Question 1

Cross-referencing is useful in assuring that the debits and credits are in balance.

Accepted Answer

A) True 
 B)False

Question 2

Sean Enterprises offers carpet and upholstery cleaning services to residential clients.Below is a partial end-of-period spreadsheet for the year ended December 31.Record the necessary reversing entries on January 1 in proper general journal form.​​   ​

Accepted Answer

The answer of Sean Enterprises offers carpet and upholstery cleaning...

Question 3

Current assets and current liabilities for Brayden Company are as follows:​​   What is the current ratio for 20Y9 and 20Y8?​

Accepted Answer

A) 0.94 and 0.89 
B) 1.07 and 1.12 
C) 0.54 and 0.57 
D) 1.85 and 1.77 
A) 0.94 and 0.89 
B) 1.07 and 1.12 
C) 0.54 and 0.57 
D) 1.85 and 1.77

Question 4

Which of the following is not an essential part of the accounting records?

Accepted Answer

A) journal 
B) ledger 
C) chart of accounts 
D) end-of-period spreadsheet 
A) journal 
B) ledger 
C) chart of accounts 
D) end-of-period spreadsheet

Question 5

A reversing entry reverses the effects of an adjusting entry from the previous period.​

Accepted Answer

A) True 
 B)False

Question 6

The first item appearing on the statement of owner's equity is

Accepted Answer

A) net income 
B) the ending balance of owner's equity 
C) owner withdrawals 
D) the beginning balance of owner's equity 
A) net income 
B) the ending balance of owner's equity 
C) owner withdrawals 
D) the beginning balance of owner's equity

Question 7

Identify which of the following accounts should be closed with a debit or a credit at the end of the fiscal year.If it is not closed,mark as n/a.​
1.Utilities Payable
2.Utilities Expense
3.Supplies
4.Supplies Expense
5.Fees Earned
6.Unearned Fees
7.Accounts Receivable
8.Jason Hill,Drawing
9.Jason Hill,Capital
10.Accumulated Depreciation-Equipment
11.Depreciation Expense-Equipment
12.Equipment
13.Prepaid Insurance
14.Insurance Expense

Accepted Answer

The answer of Identify which of the following accounts should...

Question 8

Use the adjusted trial balance for Stockton Company to answer the questions that follow.
​
  
-Use the adjusted trial balance for Stockton Company.Determine the current assets.

Accepted Answer

A) $23,030 
B) $9,330 
C) $21,930 
D) $8,630 
A) $23,030 
B) $9,330 
C) $21,930 
D) $8,630

Question 9

When the end-of-period spreadsheet is complete,the Adjustments columns should have

Accepted Answer

A) total credits greater than total debits if a net income was earned 
B) total debits greater than total credits if a net loss was incurred 
C) total debits greater than total credits if a net income was earned 
D) total debits equal to total credits 
A) total credits greater than total debits if a net income was earned 
B) total debits greater than total credits if a net loss was incurred 
C) total debits greater than total credits if a net income was earned 
D) total debits equal to total credits

Question 10

Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.

Accepted Answer

A) True 
 B)False

Question 11

After net income is entered on the end-of-period spreadsheet,the Balance Sheet Debit and Credit columns must

Accepted Answer

A) be the same amount as the total amount of the Income Statement Debit and Credit columns 
B) equal each other 
C) be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns 
D) not be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet 
A) be the same amount as the total amount of the Income Statement Debit and Credit columns 
B) equal each other 
C) be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns 
D) not be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet

Question 12

The statement of owner's equity should be prepared

Accepted Answer

A) before the income statement and after the balance sheet 
B) before the income statement and balance sheet 
C) after the income statement and balance sheet 
D) after the income statement and before the balance sheet 
A) before the income statement and after the balance sheet 
B) before the income statement and balance sheet 
C) after the income statement and balance sheet 
D) after the income statement and before the balance sheet

Question 13

Which of the accounts below would be closed by posting a debit to the account?

Accepted Answer

A) Unearned Revenue 
B) Fees Earned 
C) Josh Morton, Drawing 
D) Miscellaneous Expense 
A) Unearned Revenue 
B) Fees Earned 
C) Josh Morton, Drawing 
D) Miscellaneous Expense

Question 14

Austin Enterprises was started by Daniel Austin.During the current year,Daniel Austin invested $8,000 in the business.Based on the following end-of-period spreadsheet,prepare an income statement,statement of owner's equity,and balance sheet for Austin Enterprises for the year ended December 31.​​

Accepted Answer

The answer of Austin Enterprises was started by Daniel Austin.During...

Question 15

The trial balance may be listed on the work sheet instead of being prepared separately.

