Question 1

In a manual system which uses a work sheet,the preparation of adjusting entries

Accepted Answer

A)  typically precedes the preparation of the financial statements. 
B)  typically precedes preparation of the work sheet. 
C)  is easy because they are simply copied from the work sheet. 
D)  is difficult, and therefore they must first be entered into the general journal in pencil. 
A)  typically precedes the preparation of the financial statements. 
B)  typically precedes preparation of the work sheet. 
C)  is easy because they are simply copied from the work sheet. 
D)  is difficult, and therefore they must first be entered into the general journal in pencil.

Question 2

The amount for Dividends will appear in the Income Statement columns of a work sheet.

Accepted Answer

A) True 
 B)False

Question 3

Using the information below from the Income Statement and Balance Sheet columns of Tople Corporation's work sheet for the month ended April 30,2010,prepare the income statement,statement of retained earnings,and balance sheet.

Accepted Answer

None

Question 4

Which of the following is the most useful aid to the accountant in preparing closing entries?

Accepted Answer

A)  Ledger 
B)  Work sheet 
C)  Journal 
D)  Financial statements 
A)  Ledger 
B)  Work sheet 
C)  Journal 
D)  Financial statements

Question 5

The work sheet is prepared after the formal adjusting and closing entries.

Accepted Answer

A) True 
 B)False

In a manual system which uses a work sheet,the preparation of adjusting entries

The amount for Dividends will appear in the Income Statement columns of a work sheet.

Using the information below from the Income Statement and Balance Sheet columns of Tople Corporation's work sheet for the month ended April 30,2010,prepare the income statement,statement of retained earnings,and balance sheet.

Which of the following is the most useful aid to the accountant in preparing closing entries?

The work sheet is prepared after the formal adjusting and closing entries.

Uses of Accounting Information and the Financial Statements

Analyzing Business Transactions

Measuring Business Income

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Contributed Capital

Investments

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

The Changing Business Environment - a Managers Perspective

Cost Concepts and Cost Allocation

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions,incltarget Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

Filters

Exam 3: Supplement - Closing Entries and the Work Sheet

In a manual system which uses a work sheet,the preparation of adjusting entries

The amount for Dividends will appear in the Income Statement columns of a work sheet.

Using the information below from the Income Statement and Balance Sheet columns of Tople Corporation's work sheet for the month ended April 30,2010,prepare the income statement,statement of retained earnings,and balance sheet.

Which of the following is the most useful aid to the accountant in preparing closing entries?

The work sheet is prepared after the formal adjusting and closing entries.

Uses of Accounting Information and the Financial Statements

Analyzing Business Transactions

Measuring Business Income

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Contributed Capital

Investments

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

The Changing Business Environment - a Managers Perspective

Cost Concepts and Cost Allocation

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions,incltarget Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

Filters