Question 1

Which of the following accounts will not be closed to the capital account at the end of the year?

Accepted Answer

A) Utilities Expense 
B) Fees Earned 
C) Prepaid Insurance 
D) Insurance Expense 
A) Utilities Expense 
B) Fees Earned 
C) Prepaid Insurance 
D) Insurance Expense

Question 2

Current assets and current liabilities for Brayden Company are as follows:​​   The change in the current ratio from 20Y8 to 20Y9 was favorable.

Accepted Answer

A) True 
 B)False

Question 3

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520.What does this information mean to the accountant?

Accepted Answer

A) There is a net income of $21,720. 
B) There is a net loss of $21,720. 
C) The accounts are out of balance, indicating that an error has been made. 
D) The accounts have not been updated. 
A) There is a net income of $21,720. 
B) There is a net loss of $21,720. 
C) The accounts are out of balance, indicating that an error has been made. 
D) The accounts have not been updated.

Question 4

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end.​   Net income for the period is

Accepted Answer

A) $13,000 
B) $33,500 
C) $15,000 
D) $18,500 
A) $13,000 
B) $33,500 
C) $15,000 
D) $18,500

Question 5

The balance sheet accounts are referred to as real or permanent accounts.

Accepted Answer

A) True 
 B)False

Question 6

All companies must use a calendar year as their fiscal year.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following accounts should be closed to the capital account at the end of the year?

Accepted Answer

A) Service Revenue 
B) Equipment 
C) Prepaid Insurance 
D) Unearned Rent 
A) Service Revenue 
B) Equipment 
C) Prepaid Insurance 
D) Unearned Rent

Question 8

The following balance sheet contains errors.​​​   (a)List the errors in the balance sheet above and 
(b)prepare a corrected balance sheet.​

Accepted Answer

​ @#IMG-DLM& A corrected balan

Question 9

The usual presentation of the statement of owner's equity is 
(1)Beginning capital,
(2)Net income or loss,
(3)Drawing,
(4)Owner's contributions,and 
(5)Ending capital.

Accepted Answer

A) True 
 B)False

Question 10

The income statement is prepared from​

Accepted Answer

A) the adjusted trial balance 
B) the Income Statement columns of the end-of-period spreadsheet 
C) either the Adjusted Trial Balance or the Income Statement columns of the end-of-period spreadsheet 
D) both the Adjusted Trial Balance and the Income Statement columns of the end-of-period spreadsheet 
A) the adjusted trial balance 
B) the Income Statement columns of the end-of-period spreadsheet 
C) either the Adjusted Trial Balance or the Income Statement columns of the end-of-period spreadsheet 
D) both the Adjusted Trial Balance and the Income Statement columns of the end-of-period spreadsheet

Question 11

You have just accepted your first job out of college,which requires you to evaluate loan requests at Eastwood National Bank.The first loan request you receive is from Richard Enterprises,a small proprietorship.Richard Tracy,the owner,is requesting $105,000 and brings you the following trial balance 
(or statement of accounts)for his first year of operations ended December 31.What three accounts do you think should be relabeled for greater clarity?

Accepted Answer

The following items should be

Question 12

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Abigail Company:​   Prepare a classified balance sheet.

Accepted Answer

The answer of The following data were taken from the...

Question 13

The last step of the accounting cycle is to prepare a post-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 14

Once the adjusted trial balance is in balance,the flow of accounts will now go into the financial statements.

Accepted Answer

A) True 
 B)False

Question 15

Reconstruct the adjusting and closing entries from the following.​​​   ​   ​​   ​​

Accepted Answer

Adjusting

Question 16

Current assets and current liabilities for Brayden Company are as follows:​​   What conclusions can be drawn regarding Brayden's ability to meet its financial obligations?​

Accepted Answer

A) The current ratio has worsened, and the working capital has decreased. 
B) The current ratio has improved, and the working capital has increased. 
C) The current ratio has improved, while the working capital has decreased. 
D) The current ratio has worsened, but the working capital has increased. 
A) The current ratio has worsened, and the working capital has decreased. 
B) The current ratio has improved, and the working capital has increased. 
C) The current ratio has improved, while the working capital has decreased. 
D) The current ratio has worsened, but the working capital has increased.

