Exam 4: Completing the Accounting Cycle

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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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The financial statements are prepared from the ________.

(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. 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? 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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Which of the following is a plant asset?

(Multiple Choice)
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The Accounts Payable account is a temporary account.

(True/False)
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The current ratio is calculated using the values from the income statement.

(True/False)
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A reversing entry is ________.

(Multiple Choice)
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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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The Martinez,Withdrawals account is a permanent account.

(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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The Accounts Receivable account is a permanent account.

(True/False)
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