Question 1

Which of the following accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

Accepted Answer

A) Consulting Revenue 
B) Prepaid Insurance 
C) Rent Expense 
D) Fees Earned 
A) Consulting Revenue 
B) Prepaid Insurance 
C) Rent Expense 
D) Fees Earned

Question 2

The end-of-period spreadsheet 
(work sheet)for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430.This is before the amount for net income or net loss has been included.In preparing the income statement from the work sheet,what is the amount of net income or net loss?

Accepted Answer

The answer of The end-of-period spreadsheet 
(work sheet)for the current...

Question 3

Describe a classified balance sheet.

Accepted Answer

A classified balance sheet subsections a

Question 4

The majority of businesses end their fiscal year on December 31.

Accepted Answer

A) True 
 B)False

Question 5

A net loss appears on the end-of-period spreadsheet in the

Accepted Answer

A) Debit column of the Balance Sheet columns 
B) Credit column of the Balance Sheet columns 
C) Debit column of the Income Statement columns 
D) Credit column of the Adjustments columns 
A) Debit column of the Balance Sheet columns 
B) Credit column of the Balance Sheet columns 
C) Debit column of the Income Statement columns 
D) Credit column of the Adjustments columns

Question 6

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

Accepted Answer

A) True 
 B)False

Question 7

Accrued fees earned but not recorded at August 31 are $25,750.Which of the following is correct for the reversing entry on September 1?

Accepted Answer

A) credit Unearned Fees for $25,750 
B) debit Accounts Receivable for $25,750 
C) debit Fees Earned for $25,750 
D) credit Fees Earned for $25,750 
A) credit Unearned Fees for $25,750 
B) debit Accounts Receivable for $25,750 
C) debit Fees Earned for $25,750 
D) credit Fees Earned for $25,750

Question 8

Accrued expenses are ordinarily listed on the balance sheet as current assets.

Accepted Answer

A) True 
 B)False

Question 9

The current ratio is more useful than working capital in making comparisons across companies.

Accepted Answer

A) True 
 B)False

Question 10

Match each journal entry that follows as one of the types of journal entries (a-c) below.
-

Accepted Answer

A) Journal entries 
B) Adjusting journal entries 
C) Closing journal entries 
A) Journal entries 
B) Adjusting journal entries 
C) Closing journal entries

Question 11

The ability of a business to pay its debts is called solvency.

Accepted Answer

A) True 
 B)False

Question 12

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​   Prepare the closing entry required to transfer the income or loss at the end of the period.

Accepted Answer

The answer of Robert Evans owns a business,Beachside Realty,that rents...

Question 13

The end-of-period spreadsheet 
(work sheet)for the current year for Jamal Company shows Balance Sheet columns with a debit total of $630,430 and a credit total of $614,210.This is before the amount for net income or net loss has been included.In preparing the income statement from the end-of-period spreadsheet,what is the amount of net income or net loss?

Accepted Answer

The answer of The end-of-period spreadsheet 
(work sheet)for the current...

Question 14

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

Accepted Answer

A) True 
 B)False

Question 15

The following is the adjusted trial balance for Miller Company.​   Prepare closing entries and the post-closing trial balance.

Accepted Answer

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

Question 16

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

Accepted Answer

A) True 
 B)False

Question 17

After net income or loss is entered on the work sheet,the Debit column total must equal the Credit column total for the Balance Sheet pair of columns.

Accepted Answer

A) True 
 B)False

Question 18

After all adjustments have been made,but before the accounts have been closed,the following balances were taken from the ledger of Ramona's Designs:​   Journalize the entries to close the appropriate accounts.

Accepted Answer

The answer of After all adjustments have been made,but before...

Question 19

The income statement will present

Accepted Answer

A) revenues less expenses (ordered largest to smallest amounts) with miscellaneous expense listed last 
B) revenues less expenses (ordered smallest to largest amounts) with miscellaneous expense listed last 
C) revenues less expenses (ordered in alphabetical order) 
D) revenues less expenses (order is not important) 
A) revenues less expenses (ordered largest to smallest amounts) with miscellaneous expense listed last 
B) revenues less expenses (ordered smallest to largest amounts) with miscellaneous expense listed last 
C) revenues less expenses (ordered in alphabetical order) 
D) revenues less expenses (order is not important)

Question 20

Prior to adjustment at August 31,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $4,200.

Accepted Answer

The answer of Prior to adjustment at August 31,Salary Expense...

Which of the following accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

Describe a classified balance sheet.

The majority of businesses end their fiscal year on December 31.

A net loss appears on the end-of-period spreadsheet in the

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

Accrued fees earned but not recorded at August 31 are $25,750.Which of the following is correct for the reversing entry on September 1?

Accrued expenses are ordinarily listed on the balance sheet as current assets.

The current ratio is more useful than working capital in making comparisons across companies.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

The ability of a business to pay its debts is called solvency.

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the closing entry required to transfer the income or loss at the end of the period.

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

The following is the adjusted trial balance for Miller Company. Prepare closing entries and the post-closing trial balance.

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

After net income or loss is entered on the work sheet,the Debit column total must equal the Credit column total for the Balance Sheet pair of columns.

After all adjustments have been made,but before the accounts have been closed,the following balances were taken from the ledger of Ramona's Designs: Journalize the entries to close the appropriate accounts.

The income statement will present

Prior to adjustment at August 31,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $4,200.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Completing the Accounting Cycle

Which of the following accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

Describe a classified balance sheet.

The majority of businesses end their fiscal year on December 31.

A net loss appears on the end-of-period spreadsheet in the

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

Accrued fees earned but not recorded at August 31 are $25,750.Which of the following is correct for the reversing entry on September 1?

Accrued expenses are ordinarily listed on the balance sheet as current assets.

The current ratio is more useful than working capital in making comparisons across companies.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

The ability of a business to pay its debts is called solvency.

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​ Prepare the closing entry required to transfer the income or loss at the end of the period.

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

The following is the adjusted trial balance for Miller Company.​ Prepare closing entries and the post-closing trial balance.

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

After net income or loss is entered on the work sheet,the Debit column total must equal the Credit column total for the Balance Sheet pair of columns.

After all adjustments have been made,but before the accounts have been closed,the following balances were taken from the ledger of Ramona's Designs:​ Journalize the entries to close the appropriate accounts.

The income statement will present

Prior to adjustment at August 31,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $4,200.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the closing entry required to transfer the income or loss at the end of the period.

The following is the adjusted trial balance for Miller Company. Prepare closing entries and the post-closing trial balance.

After all adjustments have been made,but before the accounts have been closed,the following balances were taken from the ledger of Ramona's Designs: Journalize the entries to close the appropriate accounts.