Question 1

An end-of-period spreadsheet includes columns for

Accepted Answer

A)  adjusting entries 
B)  closing entries 
C)  reversing entries 
D)  adjusting and closing entries 
A)  adjusting entries 
B)  closing entries 
C)  reversing entries 
D)  adjusting and closing entries A

Question 2

The closing process is sometimes referred to as closing the books.

Accepted Answer

A) True 
 B)False  True

Question 3

After the accounts have been adjusted at January 31,the end of the fiscal year,the following balances are taken from the ledger of Harrison's Dog Walking Service Company:
​
   Journalize the four entries required to close the accounts

Accepted Answer

The answer of After the accounts have been adjusted at...

Question 4

Balance sheet accounts are not considered real accounts.

Accepted Answer

A) True 
 B)False

Question 5

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

Accepted Answer

A) True 
 B)False

Question 6

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co.for December 31:
​
   Prepare an income statement.

Accepted Answer

The answer of The following revenue and expense account balances...

Question 7

The trial balance may be listed on the end-of-period spreadsheet instead of being prepared separately.

Accepted Answer

A) True 
 B)False

Question 8

Financial statements should be prepared before the closing entries are journalized and posted.

Accepted Answer

A) True 
 B)False

Question 9

Real accounts are not permanent accounts.

Accepted Answer

A) True 
 B)False

Question 10

Examples of temporary accounts are Supplies and Prepaid Expenses,which are in the ledger for just a short time before they expire.

Accepted Answer

A) True 
 B)False

Question 11

Any twelve-month accounting period adopted by a company is known as its fiscal year.

Accepted Answer

A) True 
 B)False

Question 12

The accounting cycle begins with preparing an unadjusted trial balance.

Accepted Answer

A) True 
 B)False

Question 13

The accounting cycle requires three trial balances be done.In what order should they be prepared?

Accepted Answer

A)  post-closing,unadjusted,adjusted 
B)  unadjusted,post-closing,adjusted 
C)  unadjusted,adjusted,post-closing 
D)  post-closing,adjusted,unadjusted 
A)  post-closing,unadjusted,adjusted 
B)  unadjusted,post-closing,adjusted 
C)  unadjusted,adjusted,post-closing 
D)  post-closing,adjusted,unadjusted

Question 14

A net loss is shown on the end-of-period spreadsheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 15

Determine the total assets.

Accepted Answer

A)  $25,130 
B)  $16,830 
C)  $22,930 
D)  $24,030 
A)  $25,130 
B)  $16,830 
C)  $22,930 
D)  $24,030

Question 16

It is not necessary to post the closing entries to the general ledger.

Accepted Answer

A) True 
 B)False

Question 17

In the accounting cycle,the last step is

Accepted Answer

A)  ​preparing the financial statements 
B)  ​journalizing and posting the adjusting entries 
C)  ​preparing a post-closing trial balance 
D)  ​journalizing and posting the closing entries 
A)  ​preparing the financial statements 
B)  ​journalizing and posting the adjusting entries 
C)  ​preparing a post-closing trial balance 
D)  ​journalizing and posting the closing entries

Question 18

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.:
​
   Prepare an income statement.

Accepted Answer

The answer of The following accounts were taken from the...

Question 19

Debts listed as current liabilities are those that

Accepted Answer

A)  will be paid in less than one year 
B)  are due to be paid in 5 to 10 years 
C)  are due to be paid in more than one year 
D)  are owed to the stockholders and will never be paid 
A)  will be paid in less than one year 
B)  are due to be paid in 5 to 10 years 
C)  are due to be paid in more than one year 
D)  are owed to the stockholders and will never be paid

Question 20

What is the first account that should be listed in the post closing trial balance?

Accepted Answer

A)  Income Summary 
B)  Common Stock 
C)  Cash 
D)  Fees Earned 
A)  Income Summary 
B)  Common Stock 
C)  Cash 
D)  Fees Earned

Exam 4: Completing the Accounting Cycle

An end-of-period spreadsheet includes columns for

The closing process is sometimes referred to as closing the books.

After the accounts have been adjusted at January 31,the end of the fiscal year,the following balances are taken from the ledger of Harrison's Dog Walking Service Company: ​ Journalize the four entries required to close the accounts

Balance sheet accounts are not considered real accounts.

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co.for December 31: ​ Prepare an income statement.

The trial balance may be listed on the end-of-period spreadsheet instead of being prepared separately.

Financial statements should be prepared before the closing entries are journalized and posted.

Real accounts are not permanent accounts.

Examples of temporary accounts are Supplies and Prepaid Expenses,which are in the ledger for just a short time before they expire.

Any twelve-month accounting period adopted by a company is known as its fiscal year.

The accounting cycle begins with preparing an unadjusted trial balance.

The accounting cycle requires three trial balances be done.In what order should they be prepared?

A net loss is shown on the end-of-period spreadsheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Determine the total assets.

It is not necessary to post the closing entries to the general ledger.

In the accounting cycle,the last step is

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.: ​ Prepare an income statement.

Debts listed as current liabilities are those that

What is the first account that should be listed in the post closing trial balance?

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current,installment Notes,and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

Filters

After the accounts have been adjusted at January 31,the end of the fiscal year,the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Journalize the four entries required to close the accounts

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co.for December 31: Prepare an income statement.

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.: Prepare an income statement.