Question 1

A current ratio that has increased from the prior period indicates an improvement in the company's ability to pay its current debts.

Accepted Answer

A) True 
 B)False

Question 2

The following is the adjusted trial balance as of December 31,2017 of Current Times Watch Inc.:
   Provide the closing entry for the Income Summary account.

Accepted Answer

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Question 3

Reversing entries are used in conjunction with ________.

Accepted Answer

A) accrual-type adjustments 
B) closing entries 
C) GAAP 
D) Unearned Revenue and Prepaid Rent 
A) accrual-type adjustments 
B) closing entries 
C) GAAP 
D) Unearned Revenue and Prepaid Rent

Question 4

Which of the following account's balance is carried forward to the next accounting period?

Accepted Answer

A) Accumulated Depreciation 
B) Depreciation Expense 
C) Dividends 
D) Service Revenue 
A) Accumulated Depreciation 
B) Depreciation Expense 
C) Dividends 
D) Service Revenue

Question 5

The following is the adjusted trial balance as of December 31,2017 of Piedmont Exteriors,Inc.:
   Provide the closing entry for the Income Summary account.

Accepted Answer

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Question 6

The beginning balance in the Common Stock account of Cedar Technologies,Inc.was $76,000.The revenues and expenses amounted to $55,000 and $37,000,respectively.During the year,the company did not declare any dividends or issue common stock.The Common Stock account will have $131,000 at the end of the year.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following accounts has a balance equal to net income immediately before it is closed?

Accepted Answer

A) Income Summary 
B) Dividends 
C) Net Income 
D) Retained Earnings 
A) Income Summary 
B) Dividends 
C) Net Income 
D) Retained Earnings

Question 8

The Accounts Payable account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 9

The post-closing trial balance shows the updated Retained Earnings balance.

Accepted Answer

A) True 
 B)False

Question 10

What is the result if the amount of net income for the year is less than the amount of the Dividends?

Accepted Answer

A) Retained Earnings increases 
B) Cash balance decreases 
C) Cash balance increases 
D) Retained Earnings decreases 
A) Retained Earnings increases 
B) Cash balance decreases 
C) Cash balance increases 
D) Retained Earnings decreases

A current ratio that has increased from the prior period indicates an improvement in the company's ability to pay its current debts.

The following is the adjusted trial balance as of December 31,2017 of Current Times Watch Inc.: Provide the closing entry for the Income Summary account.

Reversing entries are used in conjunction with ________.

Which of the following account's balance is carried forward to the next accounting period?

The following is the adjusted trial balance as of December 31,2017 of Piedmont Exteriors,Inc.: Provide the closing entry for the Income Summary account.

Which of the following accounts has a balance equal to net income immediately before it is closed?

The Accounts Payable account is a temporary account.

The post-closing trial balance shows the updated Retained Earnings balance.

What is the result if the amount of net income for the year is less than the amount of the Dividends?

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

Exam 4: Completing the Accounting Cycle

A current ratio that has increased from the prior period indicates an improvement in the company's ability to pay its current debts.

The following is the adjusted trial balance as of December 31,2017 of Current Times Watch Inc.: Provide the closing entry for the Income Summary account.

Reversing entries are used in conjunction with ________.

Which of the following account's balance is carried forward to the next accounting period?

The following is the adjusted trial balance as of December 31,2017 of Piedmont Exteriors,Inc.: Provide the closing entry for the Income Summary account.

Which of the following accounts has a balance equal to net income immediately before it is closed?

The Accounts Payable account is a temporary account.

The post-closing trial balance shows the updated Retained Earnings balance.

What is the result if the amount of net income for the year is less than the amount of the Dividends?

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