Question 1

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

Accepted Answer

A)  Accumulated Depreciation 
B)  Depreciation Expense 
C)  Owner, Withdrawals 
D)  Service Revenue 
A)  Accumulated Depreciation 
B)  Depreciation Expense 
C)  Owner, Withdrawals 
D)  Service Revenue

Question 2

Which of the following statements is TRUE if the income statement debit column exceeds the income statement credit column of a worksheet?

Accepted Answer

A)  The company incurred a net loss. 
B)  Owner, Capital increased during the period. 
C)  The company made a net profit. 
D)  An error was made. 
A)  The company incurred a net loss. 
B)  Owner, Capital increased during the period. 
C)  The company made a net profit. 
D)  An error was made.

Question 3

All assets that will not be converted to cash or used up within the business's operating cycle or one year,whichever is greater,are called ________.

Accepted Answer

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

Question 4

The current ratio measures ________.

Accepted Answer

A)  a company's ability to sell its long-term assets 
B)  a company's ability to pay current liabilities from its total assets 
C)  a company's ability to pay current liabilities from current assets 
D)  a company's profitability during a particular period 
A)  a company's ability to sell its long-term assets 
B)  a company's ability to pay current liabilities from its total assets 
C)  a company's ability to pay current liabilities from current assets 
D)  a company's profitability during a particular period

Question 5

In which of the columns of the worksheet would Net Income be found?

Accepted Answer

A)  the unadjusted trial balance credit column, the adjusted trial balance credit column, and the balance sheet credit column 
B)  the unadjusted trial balance debit column, the adjusted trial balance debit column, and the balance sheet debit column 
C)  the balance sheet debit column and the income statement credit column 
D)  the balance sheet credit column and the income statement debit column 
A)  the unadjusted trial balance credit column, the adjusted trial balance credit column, and the balance sheet credit column 
B)  the unadjusted trial balance debit column, the adjusted trial balance debit column, and the balance sheet debit column 
C)  the balance sheet debit column and the income statement credit column 
D)  the balance sheet credit column and the income statement debit column

Question 6

The operating cycle is the process by which companies produce their financial statements for a specific period.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

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

Question 8

The Supplies Expense account is a temporary account.

Accepted Answer

A) True 
 B)False

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

Which of the following statements is TRUE if the income statement debit column exceeds the income statement credit column of a worksheet?

All assets that will not be converted to cash or used up within the business's operating cycle or one year,whichever is greater,are called ________.

The current ratio measures ________.

In which of the columns of the worksheet would Net Income be found?

The operating cycle is the process by which companies produce their financial statements for a specific period.

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

The Supplies Expense account is a temporary account.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets,natural Resources,and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets

Flexible Budgets and Standard Cost Systems

Cost Allocation and Responsibility Accounting

Short-Term Business Decisions

Capital Investment Decisions

Filters

Exam 4: Completing the Accounting Cycle

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

Which of the following statements is TRUE if the income statement debit column exceeds the income statement credit column of a worksheet?

All assets that will not be converted to cash or used up within the business's operating cycle or one year,whichever is greater,are called ________.

The current ratio measures ________.

In which of the columns of the worksheet would Net Income be found?

The operating cycle is the process by which companies produce their financial statements for a specific period.

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

The Supplies Expense account is a temporary account.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets,natural Resources,and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets

Flexible Budgets and Standard Cost Systems

Cost Allocation and Responsibility Accounting

Short-Term Business Decisions

Capital Investment Decisions

Filters