Question 1

The work sheet and the financial statements both require dollar signs.

Accepted Answer

A) True 
 B)False

Question 2

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.
 
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 3

Which one of the steps below is not aided by the preparation of the work sheet?

Accepted Answer

A) preparing the adjusted trial balance 
B) posting to the general ledger 
C) preparing the financial statements 
D) preparing the closing entries 
A) preparing the adjusted trial balance 
B) posting to the general ledger 
C) preparing the financial statements 
D) preparing the closing entries

Question 4

Which of the accounts below would appear in the Balance Sheet columns of the work sheet?

Accepted Answer

A) Service Revenue 
B) Prepaid Rent 
C) Supplies Expense 
D) None are correct 
A) Service Revenue 
B) Prepaid Rent 
C) Supplies Expense 
D) None are correct

Question 5

On September 1,the company pays rent for twelve 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 6

During the closing process,some balance sheet accounts are closed and end the period with a zero balance.

Accepted Answer

A) True 
 B)False

Question 7

The income statement is prepared from:

Accepted Answer

A) either the post-closing trial balance or the unadjusted trial balance columns of the work sheet. 
B) either the unadjusted trial balance or the balance sheet columns of the work sheet. 
C) either the adjusted trial balance or the income statement columns of the work sheet. 
D) both the adjusted trial balance and the balance sheet columns of the work sheet. 
A) either the post-closing trial balance or the unadjusted trial balance columns of the work sheet. 
B) either the unadjusted trial balance or the balance sheet columns of the work sheet. 
C) either the adjusted trial balance or the income statement columns of the work sheet. 
D) both the adjusted trial balance and the balance sheet columns of the work sheet.

Question 8

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet debit and credit columns is net income or net loss.

Accepted Answer

A) True 
 B)False

Question 9

Tracy Roberts,the sole stockholder of Surfer Dude Supplies,is requesting a $75,000 loan from the bank where you work as a loan officer.He brings to you the following trial balance (or statement of accounts)as of the end of his first year of operations.
What three accounts do you think should be relabeled for greater clarity?

Accepted Answer

The following items should be

Question 10

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

Accepted Answer

A) journal 
B) ledger 
C) chart of accounts 
D) work sheet 
A) journal 
B) ledger 
C) chart of accounts 
D) work sheet

Question 11

Which of the following is not showed on the retained earnings statement of a company?

Accepted Answer

A) Ending balance of retained earnings 
B) Net income of the company 
C) Dividends paid by the company 
D) Additional capital stock issued by the company 
A) Ending balance of retained earnings 
B) Net income of the company 
C) Dividends paid by the company 
D) Additional capital stock issued by the company

Question 12

Beachside Realty rents condominiums and furnishings.It's adjusted trial balance at December 31,2011,is as follows:
   
Prepare the closing entry required to transfer the income or loss at the end of the period.

Accepted Answer

The answer of Beachside Realty rents condominiums and furnishings.It's adjusted...

Question 13

The classified balance sheet will subsection the assets as follows

Accepted Answer

A) Current Assets and Other Assets 
B) Current Assets and Property,Plant,and Equipment 
C) Current Assets and Short-Term Assets 
D) Other Assets and Property,Plant,and Equipment 
A) Current Assets and Other Assets 
B) Current Assets and Property,Plant,and Equipment 
C) Current Assets and Short-Term Assets 
D) Other Assets and Property,Plant,and Equipment

Question 14

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 15

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.

Question 16

A summary of selected ledger accounts appear 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 17

Once the adjusting entries are posted,the adjusted trial balance is prepared to

Accepted Answer

A) verify that the debits and credits are in balance 
B) verify that all of the adjustments were posted in the correct accounts 
C) verify that the net income (loss)is correct for the period 
D) verify the correct flow of accounts into the financial statements 
A) verify that the debits and credits are in balance 
B) verify that all of the adjustments were posted in the correct accounts 
C) verify that the net income (loss)is correct for the period 
D) verify the correct flow of accounts into the financial statements

Question 18

The usual presentation of the retained earnings statement is (1)beginning retained earnings, (2)net income or loss, (3)dividends (4)ending retained earnings.

Accepted Answer

A) True 
 B)False

Question 19

On the balance sheet,stockholders' equity is

Accepted Answer

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

Question 20

Journalizing and posting closing entries must be completed before financial statements can be prepared.

Accepted Answer

A) True 
 B)False

The work sheet and the financial statements both require dollar signs.

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

Which one of the steps below is not aided by the preparation of the work sheet?

Which of the accounts below would appear in the Balance Sheet columns of the work sheet?

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

During the closing process,some balance sheet accounts are closed and end the period with a zero balance.

The income statement is prepared from:

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet debit and credit columns is net income or net loss.

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

Which of the following is not showed on the retained earnings statement of a company?

Beachside Realty rents condominiums and furnishings.It's adjusted trial balance at December 31,2011,is as follows: Prepare the closing entry required to transfer the income or loss at the end of the period.

The classified balance sheet will subsection the assets as follows

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.

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

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

Once the adjusting entries are posted,the adjusted trial balance is prepared to

The usual presentation of the retained earnings statement is (1)beginning retained earnings, (2)net income or loss, (3)dividends (4)ending retained earnings.

On the balance sheet,stockholders' equity is

Journalizing and posting closing entries must be completed before financial statements can be prepared.

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

The work sheet and the financial statements both require dollar signs.

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

Which one of the steps below is not aided by the preparation of the work sheet?

Which of the accounts below would appear in the Balance Sheet columns of the work sheet?

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

During the closing process,some balance sheet accounts are closed and end the period with a zero balance.

The income statement is prepared from:

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet debit and credit columns is net income or net loss.

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

Which of the following is not showed on the retained earnings statement of a company?

Beachside Realty rents condominiums and furnishings.It's adjusted trial balance at December 31,2011,is as follows: Prepare the closing entry required to transfer the income or loss at the end of the period.

The classified balance sheet will subsection the assets as follows

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.

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

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

Once the adjusting entries are posted,the adjusted trial balance is prepared to

The usual presentation of the retained earnings statement is (1)beginning retained earnings, (2)net income or loss, (3)dividends (4)ending retained earnings.

On the balance sheet,stockholders' equity is

Journalizing and posting closing entries must be completed before financial statements can be prepared.

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