Question 1

The ending balance in the Owner,Capital account is shown on the income statement columns of the worksheet.

Accepted Answer

A) True 
 B)False

Question 2

Salaries Payable,Accounts Payable,and Unearned Revenue are examples of ________.

Accepted Answer

A) short-term investments 
B) fixed assets 
C) current liabilities 
D) long-term liabilities 
A) short-term investments 
B) fixed assets 
C) current liabilities 
D) long-term liabilities

Question 3

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

Accepted Answer

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

Question 4

The adjusting process zeroes out all revenue accounts and all expense accounts.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is the most liquid asset?

Accepted Answer

A) Building 
B) Prepaid Expenses 
C) Accounts Receivable 
D) Cash 
A) Building 
B) Prepaid Expenses 
C) Accounts Receivable 
D) Cash

Question 6

Which of the following statements regarding intangible assets is incorrect?

Accepted Answer

A) Intangible assets have no physical form. 
B) Intangible assets are valuable because of the special rights they carry. 
C) Intangible assets are not reported on the balance sheet. 
D) Intangible assets include the exclusive right to produce or sell an invention. 
A) Intangible assets have no physical form. 
B) Intangible assets are valuable because of the special rights they carry. 
C) Intangible assets are not reported on the balance sheet. 
D) Intangible assets include the exclusive right to produce or sell an invention.

Question 7

The following is the adjusted trial balance as of December 31,2019 of Wilson Repair Services 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 8

Assets that are expected to be converted to cash,sold,or used up during the next 12 months,or within the business's normal operating cycle if the cycle is longer than a year,are called ________ assets.

Accepted Answer

A) intangible 
B) plant 
C) long-term 
D) current 
A) intangible 
B) plant 
C) long-term 
D) current

Question 9

In the worksheet,the adjusted balance of the Service Revenue account appears in the credit column of the income statement.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following accounts will be included in a post-closing trial balance?

Accepted Answer

A) Owner,Withdrawals 
B) Salaries Expense 
C) Owner,Capital 
D) Supplies Expense 
A) Owner,Withdrawals 
B) Salaries Expense 
C) Owner,Capital 
D) Supplies Expense

Question 11

Which of the following accounts would appear in the income statement credit column of the worksheet?

Accepted Answer

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

Question 12

Your Business Advisor,a consulting company,uses reversing entries.On March 31,2018,the bookkeeper journalized and posted the following adjusting entry to accrue Utilities Expense:   Which of the following entries is the correct reversing entry to be prepared on April 1,2018?

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 13

The Income Summary account shows:
   a,What does this indicate?
b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

Accepted Answer

a.The business has a net loss

Question 14

The accounts from the Adjusted Trial Balance are listed in alphabetical order.Use this information for Lawrence Service Company to prepare the classified balance sheet at September 30,2018.Use the report form.You must compute the ending balance of Lawrence,Capital.There were no new capital contributions during the month.

Accepted Answer

Net Income: Service Revenue $27,500 less

Question 15

Pioneer's adjusted trial balance as of December 31,2018 is given below:   Compute the current ratio.(Round your answer to two decimal places. )

Accepted Answer

A) 7.33 
B) 2.18 
C) 1.83 
D) 2.87 
A) 7.33 
B) 2.18 
C) 1.83 
D) 2.87

Question 16

The balances of select accounts of Elliott Company as of December 31,2018 are given below:   The Unearned Revenue is the amount of cash received for services to be rendered in January,2019.The Interest Payable is due on February 15,2019.What are the total current liabilities shown on the balance sheet at December 31,2018?

Accepted Answer

A) $5,900 
B) $10,700 
C) $13,100 
D) $11,900 
A) $5,900 
B) $10,700 
C) $13,100 
D) $11,900

Question 17

List the steps of the accounting cycle that take place during the period.

Accepted Answer

Step 1.Start with beginning ac

Question 18

The Supplies Expense account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 19

The post-closing trial balance shows the updated Owner,Capital balance.

Accepted Answer

A) True 
 B)False

Question 20

In a balance sheet,assets are classified as either current or long term,depending on their liquidity.

Accepted Answer

A) True 
 B)False

The ending balance in the Owner,Capital account is shown on the income statement columns of the worksheet.

Salaries Payable,Accounts Payable,and Unearned Revenue are examples of ________.

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

The adjusting process zeroes out all revenue accounts and all expense accounts.

Which of the following is the most liquid asset?

Which of the following statements regarding intangible assets is incorrect?

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

Assets that are expected to be converted to cash,sold,or used up during the next 12 months,or within the business's normal operating cycle if the cycle is longer than a year,are called ________ assets.

In the worksheet,the adjusted balance of the Service Revenue account appears in the credit column of the income statement.

Which of the following accounts will be included in a post-closing trial balance?

Which of the following accounts would appear in the income statement credit column of the worksheet?

Your Business Advisor,a consulting company,uses reversing entries.On March 31,2018,the bookkeeper journalized and posted the following adjusting entry to accrue Utilities Expense: Which of the following entries is the correct reversing entry to be prepared on April 1,2018?

The Income Summary account shows: a,What does this indicate? b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

Pioneer's adjusted trial balance as of December 31,2018 is given below: Compute the current ratio.(Round your answer to two decimal places. )

List the steps of the accounting cycle that take place during the period.

The Supplies Expense account is a temporary account.

The post-closing trial balance shows the updated Owner,Capital balance.

In a balance sheet,assets are classified as either current or long term,depending on their liquidity.

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 ending balance in the Owner,Capital account is shown on the income statement columns of the worksheet.

Salaries Payable,Accounts Payable,and Unearned Revenue are examples of ________.

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

The adjusting process zeroes out all revenue accounts and all expense accounts.

Which of the following is the most liquid asset?

Which of the following statements regarding intangible assets is incorrect?

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

Assets that are expected to be converted to cash,sold,or used up during the next 12 months,or within the business's normal operating cycle if the cycle is longer than a year,are called ________ assets.

In the worksheet,the adjusted balance of the Service Revenue account appears in the credit column of the income statement.

Which of the following accounts will be included in a post-closing trial balance?

Which of the following accounts would appear in the income statement credit column of the worksheet?

Your Business Advisor,a consulting company,uses reversing entries.On March 31,2018,the bookkeeper journalized and posted the following adjusting entry to accrue Utilities Expense: Which of the following entries is the correct reversing entry to be prepared on April 1,2018?

The Income Summary account shows: a,What does this indicate? b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

Pioneer's adjusted trial balance as of December 31,2018 is given below: Compute the current ratio.(Round your answer to two decimal places. )

List the steps of the accounting cycle that take place during the period.

The Supplies Expense account is a temporary account.

The post-closing trial balance shows the updated Owner,Capital balance.

In a balance sheet,assets are classified as either current or long term,depending on their liquidity.

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