Question 1

The following is the adjusted trial balance as of December 31,2014 of Tuttle Photography:
   
-Provide the closing entry for expenses.

Accepted Answer

The answer of The following is the adjusted trial balance...

Question 2

Which of the following categories of accounts are temporary accounts that are closed at the end of the year?

Accepted Answer

A) assets,liabilities and Dividends 
B) revenues,expenses and Dividends 
C) assets,liabilities and Stockholders' Equity 
D) revenues,expenses and Stockholders' Equity 
A) assets,liabilities and Dividends 
B) revenues,expenses and Dividends 
C) assets,liabilities and Stockholders' Equity 
D) revenues,expenses and Stockholders' Equity

Question 3

The following is the adjusted trial balance from the worksheet for Tuttle Photography.
   Using the information provided in the worksheet above,prepare an income statement for Tuttle Photography.

Accepted Answer

The answer of The following is the adjusted trial balance...

Question 4

The Cash account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 5

The Accounts Payable account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 6

An account that is not closed at the end of the period is called a(n)________.

Accepted Answer

A) expense account 
B) temporary account 
C) permanent account 
D) revenue account 
A) expense account 
B) temporary account 
C) permanent account 
D) revenue account

Question 7

The ending balances in the Common Stock and Dividend accounts are shown on the income statement columns of the worksheet.

Accepted Answer

A) True 
 B)False

Question 8

The financial statements are prepared from the ________.

Accepted Answer

A) adjusted trial balance 
B) chart of accounts 
C) statement of retained earnings 
D) unadjusted trial balance 
A) adjusted trial balance 
B) chart of accounts 
C) statement of retained earnings 
D) unadjusted trial balance

Question 9

Only temporary accounts appear on the post-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 10

Under which of the following categories would bonds held as an investment for more than a year appear?

Accepted Answer

A) current assets 
B) long-term liabilities 
C) long-term assets 
D) current liabilities 
A) current assets 
B) long-term liabilities 
C) long-term assets 
D) current liabilities

Question 11

The balances of select accounts of Sandra Inc.as of December 31,2015 are given below.   
-What are the total long-term assets that would be shown on the balance sheet?

Accepted Answer

A) $120,000 
B) $152,200 
C) $155,000 
D) $158,000 
A) $120,000 
B) $152,200 
C) $155,000 
D) $158,000

Question 12

The Service Revenue account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 13

The Common Stock account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 14

The following is the adjusted trial balance for Tuttle Photography.   After the closing entries,what will the final balance in Retained Earnings be?

Accepted Answer

A) $25,000 
B) $191,200 
C) $21,290 
D) $156,200 
A) $25,000 
B) $191,200 
C) $21,290 
D) $156,200

Question 15

A reversing entry ________.

Accepted Answer

A) is required by Generally Accepted Accounting Principles (GAAP) 
B) is dated the last day of an accounting period 
C) exactly resembles the prior adjusting entry prepared in the books 
D) switches the debit and the credit of a previous entry 
A) is required by Generally Accepted Accounting Principles (GAAP) 
B) is dated the last day of an accounting period 
C) exactly resembles the prior adjusting entry prepared in the books 
D) switches the debit and the credit of a previous entry

Question 16

As a part of the closing process,revenues and expenses are closed to a temporary account called the Net Income (loss)account.

Accepted Answer

A) True 
 B)False

Question 17

The adjusting process zeroes out all revenue accounts and all expense accounts.

Accepted Answer

A) True 
 B)False

Question 18

GAAP requires publicly traded companies to prepare a post-closing trial balance and publish it in their annual report.

Accepted Answer

A) True 
 B)False

Question 19

Only permanent accounts appear on the post-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet?

Accepted Answer

A) Rent Revenue 
B) Insurance Expense 
C) Salaries Payable 
D) Equipment 
A) Rent Revenue 
B) Insurance Expense 
C) Salaries Payable 
D) Equipment

Exam 4: Completing the Accounting Cycle

The following is the adjusted trial balance as of December 31,2014 of Tuttle Photography: -Provide the closing entry for expenses.

Which of the following categories of accounts are temporary accounts that are closed at the end of the year?

The following is the adjusted trial balance from the worksheet for Tuttle Photography. Using the information provided in the worksheet above,prepare an income statement for Tuttle Photography.

The Cash account is a temporary account.

The Accounts Payable account is a temporary account.

An account that is not closed at the end of the period is called a(n)________.

The ending balances in the Common Stock and Dividend accounts are shown on the income statement columns of the worksheet.

The financial statements are prepared from the ________.

Only temporary accounts appear on the post-closing trial balance.

Under which of the following categories would bonds held as an investment for more than a year appear?

The balances of select accounts of Sandra Inc.as of December 31,2015 are given below. -What are the total long-term assets that would be shown on the balance sheet?

The Service Revenue account is a temporary account.

The Common Stock account is a temporary account.

The following is the adjusted trial balance for Tuttle Photography. After the closing entries,what will the final balance in Retained Earnings be?

A reversing entry ________.

As a part of the closing process,revenues and expenses are closed to a temporary account called the Net Income (loss)account.

The adjusting process zeroes out all revenue accounts and all expense accounts.

GAAP requires publicly traded companies to prepare a post-closing trial balance and publish it in their annual report.

Only permanent accounts appear on the post-closing trial balance.

Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems

Cost-Volume-Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Accounting Information Systems

Filters