Question 1

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements.

Accepted Answer

A) True 
 B)False  False

Question 2

Which of the following statements is TRUE if the income statement credit column exceeds the income statement debit column on a worksheet?

Accepted Answer

A) The company made a net profit. 
B) The company incurred a net loss. 
C) The Owner,Capital account decreased during the period. 
D) An error was made. 
A) The company made a net profit. 
B) The company incurred a net loss. 
C) The Owner,Capital account decreased during the period. 
D) An error was made. A

Question 3

The following is the adjusted trial balance as of December 31,2019 of Hawkins Dental Lab Company:
   Prepare the closing entries.Omit explanation.

Accepted Answer

Depreciation Expense

Question 4

Which of the following accounts would appear in the balance sheet credit column of the worksheet?

Accepted Answer

A) Prepaid Insurance 
B) Buildings 
C) Unearned Revenue 
D) Service Revenue 
A) Prepaid Insurance 
B) Buildings 
C) Unearned Revenue 
D) Service Revenue

Question 5

Buildings,land,and equipment are classified as ________.

Accepted Answer

A) current assets 
B) long-term assets 
C) current liabilities 
D) long-term liabilities 
A) current assets 
B) long-term assets 
C) current liabilities 
D) long-term liabilities

Question 6

The time span during which cash is paid for goods and services,which are then sold to customers from whom the business collects cash,is called the ________.

Accepted Answer

A) production time 
B) operating cycle 
C) accounting cycle 
D) sales time 
A) production time 
B) operating cycle 
C) accounting cycle 
D) sales time

Question 7

A reversing entry ________.

Accepted Answer

A) is required by GAAP 
B) is used in conjunction with deferral type adjustments 
C) exactly resembles the prior adjusting entry 
D) switches the debit and the credit of a previous entry 
A) is required by GAAP 
B) is used in conjunction with deferral type adjustments 
C) exactly resembles the prior adjusting entry 
D) switches the debit and the credit of a previous entry

Question 8

The following is the adjusted trial balance as of December 31,2019 of Bright Exteriors Company after the first year of operations:
   Prepare the closing entry for the Income Summary account.Omit explanation.

Accepted Answer

The answer of The following is the adjusted trial balance...

Question 9

Under which of the following categories would bonds held as an investment for less than a year appear?

Accepted Answer

A) Long-term assets 
B) Current assets 
C) Long-term liabilities 
D) Current liabilities 
A) Long-term assets 
B) Current assets 
C) Long-term liabilities 
D) Current liabilities

Question 10

The balances of select accounts of Donovan Company as of December 31,2018 are given below.   What amount of total long-term assets would be shown on the balance sheet at December 31,2018?

Accepted Answer

A) $130,000 
B) $158,700 
C) $160,000 
D) $166,000 
A) $130,000 
B) $158,700 
C) $160,000 
D) $166,000

Question 11

The process by which companies produce their financial statements for a specific period is called the ________.

Accepted Answer

A) operating cycle 
B) closing process 
C) opening process 
D) accounting cycle 
A) operating cycle 
B) closing process 
C) opening process 
D) accounting cycle

Question 12

In the closing process,the Owner,Withdrawals account is closed to the Owner,Capital account.

Accepted Answer

A) True 
 B)False

Question 13

A net loss from the Balance Sheet decreases Owner,Capital.

Accepted Answer

A) True 
 B)False

Question 14

The Office Supplies account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 15

Wilson Engraving just completed operations for the year ending December 31,2018.Accounts from the adjusted trial balance dated December 31,2018 are listed in alphabetical order below:
   Requirement:
a.Prepare the closing entries.Omit explanations.
b.Prepare,in good form,the income statement,statement of owner's equity,and balance sheet.There were no new capital contributions during the year.
c.Compute the current ratio.Label your work.Comment on the current ratio.

Accepted Answer

a.
 @#IMG-DLM& b.
 @#IMG-DLM& @#IMG-DLM& Wilson Engraving
 @#IMG-DLM& c.
Current

Question 16

In regards to a company using a computerized accounting system,which of the following statements is incorrect?

