Question 1

Reversing entries are the opposite of adjusting entries.

Accepted Answer

A) True 
 B)False

Question 2

The amount found in the Income Statement debit column on the worksheet for Income Summary is the:

Accepted Answer

A) total amount of expenses. 
B) total amount of revenues. 
C) beginning inventory. 
D) ending inventory. 
A) total amount of expenses. 
B) total amount of revenues. 
C) beginning inventory. 
D) ending inventory.

Question 3

In what category in a classified balance sheet is Store Equipment found?

Accepted Answer

A) Plant and Equipment 
B) Current Liabilities 
C) Current Assets 
D) Owner's Equity 
A) Plant and Equipment 
B) Current Liabilities 
C) Current Assets 
D) Owner's Equity

Question 4

Adjusting entries from the worksheet:

Accepted Answer

A) are journalized and posted to the ledger. 
B) are posted directly to the ledger. 
C) are closed to the Income Summary account. 
D) affect only balance sheet accounts. 
A) are journalized and posted to the ledger. 
B) are posted directly to the ledger. 
C) are closed to the Income Summary account. 
D) affect only balance sheet accounts.

Question 5

Which of the following could be recorded as a reversing entry?

Accepted Answer

A) Depreciation of building 
B) Accrual of interest expense 
C) Allocation of prepaid rent in the current period 
D) Correction of an error 
A) Depreciation of building 
B) Accrual of interest expense 
C) Allocation of prepaid rent in the current period 
D) Correction of an error

Reversing entries are the opposite of adjusting entries.

The amount found in the Income Statement debit column on the worksheet for Income Summary is the:

In what category in a classified balance sheet is Store Equipment found?

Adjusting entries from the worksheet:

Which of the following could be recorded as a reversing entry?

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

Reversing entries are the opposite of adjusting entries.

The amount found in the Income Statement debit column on the worksheet for Income Summary is the:

In what category in a classified balance sheet is Store Equipment found?

Adjusting entries from the worksheet:

Which of the following could be recorded as a reversing entry?

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