in the

Accepted Answer

A)  Adjusted Trial Balance columns. 
B)  Financial Statements. 
C)  Income Statement columns. 
D)  Balance Sheet columns. 
A)  Adjusted Trial Balance columns. 
B)  Financial Statements. 
C)  Income Statement columns. 
D)  Balance Sheet columns.

Question 14

A work sheet is more useful for a large company than for a small one.

Accepted Answer

A) True 
 B)False

Question 15

The balance sheet cannot be prepared by referring solely to the Balance Sheet columns of the work sheet.

Accepted Answer

A) True 
 B)False

Question 16

In preparing adjustments on the work sheet,which of the following accounts most likely would not be added to the Account Name column?

Accepted Answer

A)  Cash 
B)  Interest Receivable 
C)  Interest Income 
D)  Rent Expense 
A)  Cash 
B)  Interest Receivable 
C)  Interest Income 
D)  Rent Expense

Question 17

Which account that does not appear on the balance sheet has an amount in the Balance Sheet columns of a work sheet?

Accepted Answer

A)  Dividends 
B)  Rent Expense 
C)  Retained Earnings 
D)  Accounts Receivable 
A)  Dividends 
B)  Rent Expense 
C)  Retained Earnings 
D)  Accounts Receivable

Question 18

When preparing the closing entry for all expense accounts,the Income Summary account should be debited for the amount of all expenses.

Accepted Answer

A) True 
 B)False

Question 19

Prepare closing entries for December from the following Income Statement columns of the work sheet of Custom Cleaning Service,Inc.,assuming that a $500 dividend was paid during the period (omit explanations).

Accepted Answer

The answer of Prepare closing entries for December from the...

Question 20

An amount for Retained Earnings would not appear in which of the following work sheet columns?

Accepted Answer

A)  Trial Balance 
B)  Income Statement 
C)  Balance Sheet 
D)  Adjusted Trial Balance 
A)  Trial Balance 
B)  Income Statement 
C)  Balance Sheet 
D)  Adjusted Trial Balance

Typically,formal adjusting entries

The amount of net income for the period can be found on the work sheet.

The work sheet is a type of source document.

Which of the following accounts probably would have a smaller balance in the Adjusted Trial Balance columns of a work sheet than in the Trial Balance columns?

The amount for Dividends will appear in the Income Statement columns of a work sheet.

Why would a large company probably benefit more from a work sheet than would a very small company?

The heading of a work sheet might include the line "For the Year Ended December 31,2013."

From the following items in the Income Statement columns of the work sheet of Dane Corporation,prepare the closing entries at December 31,assuming that a $100 dividend was paid during the period (omit explanations).

The Trial Balance and Adjusted Trial Balance columns of Owen Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)Using this information,prepare the post-closing trial balance for Owen Cleaning Corporation as of June 30,2013.

The work sheet is prepared after the formal adjusting and closing entries.

When the Income Statement columns of the work sheet are initially footed,they should be out of balance by the amount of net income or net loss.

The total assets and the total liabilities and stockholders' equity on the balance sheet are the same as the totals of the Balance Sheet columns on the work sheet.

The process of crossfooting on the work sheet results in the

A work sheet is more useful for a large company than for a small one.

The balance sheet cannot be prepared by referring solely to the Balance Sheet columns of the work sheet.

In preparing adjustments on the work sheet,which of the following accounts most likely would not be added to the Account Name column?

Which account that does not appear on the balance sheet has an amount in the Balance Sheet columns of a work sheet?

When preparing the closing entry for all expense accounts,the Income Summary account should be debited for the amount of all expenses.

Prepare closing entries for December from the following Income Statement columns of the work sheet of Custom Cleaning Service,Inc.,assuming that a $500 dividend was paid during the period (omit explanations).

An amount for Retained Earnings would not appear in which of the following work sheet columns?

Uses of Accounting Information and the Financial Statements

Analyzing Business Transactions

Measuring Business Income

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Performance Measurement

Investments

Filters

Exam 4: Supplement - Closing Entries and the Work Sheet

Typically,formal adjusting entries

The amount of net income for the period can be found on the work sheet.

The work sheet is a type of source document.

Which of the following accounts probably would have a smaller balance in the Adjusted Trial Balance columns of a work sheet than in the Trial Balance columns?

The amount for Dividends will appear in the Income Statement columns of a work sheet.

Why would a large company probably benefit more from a work sheet than would a very small company?

The heading of a work sheet might include the line "For the Year Ended December 31,2013."

From the following items in the Income Statement columns of the work sheet of Dane Corporation,prepare the closing entries at December 31,assuming that a $100 dividend was paid during the period (omit explanations).

The Trial Balance and Adjusted Trial Balance columns of Owen Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)Using this information,prepare the post-closing trial balance for Owen Cleaning Corporation as of June 30,2013.

The work sheet is prepared after the formal adjusting and closing entries.

When the Income Statement columns of the work sheet are initially footed,they should be out of balance by the amount of net income or net loss.

The total assets and the total liabilities and stockholders' equity on the balance sheet are the same as the totals of the Balance Sheet columns on the work sheet.

The process of crossfooting on the work sheet results in the

A work sheet is more useful for a large company than for a small one.

The balance sheet cannot be prepared by referring solely to the Balance Sheet columns of the work sheet.

In preparing adjustments on the work sheet,which of the following accounts most likely would not be added to the Account Name column?

Which account that does not appear on the balance sheet has an amount in the Balance Sheet columns of a work sheet?

When preparing the closing entry for all expense accounts,the Income Summary account should be debited for the amount of all expenses.

Prepare closing entries for December from the following Income Statement columns of the work sheet of Custom Cleaning Service,Inc.,assuming that a $500 dividend was paid during the period (omit explanations).

An amount for Retained Earnings would not appear in which of the following work sheet columns?

Uses of Accounting Information and the Financial Statements

Analyzing Business Transactions

Measuring Business Income

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Performance Measurement

Investments

Filters