Question 17

On September 1,the company pays rent for 12 months in advance and debits an asset account.At year-end,the adjusting entry on the work sheet would

Accepted Answer

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

Question 18

An end-of-period spreadsheet includes columns for

Accepted Answer

A) adjusting entries 
B) closing entries 
C) reversing entries 
D) adjusting and closing entries 
A) adjusting entries 
B) closing entries 
C) reversing entries 
D) adjusting and closing entries

Question 19

The classified balance sheet will show which asset subsections?

Accepted Answer

A) current assets and other equity 
B) current assets and property, plant, and equipment 
C) current liabilities and short-term assets 
D) other revenues and property, plant and equipment 
A) current assets and other equity 
B) current assets and property, plant, and equipment 
C) current liabilities and short-term assets 
D) other revenues and property, plant and equipment

Question 20

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.:​   Prepare an income statement.

Accepted Answer

The answer of The following accounts were taken from the...

Which of the following accounts will not be closed to the capital account at the end of the year?

Current assets and current liabilities for Brayden Company are as follows: The change in the current ratio from 20Y8 to 20Y9 was favorable.

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520.What does this information mean to the accountant?

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Net income for the period is

The balance sheet accounts are referred to as real or permanent accounts.

All companies must use a calendar year as their fiscal year.

Which of the following accounts should be closed to the capital account at the end of the year?

The following balance sheet contains errors. (a)List the errors in the balance sheet above and (b)prepare a corrected balance sheet.

The usual presentation of the statement of owner's equity is (1)Beginning capital, (2)Net income or loss, (3)Drawing, (4)Owner's contributions,and (5)Ending capital.

The income statement is prepared from

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Abigail Company: Prepare a classified balance sheet.

The last step of the accounting cycle is to prepare a post-closing trial balance.

Once the adjusted trial balance is in balance,the flow of accounts will now go into the financial statements.

Reconstruct the adjusting and closing entries from the following.

Current assets and current liabilities for Brayden Company are as follows: What conclusions can be drawn regarding Brayden's ability to meet its financial obligations?

On September 1,the company pays rent for 12 months in advance and debits an asset account.At year-end,the adjusting entry on the work sheet would

An end-of-period spreadsheet includes columns for

The classified balance sheet will show which asset subsections?

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.: Prepare an income statement.

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 will not be closed to the capital account at the end of the year?

Current assets and current liabilities for Brayden Company are as follows:​​ The change in the current ratio from 20Y8 to 20Y9 was favorable.

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520.What does this information mean to the accountant?

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end.​ Net income for the period is

The balance sheet accounts are referred to as real or permanent accounts.

All companies must use a calendar year as their fiscal year.

Which of the following accounts should be closed to the capital account at the end of the year?

The following balance sheet contains errors.​​​ (a)List the errors in the balance sheet above and (b)prepare a corrected balance sheet.​

The usual presentation of the statement of owner's equity is (1)Beginning capital, (2)Net income or loss, (3)Drawing, (4)Owner's contributions,and (5)Ending capital.

The income statement is prepared from​

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Abigail Company:​ Prepare a classified balance sheet.

The last step of the accounting cycle is to prepare a post-closing trial balance.

Once the adjusted trial balance is in balance,the flow of accounts will now go into the financial statements.

Reconstruct the adjusting and closing entries from the following.​​​ ​ ​​ ​​

Current assets and current liabilities for Brayden Company are as follows:​​ What conclusions can be drawn regarding Brayden's ability to meet its financial obligations?​

On September 1,the company pays rent for 12 months in advance and debits an asset account.At year-end,the adjusting entry on the work sheet would

An end-of-period spreadsheet includes columns for

The classified balance sheet will show which asset subsections?

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.:​ Prepare an income statement.

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

Current assets and current liabilities for Brayden Company are as follows: The change in the current ratio from 20Y8 to 20Y9 was favorable.

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Net income for the period is

The following balance sheet contains errors. (a)List the errors in the balance sheet above and (b)prepare a corrected balance sheet.

The income statement is prepared from

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Abigail Company: Prepare a classified balance sheet.

Reconstruct the adjusting and closing entries from the following.

Current assets and current liabilities for Brayden Company are as follows: What conclusions can be drawn regarding Brayden's ability to meet its financial obligations?

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.: Prepare an income statement.