Question 1

The drawing account is debited in the closing entry.

Accepted Answer

A) True 
 B)False

Question 2

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet.Indicate whether each balance should flow to 
(a)the income statement,
(b)the statement of owner's equity,or 
(c)the balance sheet.

Accepted Answer

The answer of The balances for the accounts listed below...

Question 3

Capital and drawing are reported in the owner's equity section of the balance sheet.

Accepted Answer

A) True 
 B)False

Question 4

After analyzing transactions,the next step would be to post the transactions in the ledger.

Accepted Answer

A) True 
 B)False

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 first closing entry would be

Accepted Answer

A) Fees Earned 155,000Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000C. Finley, Capital 260,000 
B) Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000C. Finley, Capital 50,000Fees Earned 155,000 
C) Fees Earned 155,000Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000C. Finley, Capital 50,000 
D) C. Finley, Capital 260,000Fees Earned 155,000Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000 
A) Fees Earned 155,000Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000C. Finley, Capital 260,000 
B) Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000C. Finley, Capital 50,000Fees Earned 155,000 
C) Fees Earned 155,000Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000C. Finley, Capital 50,000 
D) C. Finley, Capital 260,000Fees Earned 155,000Wages Expense 63,000Rent Expense 27,000Depreciation Expense 15,000

Question 6

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 liabilities for the period.

Accepted Answer

A) $1,900 
B) $6,200 
C) $4,300 
D) $20,240 
A) $1,900 
B) $6,200 
C) $4,300 
D) $20,240

Question 7

Prepare closing entries from the following end-of-period spreadsheet.

Accepted Answer

The answer of Prepare closing entries from the following end-of-period...

Question 8

You evaluate loan requests as part of your job at Eastwood National Bank.One loan request you received is from Surfer Dude Supplies,a small proprietorship.Richard Tracy,the owner,is requesting $105,000 and brings you a trial balance 
(or statement of accounts)for his first year of operations ended December 31.​RequiredWhile you are willing to work with Richard,how would you explain to him that a complete set of financial statements from his accountant would be more useful for evaluating the loan request?

Accepted Answer

A set of financial statements provides u

Question 9

Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet?

Accepted Answer

A) Cash 
B) Prepaid Insurance 
C) Unearned Revenue 
D) Net Loss 
A) Cash 
B) Prepaid Insurance 
C) Unearned Revenue 
D) Net Loss

Question 10

If the totals of the Income Statement Debit and Credit columns of a work sheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

Accepted Answer

A) True 
 B)False

Question 11

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Accepted Answer

A) True 
 B)False

Question 12

The post-closing trial balance differs from the adjusted trial balance in that it does not

Accepted Answer

A) take into account closing entries 
B) take into account adjusting entries 
C) include balance sheet accounts 
D) include income statement accounts 
A) take into account closing entries 
B) take into account adjusting entries 
C) include balance sheet accounts 
D) include income statement accounts

Question 13

Which one of the fixed asset accounts listed below will not have a related contra asset account?

Accepted Answer

A) Office Equipment 
B) Land 
C) Delivery Equipment 
D) Building 
A) Office Equipment 
B) Land 
C) Delivery Equipment 
D) Building

Question 14

The current ratio is computed by dividing current liabilities by current assets.

Accepted Answer

A) True 
 B)False

Question 15

Real accounts are not permanent accounts.

Accepted Answer

A) True 
 B)False

Question 16

Assets,liabilities,and owner's capital are real accounts and do not get closed at the end of the period.

Accepted Answer

A) True 
 B)False

Question 17

Evan Roberts owns a business,Shores Sports,that rents canoes and kayaks.Below is the adjusted trial balance at December 31.​   The entry required to close the revenue and expense accounts at the end of the period includes a

Accepted Answer

A) debit for $37,000 
B) credit for $38,300 
C) debit for $38,200 
D) credit for $37,000 
A) debit for $37,000 
B) credit for $38,300 
C) debit for $38,200 
D) credit for $37,000

Question 18

The following are all the steps in the accounting cycle.List them in the order in which they should be done.- Closing entries are journalized and posted to the ledger.- An unadjusted trial balance is prepared.- An optional end-of-period spreadsheet 
(work sheet)is prepared.- A post-closing trial balance is prepared.- Adjusting entries are journalized and posted to the ledger.- Transactions are analyzed and recorded in the journal.- Adjustment data are assembled and analyzed.- Financial statements are prepared.- An adjusted trial balance is prepared.- Transactions are posted to the ledger.

Accepted Answer

1)Journal Entries:​

Question 19

The most important output of the accounting cycle is the financial statements.

Accepted Answer

A) True 
 B)False

Question 20

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​   Prepare the entry required to close the revenue and expense accounts at the end of the period.

Accepted Answer

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

The drawing account is debited in the closing entry.

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet.Indicate whether each balance should flow to (a)the income statement, (b)the statement of owner's equity,or (c)the balance sheet.

Capital and drawing are reported in the owner's equity section of the balance sheet.

After analyzing transactions,the next step would be to post the transactions in the ledger.

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The first closing entry would be

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 liabilities for the period.

Prepare closing entries from the following end-of-period spreadsheet.

Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet?

If the totals of the Income Statement Debit and Credit columns of a work sheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

The post-closing trial balance differs from the adjusted trial balance in that it does not

Which one of the fixed asset accounts listed below will not have a related contra asset account?

The current ratio is computed by dividing current liabilities by current assets.

Real accounts are not permanent accounts.

Assets,liabilities,and owner's capital are real accounts and do not get closed at the end of the period.

Evan Roberts owns a business,Shores Sports,that rents canoes and kayaks.Below is the adjusted trial balance at December 31. The entry required to close the revenue and expense accounts at the end of the period includes a

The most important output of the accounting cycle is the financial statements.

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the entry required to close the revenue and expense accounts at the end of the period.

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

The drawing account is debited in the closing entry.

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet.Indicate whether each balance should flow to (a)the income statement, (b)the statement of owner's equity,or (c)the balance sheet.

Capital and drawing are reported in the owner's equity section of the balance sheet.

After analyzing transactions,the next step would be to post the transactions in the ledger.

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The first closing entry would be

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 liabilities for the period.

Prepare closing entries from the following end-of-period spreadsheet.

Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet?

If the totals of the Income Statement Debit and Credit columns of a work sheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

The post-closing trial balance differs from the adjusted trial balance in that it does not

Which one of the fixed asset accounts listed below will not have a related contra asset account?

The current ratio is computed by dividing current liabilities by current assets.

Real accounts are not permanent accounts.

Assets,liabilities,and owner's capital are real accounts and do not get closed at the end of the period.

Evan Roberts owns a business,Shores Sports,that rents canoes and kayaks.Below is the adjusted trial balance at December 31.​ The entry required to close the revenue and expense accounts at the end of the period includes a

The most important output of the accounting cycle is the financial statements.

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31.​ Prepare the entry required to close the revenue and expense accounts at the end of the period.

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 first closing entry would be

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 liabilities for the period.

Evan Roberts owns a business,Shores Sports,that rents canoes and kayaks.Below is the adjusted trial balance at December 31. The entry required to close the revenue and expense accounts at the end of the period includes a

Robert Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31. Prepare the entry required to close the revenue and expense accounts at the end of the period.