Question 1

All income statement accounts will be closed at the end of the period.

Accepted Answer

A) True 
 B)False

Question 2

On the balance sheet,owner's equity is

Accepted Answer

A) added to assets and the two are equal to liabilities 
B) added to liabilities and the two are equal to assets 
C) subtracted from liabilities and the net amount is equal to assets 
D) equal to the total of assets and liabilities 
A) added to assets and the two are equal to liabilities 
B) added to liabilities and the two are equal to assets 
C) subtracted from liabilities and the net amount is equal to assets 
D) equal to the total of assets and liabilities

Question 3

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Banes Domino's Company,journalize the closing entries.

Accepted Answer

The answer of On the basis of the following data...

Question 4

The end-of-period spreadsheet

Accepted Answer

A) is an integral part of the accounting cycle 
B) eliminates the need to rewrite the financial statements 
C) is a working paper that is required 
D) is used to summarize account balances and adjustments for the financial statements 
A) is an integral part of the accounting cycle 
B) eliminates the need to rewrite the financial statements 
C) is a working paper that is required 
D) is used to summarize account balances and adjustments for the financial statements

Question 5

Use the following end-of-period spreadsheet to answer the questions that follow.
​
​
   ​
-Use the end-of-period spreadsheet for Finley Company.The ending balance in C.Finley,Capital is

Accepted Answer

A) $33,000 
B) $80,000 
C) $30,000 
D) $83,000 
A) $33,000 
B) $80,000 
C) $30,000 
D) $83,000

Question 6

Which of the following accounts ordinarily appears in the post-closing trial balance?

Accepted Answer

A) Fees Earned 
B) Supplies Expense 
C) Zane White, Drawing 
D) Unearned Rent 
A) Fees Earned 
B) Supplies Expense 
C) Zane White, Drawing 
D) Unearned Rent

Question 7

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

Accepted Answer

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

Question 8

A net loss is shown on the work sheet in the Credit columns of both the Income Statement columns and the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 9

The natural business year is a

Accepted Answer

A) fiscal year that ends when business activities are at their lowest point 
B) calendar year that ends when business activities are at their lowest point 
C) fiscal year that ends when business activities are at their highest point 
D) calendar year that ends when business activities are at their highest point 
A) fiscal year that ends when business activities are at their lowest point 
B) calendar year that ends when business activities are at their lowest point 
C) fiscal year that ends when business activities are at their highest point 
D) calendar year that ends when business activities are at their highest point

Question 10

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Accepted Answer

The difference between the debits and cr

Question 11

Which of the following statements indicates that a company earned a net income for the period?

Accepted Answer

A) The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-period spreadsheet. 
B) The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet. 
C) The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet. 
D) Cash inflows exceed cash outflows. 
A) The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-period spreadsheet. 
B) The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet. 
C) The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet. 
D) Cash inflows exceed cash outflows.

Question 12

On the work sheet,the capital and drawing account balances are extended to the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 13

The unadjusted,adjusted,and final trial balances are prepared during the accounting cycle of a period.

Accepted Answer

A) True 
 B)False

Question 14

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 15

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

Accepted Answer

A) True 
 B)False

Question 16

On March 1,a company collects revenue in advance for the next 12 months and credits a liability account.The adjusting entry at year-end on the work sheet would

Accepted Answer

A) increase a liability account 
B) decrease an asset account 
C) decrease a revenue account 
D) decrease a liability account 
A) increase a liability account 
B) decrease an asset account 
C) decrease a revenue account 
D) decrease a liability account

Question 17

Unearned fees appear on the

Accepted Answer

A) balance sheet in the current assets section 
B) balance sheet as a current liability 
C) balance sheet in the owner's equity section 
D) income statement as revenue 
A) balance sheet in the current assets section 
B) balance sheet as a current liability 
C) balance sheet in the owner's equity section 
D) income statement as revenue

Question 18

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Accepted Answer

A) True 
 B)False

Question 19

Cash and other assets that may reasonably be expected to be realized in cash,sold,or consumed through the normal operations of a business,usually longer than one year,are called current assets.

Accepted Answer

A) True 
 B)False

Question 20

If end-of-period spreadsheets are not considered part of the formal accounting records,why are they used?

Accepted Answer

The end-of-period spreadsheets

All income statement accounts will be closed at the end of the period.

On the balance sheet,owner's equity is

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Banes Domino's Company,journalize the closing entries.

The end-of-period spreadsheet

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The ending balance in C.Finley,Capital is

Which of the following accounts ordinarily appears in the post-closing trial balance?

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

A net loss is shown on the work sheet in the Credit columns of both the Income Statement columns and the Balance Sheet columns.

The natural business year is a

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Which of the following statements indicates that a company earned a net income for the period?

On the work sheet,the capital and drawing account balances are extended to the Balance Sheet columns.

The unadjusted,adjusted,and final trial balances are prepared during the accounting cycle of a period.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

On March 1,a company collects revenue in advance for the next 12 months and credits a liability account.The adjusting entry at year-end on the work sheet would

Unearned fees appear on the

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Cash and other assets that may reasonably be expected to be realized in cash,sold,or consumed through the normal operations of a business,usually longer than one year,are called current assets.

If end-of-period spreadsheets are not considered part of the formal accounting records,why are they used?

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

All income statement accounts will be closed at the end of the period.

On the balance sheet,owner's equity is

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Banes Domino's Company,journalize the closing entries.

The end-of-period spreadsheet

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The ending balance in C.Finley,Capital is

Which of the following accounts ordinarily appears in the post-closing trial balance?

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

A net loss is shown on the work sheet in the Credit columns of both the Income Statement columns and the Balance Sheet columns.

The natural business year is a

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Which of the following statements indicates that a company earned a net income for the period?

On the work sheet,the capital and drawing account balances are extended to the Balance Sheet columns.

The unadjusted,adjusted,and final trial balances are prepared during the accounting cycle of a period.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

On March 1,a company collects revenue in advance for the next 12 months and credits a liability account.The adjusting entry at year-end on the work sheet would

Unearned fees appear on the

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Cash and other assets that may reasonably be expected to be realized in cash,sold,or consumed through the normal operations of a business,usually longer than one year,are called current assets.

If end-of-period spreadsheets are not considered part of the formal accounting records,why are they used?

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

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The ending balance in C.Finley,Capital 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 total assets.