Question 1

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. ​
  Net income for the period is

Accepted Answer

A)  $13,000 
B)  $33,500 
C)  $15,000 
D)  $18,500 
A)  $13,000 
B)  $33,500 
C)  $15,000 
D)  $18,500

Question 2

When the end-of-period spreadsheet is complete,the adjustment columns should have

Accepted Answer

A)  total credits greater than total debits if a net income was earned 
B)  total debits greater than total credits if a net loss was incurred 
C)  total debits greater than total credits if a net income was earned 
D)  total debits are equal to total credits 
A)  total credits greater than total debits if a net income was earned 
B)  total debits greater than total credits if a net loss was incurred 
C)  total debits greater than total credits if a net income was earned 
D)  total debits are equal to total credits

Question 3

Which one of the fixed asset accounts listed below will not have a related contra asset account?

Accepted Answer

A)  Office Equipment 
B)  Land 
C)  Delivery Equipment 
D)  Building 
A)  Office Equipment 
B)  Land 
C)  Delivery Equipment 
D)  Building

Question 4

After net income is entered on the end-of-period spreadsheet,the Balance Sheet Debit and Credit columns must

Accepted Answer

A)  be the same amount as the total amount of the Income Statement Debit and Credit columns 
B)  equal each other 
C)  be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns 
D)  not be equal to each other and need not be the same total amounts as any other pair of columns on the end-of-period spreadsheet 
A)  be the same amount as the total amount of the Income Statement Debit and Credit columns 
B)  equal each other 
C)  be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns 
D)  not be equal to each other and need not be the same total amounts as any other pair of columns on the end-of-period spreadsheet

Question 5

Cash and other assets that may reasonably be expected to be realized in cash,sold,or consumed through the normal operations of a business,usually longer than one year,are called current assets.

Accepted Answer

A) True 
 B)False

Question 6

After the account balances have been extended from the Adjusted Trial Balance columns on the end-of-period spreadsheet,the difference between the initial totals of the Balance Sheet debit and credit columns is Net Income or Net Loss.

Accepted Answer

A) True 
 B)False

Question 7

Once an account has been closed for the period,inserting a line in the balance columns zeros out the account,making it ready for the following period.

Accepted Answer

A) True 
 B)False

Question 8

On March 1,a company collects revenue in advance for the next twelve months and credits a liability account.The adjusting entry at year end on the end-of-period spreadsheet would

Accepted Answer

A)  increase a liability account 
B)  decrease an asset account 
C)  decrease a revenue account 
D)  decrease a liability account 
A)  increase a liability account 
B)  decrease an asset account 
C)  decrease a revenue account 
D)  decrease a liability account

Question 9

Of the following steps of the accounting cycle,which step should be completed first?

Accepted Answer

A)  Closing entries are journalized and posted to the ledger. 
B)  Transactions are posted to the ledger. 
C)  Adjusting entries are journalized and posted to the ledger. 
D)  Financial statements are prepared. 
A)  Closing entries are journalized and posted to the ledger. 
B)  Transactions are posted to the ledger. 
C)  Adjusting entries are journalized and posted to the ledger. 
D)  Financial statements are prepared.

Question 10

Of the following steps of the accounting cycle,which step should be completed last?

Accepted Answer

A)  An adjusted trial balance is prepared. 
B)  Transactions are posted to the ledger. 
C)  An unadjusted trial balance is prepared. 
D)  Adjusting entries are journalized and posted to the ledger. 
A)  An adjusted trial balance is prepared. 
B)  Transactions are posted to the ledger. 
C)  An unadjusted trial balance is prepared. 
D)  Adjusting entries are journalized and posted to the ledger.

