Exam 4: Completing the Accounting Cycle

Which of the items below does not appear on the end-of-period spreadsheet?

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

During the closing process,some balance sheet accounts are closed and end the period with a zero balance.

Accrued expenses are ordinarily listed on the balance sheet as current assets.

The balance sheet accounts are referred to as real or permanent accounts.

Indicate whether each of the following would be reported in the financial statements as a a current asset,b current liability,c revenue,or d expense:

The classified balance sheet will show which liability subsections?

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Which of the following account groups are nominal accounts?

The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Martin Corporation.Use these adjusted values to journalize the closing entries for Martin Corporation.

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Net income appears on the end-of-period spreadsheet in the

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense.Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?

Once the adjusted trial balance is in balance,the flow of accounts will now go into the financial statements.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

List and describe the purpose of the four closing entries.

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

The work sheet is not considered a part of the formal accounting records.

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

Accumulated Depreciation appears on the