Accepted Answer

A) Closing entries are completed in a matter of seconds. 
B) The accountant must manually prepare the closing entries. 
C) The software identifies the temporary accounts. 
D) The Owner,Capital account balance is up-to-date. 
A) Closing entries are completed in a matter of seconds. 
B) The accountant must manually prepare the closing entries. 
C) The software identifies the temporary accounts. 
D) The Owner,Capital account balance is up-to-date.

Question 17

The post-closing trial balance shows the net income for the period just ended.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following accounts would appear in the balance sheet debit column of the worksheet?

Accepted Answer

A) Unearned Revenue 
B) Accumulated Depreciation 
C) Service Revenue 
D) Prepaid Insurance 
A) Unearned Revenue 
B) Accumulated Depreciation 
C) Service Revenue 
D) Prepaid Insurance

Question 19

In a classified balance sheet,assets are reported in the order of liquidity and liabilities are listed in the order in which they must be paid.

Accepted Answer

A) True 
 B)False

Question 20

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

Accepted Answer

The revenues,expenses,and Owner,Withdraw

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements.

Which of the following statements is TRUE if the income statement credit column exceeds the income statement debit column on a worksheet?

The following is the adjusted trial balance as of December 31,2019 of Hawkins Dental Lab Company: Prepare the closing entries.Omit explanation.

Which of the following accounts would appear in the balance sheet credit column of the worksheet?

Buildings,land,and equipment are classified as ________.

The time span during which cash is paid for goods and services,which are then sold to customers from whom the business collects cash,is called the ________.

A reversing entry ________.

The following is the adjusted trial balance as of December 31,2019 of Bright Exteriors Company after the first year of operations: Prepare the closing entry for the Income Summary account.Omit explanation.

Under which of the following categories would bonds held as an investment for less than a year appear?

The balances of select accounts of Donovan Company as of December 31,2018 are given below. What amount of total long-term assets would be shown on the balance sheet at December 31,2018?

The process by which companies produce their financial statements for a specific period is called the ________.

In the closing process,the Owner,Withdrawals account is closed to the Owner,Capital account.

A net loss from the Balance Sheet decreases Owner,Capital.

The Office Supplies account is a temporary account.

In regards to a company using a computerized accounting system,which of the following statements is incorrect?

The post-closing trial balance shows the net income for the period just ended.

Which of the following accounts would appear in the balance sheet debit column of the worksheet?

In a classified balance sheet,assets are reported in the order of liquidity and liabilities are listed in the order in which they must be paid.

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Completing the Accounting Cycle

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements.

Which of the following statements is TRUE if the income statement credit column exceeds the income statement debit column on a worksheet?

The following is the adjusted trial balance as of December 31,2019 of Hawkins Dental Lab Company: Prepare the closing entries.Omit explanation.

Which of the following accounts would appear in the balance sheet credit column of the worksheet?

Buildings,land,and equipment are classified as ________.

The time span during which cash is paid for goods and services,which are then sold to customers from whom the business collects cash,is called the ________.

A reversing entry ________.

The following is the adjusted trial balance as of December 31,2019 of Bright Exteriors Company after the first year of operations: Prepare the closing entry for the Income Summary account.Omit explanation.

Under which of the following categories would bonds held as an investment for less than a year appear?

The balances of select accounts of Donovan Company as of December 31,2018 are given below. What amount of total long-term assets would be shown on the balance sheet at December 31,2018?

The process by which companies produce their financial statements for a specific period is called the ________.

In the closing process,the Owner,Withdrawals account is closed to the Owner,Capital account.

A net loss from the Balance Sheet decreases Owner,Capital.

The Office Supplies account is a temporary account.

In regards to a company using a computerized accounting system,which of the following statements is incorrect?

The post-closing trial balance shows the net income for the period just ended.

Which of the following accounts would appear in the balance sheet debit column of the worksheet?

In a classified balance sheet,assets are reported in the order of liquidity and liabilities are listed in the order in which they must be paid.

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Filters