Question 11

The post-closing trial balance differs from the adjusted trial balance in that it does not

Accepted Answer

A)  take into account closing entries 
B)  take into account adjusting entries 
C)  include balance sheet accounts 
D)  include income statement accounts 
A)  take into account closing entries 
B)  take into account adjusting entries 
C)  include balance sheet accounts 
D)  include income statement accounts

Question 12

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Accepted Answer

A)  Utilities Expense 
B)  Fees Earned 
C)  Prepaid Insurance 
D)  Insurance Expense 
A)  Utilities Expense 
B)  Fees Earned 
C)  Prepaid Insurance 
D)  Insurance Expense

Question 13

The entry to close the dividends account would be

Accepted Answer

A)  debit Retained Earnings,$3,000; credit Dividends,$3,000 
B)  debit Retained Earnings,$12,000; credit Dividends,$12,000 
C)  debit Dividends,$3,000; credit Retained Earnings,$3,000 
D)  debit Dividends,$12,000; credit Retained Earnings,$12,000 
A)  debit Retained Earnings,$3,000; credit Dividends,$3,000 
B)  debit Retained Earnings,$12,000; credit Dividends,$12,000 
C)  debit Dividends,$3,000; credit Retained Earnings,$3,000 
D)  debit Dividends,$12,000; credit Retained Earnings,$12,000

Question 14

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

Accepted Answer

A) True 
 B)False

Question 15

On which financial statement will Income Summary be shown?

Accepted Answer

A)  retained earnings statement 
B)  balance sheet 
C)  income statement 
D)  no financial statement 
A)  retained earnings statement 
B)  balance sheet 
C)  income statement 
D)  no financial statement

Question 16

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

Accepted Answer

A) True 
 B)False

Question 17

The end-of-period spreadsheet is a tool that accountants can use to summarize adjusting entries and the account balances for the financial statements.

Accepted Answer

A) True 
 B)False

Question 18

Beachside Realty rents condominiums and furnishings.Below is the adjusted trial balance at December 31.
​
   Prepare the entry required to close the revenue accounts at the end of the period.

Accepted Answer

The answer of Beachside Realty rents condominiums and furnishings.Below is...

Question 19

Journalizing and posting closing entries must be completed before financial statements can be prepared.

Accepted Answer

A) True 
 B)False

Question 20

Closing entries are dated in the journal as of

Accepted Answer

A)  the date they are actually journalized,although they are generally prepared after the end of the accounting period 
B)  the last day of the accounting period 
C)  the first day of the accounting period,although they are actually journalized well after the beginning of the accounting period 
D)  the first day of the subsequent accounting period 
A)  the date they are actually journalized,although they are generally prepared after the end of the accounting period 
B)  the last day of the accounting period 
C)  the first day of the accounting period,although they are actually journalized well after the beginning of the accounting period 
D)  the first day of the subsequent accounting period

Exam 4: Completing the Accounting Cycle

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. ​ Net income for the period is

When the end-of-period spreadsheet is complete,the adjustment columns should have

Which one of the fixed asset accounts listed below will not have a related contra asset account?

After net income is entered on the end-of-period spreadsheet,the Balance Sheet Debit and Credit columns must

Cash and other assets that may reasonably be expected to be realized in cash,sold,or consumed through the normal operations of a business,usually longer than one year,are called current assets.

After the account balances have been extended from the Adjusted Trial Balance columns on the end-of-period spreadsheet,the difference between the initial totals of the Balance Sheet debit and credit columns is Net Income or Net Loss.

Once an account has been closed for the period,inserting a line in the balance columns zeros out the account,making it ready for the following period.

On March 1,a company collects revenue in advance for the next twelve months and credits a liability account.The adjusting entry at year end on the end-of-period spreadsheet would

Of the following steps of the accounting cycle,which step should be completed first?

Of the following steps of the accounting cycle,which step should be completed last?

The post-closing trial balance differs from the adjusted trial balance in that it does not

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

The entry to close the dividends account would be

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

On which financial statement will Income Summary be shown?

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

The end-of-period spreadsheet is a tool that accountants can use to summarize adjusting entries and the account balances for the financial statements.

Beachside Realty rents condominiums and furnishings.Below is the adjusted trial balance at December 31. ​ Prepare the entry required to close the revenue accounts at the end of the period.

Journalizing and posting closing entries must be completed before financial statements can be prepared.

Closing entries are dated in the journal as of

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

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Net income for the period is

Beachside Realty rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the entry required to close the revenue accounts at the end of the period.