Question 1

Explain how net income or loss is determined by using the work sheet.

Accepted Answer

The difference between the debits and cr

Question 2

The following is the adjusted trial balance for Nadia Company prepared at the end of Nadia's fiscal year.
   
Prepare an income statement,retained earnings statement,and classified balance sheet.

Accepted Answer

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

Question 3

A net loss appears on the work sheet 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 4

There are four closing entries.The first one is to close ____,the second one is to close ____,the third one is to close ____,and the last one is to close ____.

Accepted Answer

A) revenues,expenses,income summary,dividends 
B) expenses,assets,income summary,capital stock 
C) retained earnings,dividends,income summary,assets 
D) dividends,income summary,expenses,revenues 
A) revenues,expenses,income summary,dividends 
B) expenses,assets,income summary,capital stock 
C) retained earnings,dividends,income summary,assets 
D) dividends,income summary,expenses,revenues

Question 5

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,the totals of the debit and credit columns are $38,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

Accepted Answer

A) $6,020 net income 
B) $38,755 net loss 
C) $6,020 net loss 
D) $32,735 net income 
A) $6,020 net income 
B) $38,755 net loss 
C) $6,020 net loss 
D) $32,735 net income

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

After the accounts were adjusted at January 31,2014,the end of the fiscal year,the following balances were taken from the ledger of Taylor Pool Service Company:
   
Journalize the four entries required to close the accounts

Accepted Answer

The answer of After the accounts were adjusted at January...

Question 8

Marcus Enterprises began in 2011 when Damien Marcus invested $8,000 in exchange for capital stock.The following is the work sheet for the company at the end of the first year in business.
Marcus Enterprises
Work Sheet
For the Year Ended December 31,2011
   
Prepare the required closing entries for Marcus Enterprises for the year ended December 31,2011.

Accepted Answer

The answer of Marcus Enterprises began in 2011 when Damien...

Question 9

The income statement columns in the worksheet show that debits are equal to $55,800 and credits are $67,520.What does this information mean to the accountant?

Accepted Answer

A) Net income of $11,720 
B) Net loss of $11,720 
C) The accounts are out of balance,indicating an error has been made. 
D) The accounts have not been updated. 
A) Net income of $11,720 
B) Net loss of $11,720 
C) The accounts are out of balance,indicating an error has been made. 
D) The accounts have not been updated.

Question 10

When a work sheet is complete,the adjustment 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 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 total credits

Question 11

The retained earnings statement 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 12

Notes receivable due in 350 days appear on the

Accepted Answer

A) balance sheet in the current assets section 
B) balance sheet in the fixed assets section 
C) balance sheet in the current liabilities section 
D) income statement as an expense 
A) balance sheet in the current assets section 
B) balance sheet in the fixed assets section 
C) balance sheet in the current liabilities section 
D) income statement as an expense

Question 13

Use the work sheet for Finley Company to answer the questions that follow.
 
The entry to close Dividends would be

Accepted Answer

A) debit Retained Earnings,$3,000;credit Dividends,$3,000 
B) debit Retained Earnings,$12,000;credit Dividends,$12,000 
C) debit Dividends,$3,000;credit Retained Earnings,$3,000 
D) debit Dividends,$12,000;credit Retained Earnings,$12,000 
A) debit Retained Earnings,$3,000;credit Dividends,$3,000 
B) debit Retained Earnings,$12,000;credit Dividends,$12,000 
C) debit Dividends,$3,000;credit Retained Earnings,$3,000 
D) debit Dividends,$12,000;credit Retained Earnings,$12,000

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

Which of the following is not true about closing entries?

Accepted Answer

A) There are four closing entries that update the retained earnings account. 
B) After the second closing entry,the income summary account is equal to the net income or (loss)for the period. 
C) All real accounts are closed at the end of the period. 
D) By closing nominal accounts at the end of the period to zero,it is possible to isolate next period's information correctly. 
A) There are four closing entries that update the retained earnings account. 
B) After the second closing entry,the income summary account is equal to the net income or (loss)for the period. 
C) All real accounts are closed at the end of the period. 
D) By closing nominal accounts at the end of the period to zero,it is possible to isolate next period's information correctly.

Question 16

Prepare an income statement and a retained earnings statement for the month ended September 30,2011,from the T accounts below of Carson Company.

Accepted Answer

The answer of Prepare an income statement and a retained...

Question 17

At the end of the fiscal period,prepaid expenses are reported on the income statement as expenses.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Any twelve-month accounting period adopted by a company is known as its fiscal year.

Accepted Answer

A) True 
 B)False

Question 20

The balance in the retained earnings account on the work sheet will equal the amount presented in the balance sheet.

Accepted Answer

A) True 
 B)False

Explain how net income or loss is determined by using the work sheet.

The following is the adjusted trial balance for Nadia Company prepared at the end of Nadia's fiscal year. Prepare an income statement,retained earnings statement,and classified balance sheet.

A net loss appears on the work sheet in the

There are four closing entries.The first one is to close ,the second one is to close ,the third one is to close ,and the last one is to close .

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,the totals of the debit and credit columns are $38,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

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

After the accounts were adjusted at January 31,2014,the end of the fiscal year,the following balances were taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

The income statement columns in the worksheet show that debits are equal to $55,800 and credits are $67,520.What does this information mean to the accountant?

When a work sheet is complete,the adjustment columns should have

The retained earnings statement should be prepared

Notes receivable due in 350 days appear on the

Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be

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

Which of the following is not true about closing entries?

Prepare an income statement and a retained earnings statement for the month ended September 30,2011,from the T accounts below of Carson Company.

At the end of the fiscal period,prepaid expenses are reported on the income statement as expenses.

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

Any twelve-month accounting period adopted by a company is known as its fiscal year.

The balance in the retained earnings account on the work sheet will equal the amount presented in the balance sheet.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

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

Explain how net income or loss is determined by using the work sheet.

The following is the adjusted trial balance for Nadia Company prepared at the end of Nadia's fiscal year. Prepare an income statement,retained earnings statement,and classified balance sheet.

A net loss appears on the work sheet in the

There are four closing entries.The first one is to close ____,the second one is to close ____,the third one is to close ____,and the last one is to close ____.

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,the totals of the debit and credit columns are $38,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

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

After the accounts were adjusted at January 31,2014,the end of the fiscal year,the following balances were taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

The income statement columns in the worksheet show that debits are equal to $55,800 and credits are $67,520.What does this information mean to the accountant?

When a work sheet is complete,the adjustment columns should have

The retained earnings statement should be prepared

Notes receivable due in 350 days appear on the

Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be

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

Which of the following is not true about closing entries?

Prepare an income statement and a retained earnings statement for the month ended September 30,2011,from the T accounts below of Carson Company.

At the end of the fiscal period,prepaid expenses are reported on the income statement as expenses.

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

Any twelve-month accounting period adopted by a company is known as its fiscal year.

The balance in the retained earnings account on the work sheet will equal the amount presented in the balance sheet.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

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

There are four closing entries.The first one is to close ,the second one is to close ,the third one is to close ,and the last one is to close .