Question 1

What is the name of the revenue account used by merchandise companies?

Accepted Answer

A) Sales 
B) Interest Income 
C) Merchandise Inventory 
D) Capital 
A) Sales 
B) Interest Income 
C) Merchandise Inventory 
D) Capital

Question 2

When closing the expense account,which of the following accounts will also be closed?

Accepted Answer

A) Purchases Returns and Allowances 
B) Merchandise Inventory 
C) Sales Returns and Allowances 
D) Owner's Capital 
A) Purchases Returns and Allowances 
B) Merchandise Inventory 
C) Sales Returns and Allowances 
D) Owner's Capital

Question 3

In which section does Interest Revenue appear in the Income Statement?

Accepted Answer

A) Other Income 
B) Other Expense 
C) Selling Expenses 
D) Administrative Expenses 
A) Other Income 
B) Other Expense 
C) Selling Expenses 
D) Administrative Expenses

Question 4

The information to prepare the Statement of Owner's Equity comes from the:

Accepted Answer

A) income statement columns on the worksheet. 
B) adjustments columns on the worksheet. 
C) balance sheet columns on the worksheet. 
D) general ledger. 
A) income statement columns on the worksheet. 
B) adjustments columns on the worksheet. 
C) balance sheet columns on the worksheet. 
D) general ledger.

Question 5

Cost of Goods Sold is calculated on the:

Accepted Answer

A) Balance Sheet. 
B) Trial Balance. 
C) Income Statement. 
D) Statement of Owner's Equity. 
A) Balance Sheet. 
B) Trial Balance. 
C) Income Statement. 
D) Statement of Owner's Equity.

What is the name of the revenue account used by merchandise companies?

When closing the expense account,which of the following accounts will also be closed?

In which section does Interest Revenue appear in the Income Statement?

The information to prepare the Statement of Owner's Equity comes from the:

Cost of Goods Sold is calculated on the:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 12: Completion of the Accounting Cycle for a Merchandise Company

What is the name of the revenue account used by merchandise companies?

When closing the expense account,which of the following accounts will also be closed?

In which section does Interest Revenue appear in the Income Statement?

The information to prepare the Statement of Owner's Equity comes from the:

Cost of Goods Sold is calculated on the:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters