Question 1

Which of the following accounts will be closed by debiting the Income summary account?

Accepted Answer

A)  Salary expense 
B)  Accounts receivable 
C)  Service revenue 
D)  Drawings 
A)  Salary expense 
B)  Accounts receivable 
C)  Service revenue 
D)  Drawings

Question 2

A balance sheet that has the assets listed above the liabilities and equity sections is a(n):

Accepted Answer

A)  audited form balance sheet. 
B)  classified form balance sheet. 
C)  report form balance sheet. 
D)  account form balance sheet. 
A)  audited form balance sheet. 
B)  classified form balance sheet. 
C)  report form balance sheet. 
D)  account form balance sheet.

Question 3

Refer to the following adjusted trial balance.
$$\begin{array} { | l | l | l | } 
\hline \text { Accounts } & { \text { Debit } } & \text { Credit } \
\hline \text { Cash } & \$ 1900 & \
\hline \text { Accounts receivable } & 3500 & \
\hline \text { Office supplies } & 100 & \
\hline \text { Equipment } & 20,500 & \
\hline \text { Accumulated depreciation -equipment } & & \$ 3000 \
\hline \text { Accounts payable } & & 1700 \
\hline \text { Salaries payable } & & 350 \
\hline \text { Unearned revenue } & & 550 \
\hline \text { Owner's name, capital } & & 3200 \
\hline \text { Owner's name, drawings } & 3000 & \
\hline \text { Service revenue } & & 51,700 \
\hline \text { Salaries expense } & 23,000 & \
\hline \text { Supplies expense } & 2200 & \
\hline \text { Depreciation expense -equipment } & 1800 & \
\hline \text { Total } & \$ \mathbf { 6 1 , 0 0 0 } & \mathbf {\$ 6 1 , 0 0 0 } \
\hline
\end{array}$$
What will be the final ending balance in the Owner's name,capital account after posting the closing entries?

Accepted Answer

A)  $24,700 
B)  $27,900 
C)  $24,900 
D)  $27,700 
A)  $24,700 
B)  $27,900 
C)  $24,900 
D)  $27,700

Question 4

Which of the following is NOT a current asset?

Accepted Answer

A)  Accounts receivable 
B)  Prepaid insurance 
C)  Cash 
D)  Equipment 
A)  Accounts receivable 
B)  Prepaid insurance 
C)  Cash 
D)  Equipment

Question 5

In which of the columns of the worksheet would a loss be found?

Accepted Answer

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

Question 6

The adjusting entry for depreciation would include a:

Accepted Answer

A)  debit to Accumulated depreciation and a credit to the asset. 
B)  debit to Depreciation expense and a credit to Accumulated depreciation. 
C)  debit to Accumulated depreciation and a credit to Depreciation expense. 
D)  debit to Depreciation expense and a credit to Cash. 
A)  debit to Accumulated depreciation and a credit to the asset. 
B)  debit to Depreciation expense and a credit to Accumulated depreciation. 
C)  debit to Accumulated depreciation and a credit to Depreciation expense. 
D)  debit to Depreciation expense and a credit to Cash.

Which of the following accounts will be closed by debiting the Income summary account?

A balance sheet that has the assets listed above the liabilities and equity sections is a(n):

Which of the following is NOT a current asset?

In which of the columns of the worksheet would a loss be found?

The adjusting entry for depreciation would include a:

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities,debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Introduction to Managerial Accounting and the Master Budget

Job Costing

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Filters

Exam 4: Completing the Accounting Cycle

Which of the following accounts will be closed by debiting the Income summary account?

A balance sheet that has the assets listed above the liabilities and equity sections is a(n):

Which of the following is NOT a current asset?

In which of the columns of the worksheet would a loss be found?

The adjusting entry for depreciation would include a:

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities,debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Introduction to Managerial Accounting and the Master Budget

Job Costing

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Filters