Question 1

At the end of the period, the accounting cycle includes adjusting the accounts, preparing financial statements, and closing the accounts.

Accepted Answer

A) True 
 B)False

Question 2

Assets with no physical form are ________.

Accepted Answer

A)  current assets 
B)  intangible assets 
C)  not listed on the balance sheet because they have no value 
D)  included in stockholders' equity 
A)  current assets 
B)  intangible assets 
C)  not listed on the balance sheet because they have no value 
D)  included in stockholders' equity

Question 3

Woods, Inc. earned revenues of $11,000 and incurred expenses of $4,000. The company declared and paid cash dividends of $3,000. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

Accepted Answer

A)  debit balance of $11,000 
B)  credit balance of $4,000 
C)  credit balance of $7,000 
D)  balance of $0 
A)  debit balance of $11,000 
B)  credit balance of $4,000 
C)  credit balance of $7,000 
D)  balance of $0

Question 4

Which of the following accounts would appear in the income statement credit column of the worksheet?

Accepted Answer

A)  Service Revenue 
B)  Prepaid Insurance 
C)  Unearned Revenue 
D)  Depreciation Expense 
A)  Service Revenue 
B)  Prepaid Insurance 
C)  Unearned Revenue 
D)  Depreciation Expense

Question 5

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

Accepted Answer

A) True 
 B)False

Question 6

The worksheet helps accountants to ________.

Accepted Answer

A)  prepare the trial balance 
B)  prepare the financial statements 
C)  prepare the unadjusted trial balance 
D)  maintain books of accounts without a journal 
A)  prepare the trial balance 
B)  prepare the financial statements 
C)  prepare the unadjusted trial balance 
D)  maintain books of accounts without a journal

Question 7

The statement of retained earnings shows how retained earnings changed during the period due to acquiring assets and paying liabilities.

Accepted Answer

A) True 
 B)False

Question 8

The current ratio is calculated using the values from the income statement.

Accepted Answer

A) True 
 B)False

At the end of the period, the accounting cycle includes adjusting the accounts, preparing financial statements, and closing the accounts.

Assets with no physical form are ________.

Woods, Inc. earned revenues of $11,000 and incurred expenses of $4,000. The company declared and paid cash dividends of $3,000. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

Which of the following accounts would appear in the income statement credit column of the worksheet?

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

The worksheet helps accountants to ________.

The statement of retained earnings shows how retained earnings changed during the period due to acquiring assets and paying liabilities.

The current ratio is calculated using the values from the income statement.

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

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

Understanding Accounting Information Systems and their Components

Filters

Exam 4: Completing the Accounting Cycle

At the end of the period, the accounting cycle includes adjusting the accounts, preparing financial statements, and closing the accounts.

Assets with no physical form are ________.

Woods, Inc. earned revenues of $11,000 and incurred expenses of $4,000. The company declared and paid cash dividends of $3,000. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

Which of the following accounts would appear in the income statement credit column of the worksheet?

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

The worksheet helps accountants to ________.

The statement of retained earnings shows how retained earnings changed during the period due to acquiring assets and paying liabilities.

The current ratio is calculated using the values from the income statement.

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

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

Understanding Accounting Information Systems and their Components

Filters