Accepted Answer

A) True 
 B)False

Question 16

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Accepted Answer

A) True 
 B)False

Question 17

Use the following end-of-period spreadsheet to answer the questions that follow.
​
​
   ​
-Use the end-of-period spreadsheet for Finley Company.The expenses would be closed by

Accepted Answer

A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000 
B) debiting Expenses for $105,000 
C) crediting Expenses for $105,000 
D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000 
A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000 
B) debiting Expenses for $105,000 
C) crediting Expenses for $105,000 
D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000

Question 18

Use the adjusted trial balance for Stockton Company to answer the questions that follow.
​
  
-Use the adjusted trial balance for Stockton Company.Determine the net income (loss)for the period.

Accepted Answer

A) Net income is $9,250. 
B) Net loss is $790. 
C) Net loss is $5,670. 
D) Net income is $3,580. 
A) Net income is $9,250. 
B) Net loss is $790. 
C) Net loss is $5,670. 
D) Net income is $3,580.

Question 19

The difference between the totals of the Debit and Credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

Accepted Answer

A) is the amount of net income or loss 
B) indicates there is an error on the work sheet 
C) is the amount of owner's equity 
D) is the difference between revenue and expenses 
A) is the amount of net income or loss 
B) indicates there is an error on the work sheet 
C) is the amount of owner's equity 
D) is the difference between revenue and expenses

Question 20

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

Accepted Answer

A) The adjusted trial balance will show the net income (loss) as an additional account. 
B) Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance. 
C) The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. 
D) The adjusted trial balance will be used to record the adjustments for the period. 
A) The adjusted trial balance will show the net income (loss) as an additional account. 
B) Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance. 
C) The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. 
D) The adjusted trial balance will be used to record the adjustments for the period.

Cross-referencing is useful in assuring that the debits and credits are in balance.

Sean Enterprises offers carpet and upholstery cleaning services to residential clients.Below is a partial end-of-period spreadsheet for the year ended December 31.Record the necessary reversing entries on January 1 in proper general journal form.

Current assets and current liabilities for Brayden Company are as follows: What is the current ratio for 20Y9 and 20Y8?

Which of the following is not an essential part of the accounting records?

A reversing entry reverses the effects of an adjusting entry from the previous period.

The first item appearing on the statement of owner's equity is

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the current assets.

When the end-of-period spreadsheet is complete,the Adjustments columns should have

Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.

After net income is entered on the end-of-period spreadsheet,the Balance Sheet Debit and Credit columns must

The statement of owner's equity should be prepared

Which of the accounts below would be closed by posting a debit to the account?

Austin Enterprises was started by Daniel Austin.During the current year,Daniel Austin invested $8,000 in the business.Based on the following end-of-period spreadsheet,prepare an income statement,statement of owner's equity,and balance sheet for Austin Enterprises for the year ended December 31.

The trial balance may be listed on the work sheet instead of being prepared separately.

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The expenses would be closed by

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the net income (loss)for the period.

The difference between the totals of the Debit and Credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

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

Cross-referencing is useful in assuring that the debits and credits are in balance.

Sean Enterprises offers carpet and upholstery cleaning services to residential clients.Below is a partial end-of-period spreadsheet for the year ended December 31.Record the necessary reversing entries on January 1 in proper general journal form.​​ ​

Current assets and current liabilities for Brayden Company are as follows:​​ What is the current ratio for 20Y9 and 20Y8?​

Which of the following is not an essential part of the accounting records?

A reversing entry reverses the effects of an adjusting entry from the previous period.​

The first item appearing on the statement of owner's equity is

Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ -Use the adjusted trial balance for Stockton Company.Determine the current assets.

When the end-of-period spreadsheet is complete,the Adjustments columns should have

Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.

After net income is entered on the end-of-period spreadsheet,the Balance Sheet Debit and Credit columns must

The statement of owner's equity should be prepared

Which of the accounts below would be closed by posting a debit to the account?

The trial balance may be listed on the work sheet instead of being prepared separately.

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The expenses would be closed by

Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ -Use the adjusted trial balance for Stockton Company.Determine the net income (loss)for the period.

The difference between the totals of the Debit and Credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

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

Sean Enterprises offers carpet and upholstery cleaning services to residential clients.Below is a partial end-of-period spreadsheet for the year ended December 31.Record the necessary reversing entries on January 1 in proper general journal form.

Current assets and current liabilities for Brayden Company are as follows: What is the current ratio for 20Y9 and 20Y8?

A reversing entry reverses the effects of an adjusting entry from the previous period.

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the current assets.

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The expenses would be closed by

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the net income (loss)for the period.