Question 1

After posting the second closing entry to the income summary account,the balance will be equal to

Accepted Answer

A)  zero 
B)  stockholders' equity 
C)  revenues for the period 
D)  the net income or net loss for the period 
A)  zero 
B)  stockholders' equity 
C)  revenues for the period 
D)  the net income or net loss for the period

Question 2

During the closing process,some balance sheet accounts are closed and end the period with a zero balance.

Accepted Answer

A) True 
 B)False

Question 3

Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?

Accepted Answer

A)  Common Stock 
B)  Service Revenue 
C)  Unearned Revenue 
D)  Cash 
A)  Common Stock 
B)  Service Revenue 
C)  Unearned Revenue 
D)  Cash

Question 4

After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet,the totals of the Debit and Credit columns are $36,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

Accepted Answer

A)  $4,020 net income 
B)  $36,755 net loss 
C)  $4,020 net loss 
D)  $32,735 net income 
A)  $4,020 net income 
B)  $36,755 net loss 
C)  $4,020 net loss 
D)  $32,735 net income

Question 5

Balance sheet accounts

Accepted Answer

A)  represent amounts accumulated during a specific period of time 
B)  are called real accounts 
C)  have zero balances after the closing entries have been posted 
D)  are not affected by adjustments 
A)  represent amounts accumulated during a specific period of time 
B)  are called real accounts 
C)  have zero balances after the closing entries have been posted 
D)  are not affected by adjustments

Question 6

The natural business year is a

Accepted Answer

A)  fiscal year that ends when business activities are at their lowest point 
B)  calendar year that ends when business activities are at their lowest point 
C)  fiscal year that ends when business activities are at their highest point 
D)  calendar year that ends when business activities are at their highest point 
A)  fiscal year that ends when business activities are at their lowest point 
B)  calendar year that ends when business activities are at their lowest point 
C)  fiscal year that ends when business activities are at their highest point 
D)  calendar year that ends when business activities are at their highest point

Question 7

After analyzing transactions,the next step would be to post the transactions in the ledger.

Accepted Answer

A) True 
 B)False

Question 8

Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?

Accepted Answer

A)  preparing the adjusted trial balance 
B)  posting to the general ledger 
C)  preparing the financial statements 
D)  preparing the closing entries 
A)  preparing the adjusted trial balance 
B)  posting to the general ledger 
C)  preparing the financial statements 
D)  preparing the closing entries

Question 9

Prior to adjustment at August 31,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $4,200.

Accepted Answer

The answer of Prior to adjustment at August 31,Salary Expense...

Question 10

The unadjusted,adjusted,and final trial balances are prepared during the accounting cycle of a period.

Accepted Answer

A) True 
 B)False

Question 11

Net income appears on the end-of-period spreadsheet in the

Accepted Answer

A)  debit column of the Balance Sheet columns 
B)  debit column of the Adjustments columns 
C)  debit column of the Income Statement columns 
D)  credit column of the Income Statement columns 
A)  debit column of the Balance Sheet columns 
B)  debit column of the Adjustments columns 
C)  debit column of the Income Statement columns 
D)  credit column of the Income Statement columns

Question 12

All companies must use a calendar year as their fiscal year.

Accepted Answer

A) True 
 B)False

Question 13

The dividends account is closed to the income summary account.

Accepted Answer

A) True 
 B)False

Question 14

A post-closing trial balance contains only asset and liability accounts.

Accepted Answer

A) True 
 B)False

Question 15

The end-of-period spreadsheet

Accepted Answer

A)  is an integral part of the accounting cycle 
B)  eliminates the need to rewrite the financial statements 
C)  is a working paper that is required 
D)  is used to summarize account balances and adjustments for the financial statements 
A)  is an integral part of the accounting cycle 
B)  eliminates the need to rewrite the financial statements 
C)  is a working paper that is required 
D)  is used to summarize account balances and adjustments for the financial statements

Question 16

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

Accepted Answer

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

Question 17

Closing entries are entered directly on the end-of-period spreadsheet.

Accepted Answer

A) True 
 B)False

Question 18

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Accepted Answer

A) True 
 B)False

Question 19

Accumulated Depreciation appears on the

Accepted Answer

A)  balance sheet in the current assets section 
B)  balance sheet in the property,plant,and equipment section 
C)  balance sheet in the long-term liabilities section 
D)  income statement as an operating expense 
A)  balance sheet in the current assets section 
B)  balance sheet in the property,plant,and equipment section 
C)  balance sheet in the long-term liabilities section 
D)  income statement as an operating expense

Question 20

Cross-referencing is useful in assuring that the debits and credits are in balance.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

After posting the second closing entry to the income summary account,the balance will be equal to

During the closing process,some balance sheet accounts are closed and end the period with a zero balance.

Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?

After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet,the totals of the Debit and Credit columns are $36,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

Balance sheet accounts

The natural business year is a

After analyzing transactions,the next step would be to post the transactions in the ledger.

Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?

Prior to adjustment at August 31,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $4,200.

The unadjusted,adjusted,and final trial balances are prepared during the accounting cycle of a period.

Net income appears on the end-of-period spreadsheet in the

All companies must use a calendar year as their fiscal year.

The dividends account is closed to the income summary account.

A post-closing trial balance contains only asset and liability accounts.

The end-of-period spreadsheet

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

Closing entries are entered directly on the end-of-period spreadsheet.

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Accumulated Depreciation appears on the

Cross-referencing is useful in assuring that the debits and credits are in 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

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