Question 1

The current ratio shows the profitability of a firm.

Accepted Answer

A) True 
 B)False

Question 2

Where can closing entries be found?

Accepted Answer

A) In a company's general journal 
B) On a company's worksheet 
C) On a company's statement of changes in equity 
D) On a company's balance sheet 
A) In a company's general journal 
B) On a company's worksheet 
C) On a company's statement of changes in equity 
D) On a company's balance sheet

Question 3

The following contains information from the records of the Wellborn Engineers and Architects.

$\quad $$\quad $$\quad $$\quad $Wellborn Engineers and Architects
$\quad $$\quad $$\quad $$\quad $Selected financial information
$\quad $$\quad $$\quad $$\quad $31 December 2017
$\begin{array}{|l|l|}
\hline\text { Current assets } & \$ 77000 \
\hline \text { Current liabilities } & 47000 \
\hline \text { Non-current assets } & 98000 \
\hline \text { Non-current liabilities } & 63000 \
\hline \text { Total revenues } & 53000 \
\hline \text { Total expenses } & 33000\\hline
\end{array}$ What is the debt ratio?

Accepted Answer

A) 3.84 
B) 1.63 
C) 0.63 
D) 1.67 
A) 3.84 
B) 1.63 
C) 0.63 
D) 1.67

Question 4

Which of the following is true of a completed worksheet?

Accepted Answer

A) The total debits equal the total credits in each column. 
B) The total debits in the income statement column equal the total credits in the balance sheet column. 
C) The total debits in the income statement column equal the total debits in the balance sheet column. 
D) The total debits in the trial balance column equal the total debits in the adjusted trial balance column. 
A) The total debits equal the total credits in each column. 
B) The total debits in the income statement column equal the total credits in the balance sheet column. 
C) The total debits in the income statement column equal the total debits in the balance sheet column. 
D) The total debits in the trial balance column equal the total debits in the adjusted trial balance column.

Question 5

Which of the following do NOT show up on a post-closing trial balance?

Accepted Answer

A) Capital and liabilities 
B) Assets and liabilities 
C) Capital and assets 
D) Revenues and expenses 
A) Capital and liabilities 
B) Assets and liabilities 
C) Capital and assets 
D) Revenues and expenses

Question 6

Which of the following accounts will be included in a post-closing trial balance?

Accepted Answer

A) Interest payable 
B) Service revenue 
C) Utilities expense 
D) Interest expense 
A) Interest payable 
B) Service revenue 
C) Utilities expense 
D) Interest expense

The current ratio shows the profitability of a firm.

Where can closing entries be found?

Which of the following is true of a completed worksheet?

Which of the following do NOT show up on a post-closing trial balance?

Which of the following accounts will be included in a post-closing trial balance?

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities, Debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Filters

Exam 4: Completing the Accounting Cycle

The current ratio shows the profitability of a firm.

Where can closing entries be found?

Which of the following is true of a completed worksheet?

Which of the following do NOT show up on a post-closing trial balance?

Which of the following accounts will be included in a post-closing trial balance?

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities, Debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Filters