Question 1

Calculate the current ratio using the following information: (Round your answer to two decimal places. )

Accepted Answer

A) 2.10 
B) 2.80 
C) 1.53 
D) 1.83 
A) 2.10 
B) 2.80 
C) 1.53 
D) 1.83

Question 2

Intangible assets are long-term assets that have no physical form and convey special rights.

Accepted Answer

A) True 
 B)False

Question 3

The following is the adjusted trial balance for Baker Services.   There were no new capital contributions during the year.After the closing entries are posted,what is the balance in Baker,Capital?

Accepted Answer

A) $1,500 
B) $209,300 
C) $24,500 
D) $163,300 
A) $1,500 
B) $209,300 
C) $24,500 
D) $163,300

Question 4

The Accumulated Depreciation account is a permanent account.

Accepted Answer

A) True 
 B)False

Question 5

The balances of select accounts of Sandra Company as of December 31,2018 are given below:   The insurance has been prepaid until June 30,2019.Determine the amount of total current assets reported on the balance sheet at December 31,2018.

Accepted Answer

A) $17,200 
B) $10,200 
C) $12,950 
D) $10,750 
A) $17,200 
B) $10,200 
C) $12,950 
D) $10,750

Question 6

Notes Payable due within two years are classified as ________.

Accepted Answer

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

Question 7

Closing entries are journalized and posted ________.

Accepted Answer

A) throughout the accounting period 
B) before posting the adjusting entries 
C) after preparing the post-closing trial balance 
D) after preparing the financial statements 
A) throughout the accounting period 
B) before posting the adjusting entries 
C) after preparing the post-closing trial balance 
D) after preparing the financial statements

Question 8

The current ratio shows the profitability of a firm.

Accepted Answer

A) True 
 B)False

Calculate the current ratio using the following information: (Round your answer to two decimal places. )

Intangible assets are long-term assets that have no physical form and convey special rights.

The following is the adjusted trial balance for Baker Services. There were no new capital contributions during the year.After the closing entries are posted,what is the balance in Baker,Capital?

The Accumulated Depreciation account is a permanent account.

The balances of select accounts of Sandra Company as of December 31,2018 are given below: The insurance has been prepaid until June 30,2019.Determine the amount of total current assets reported on the balance sheet at December 31,2018.

Notes Payable due within two years are classified as ________.

Closing entries are journalized and posted ________.

The current ratio shows the profitability of a firm.

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

Calculate the current ratio using the following information: (Round your answer to two decimal places. )

Intangible assets are long-term assets that have no physical form and convey special rights.

The following is the adjusted trial balance for Baker Services. There were no new capital contributions during the year.After the closing entries are posted,what is the balance in Baker,Capital?

The Accumulated Depreciation account is a permanent account.

The balances of select accounts of Sandra Company as of December 31,2018 are given below: The insurance has been prepaid until June 30,2019.Determine the amount of total current assets reported on the balance sheet at December 31,2018.

Notes Payable due within two years are classified as ________.

Closing entries are journalized and posted ________.

The current ratio shows the profitability of a firm.

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