Exam 4: Completing the Accounting Cycle
Exam 1: Accounting and the Business Environment246 Questions
Exam 2: Recording Business Transactions219 Questions
Exam 3: The Adjusting Process225 Questions
Exam 4: Completing the Accounting Cycle208 Questions
Exam 5: Merchandising Operations301 Questions
Exam 6: Merchandise Inventory199 Questions
Exam 7: Accounting Information Systems164 Questions
Exam 8: Internal Control and Cash258 Questions
Exam 9: Receivables233 Questions
Exam 10: Plant Assets, natural Resources, and Intangibles212 Questions
Exam 11: Current Liabilities and Payroll221 Questions
Exam 12: Partnerships171 Questions
Exam 13: Corporations277 Questions
Exam 14: Long-Term Liabilities207 Questions
Exam 15: Investments193 Questions
Exam 16: The Statement of Cash Flows183 Questions
Exam 17: Financial Statement Analysis161 Questions
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Revenues and expenses may be transferred to the ________ account before their final transfer into the Owner,Capital account.
(Multiple Choice)
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Which of the following steps must be completed before preparing the adjusted trial balance?
(Multiple Choice)
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The entries that transfer the revenue,expense,and Owner,Withdrawals balances to the Owner,Capital account to prepare the company's books for the next period are called ________ entries.
(Multiple Choice)
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Reversing entries are dated on the first day of the new accounting period.
(True/False)
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Refer to the following adjusted trial balance.
There were no new capital contributions during the year.What will the balance of the Smith,Capital
Account be after the closing entries are posted?

(Multiple Choice)
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Only permanent accounts appear on the post-closing trial balance.
(True/False)
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The current ratio is calculated using the values from the income statement.
(True/False)
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Which of the following accounts will be included in a post-closing trial balance?
(Multiple Choice)
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Which of the following accounts has an ending balance equal to net income immediately before it is closed?
(Multiple Choice)
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Preparing the worksheet is a required step of the accounting cycle.
(True/False)
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Which of the following accounts will be included in a post-closing trial balance?
(Multiple Choice)
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The beginning balance in the Sanchez,Capital account of a company was $10,000.The revenues and expenses were $240,000 and $120,000,respectively.During the year,Sanchez made withdrawals of $7,000.There were no new capital contributions during the year.The ending balance in Sanchez,Capital was $123,000.
(True/False)
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The Owner,Withdrawals account is included in the income statement section of the worksheet.
(True/False)
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Liquidity is a measure of how quickly an item can be converted to net income.
(True/False)
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