Question 1

Financial statements should be prepared before the closing entries are journalized and posted.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

The retained earnings statement begins with the beginning balance followed by

Accepted Answer

A) net income (loss)and dividends 
B) net income (loss)and issuances of capital stock 
C) issuances of capital stock and dividends 
D) issuances of capital stock,net income (loss),and dividends 
A) net income (loss)and dividends 
B) net income (loss)and issuances of capital stock 
C) issuances of capital stock and dividends 
D) issuances of capital stock,net income (loss),and dividends

Question 4

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.
 
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 5

The balances in the ledger of Good Landscape Services as of January 31,2014 before adjustments are as follows:
   
Adjustment data are as follows: supplies on hand,January 31,$900;insurance expired for January,$1,100;depreciation on equipment for January,$1,600;salaries accrued,January 31,$1,650.

Accepted Answer

The answer of The balances in the ledger of Good...

Question 6

The natural business year

Accepted Answer

A) is a fiscal year that ends when business activities are at its lowest point. 
B) is a calendar year that ends when business activities are at its lowest point. 
C) is a fiscal year that ends when business activities are at its highest point. 
D) is a calendar year that ends when business activities are at its highest point. 
A) is a fiscal year that ends when business activities are at its lowest point. 
B) is a calendar year that ends when business activities are at its lowest point. 
C) is a fiscal year that ends when business activities are at its highest point. 
D) is a calendar year that ends when business activities are at its highest point.

Question 7

The following is the adjusted trial balance for Sandeep Company.
   
Prepare closing entries and the post closing trial balance.

Accepted Answer

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

Question 8

A post-closing trial balance should be prepared before the financial statements are prepared.

Accepted Answer

A) True 
 B)False

Question 9

Current liabilities are those liabilities that

Accepted Answer

A) will be paid in less than one year 
B) are due to be paid in 5 to 10 years 
C) are due to be paid in more than one year 
D) are owed to the stockholders and will never be paid 
A) will be paid in less than one year 
B) are due to be paid in 5 to 10 years 
C) are due to be paid in more than one year 
D) are owed to the stockholders and will never be paid

Question 10

Land is an example of a plant asset.

Accepted Answer

A) True 
 B)False

Question 11

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 12

After all of the account balances have been extended to the Income Statement columns of the work sheet,the totals of the debit and credit columns are $77,500 and $83,900,respectively.What is the amount of the net income or net loss for the period?

Accepted Answer

A) $6,400 net income 
B) $6,400 net loss 
C) $83,900 net income 
D) $77,500 net loss 
A) $6,400 net income 
B) $6,400 net loss 
C) $83,900 net income 
D) $77,500 net loss

Question 13

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014.
 
The entry required to close the expense accounts at the end of the period includes a:

Accepted Answer

A) a debit to Income Summary for $35,520 
B) a credit to Income Summary for $35,520 
C) a debit to Income Summary for $33,520 
D) a credit to Income Summary for $33,520 
A) a debit to Income Summary for $35,520 
B) a credit to Income Summary for $35,520 
C) a debit to Income Summary for $33,520 
D) a credit to Income Summary for $33,520

Question 14

During the end-of-period processing,which of the following best describes the logical order of steps?

Accepted Answer

A) preparation of adjustments,adjusted trial balance,financial statements 
B) preparation of income statement,adjusted trial balance,balance sheet 
C) preparation of adjusted trial balance,cross-referencing,journalizing 
D) preparation of adjustments,adjusted trial balance,posting 
A) preparation of adjustments,adjusted trial balance,financial statements 
B) preparation of income statement,adjusted trial balance,balance sheet 
C) preparation of adjusted trial balance,cross-referencing,journalizing 
D) preparation of adjustments,adjusted trial balance,posting

Question 15

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

Accepted Answer

A) True 
 B)False

Question 16

The following are steps in the accounting cycle.Of the following,which would be prepared last?

Accepted Answer

A) An adjusted trial balance is prepared. 
B) Transactions are posted to the ledger. 
C) An unadjusted trial balance is prepared. 
D) Adjusting entries are journalized and posted to the ledger. 
A) An adjusted trial balance is prepared. 
B) Transactions are posted to the ledger. 
C) An unadjusted trial balance is prepared. 
D) Adjusting entries are journalized and posted to the ledger.

Question 17

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014.
 
The entry required to close the revenue accounts at the end of the period includes a:

Accepted Answer

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

Question 18

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Accepted Answer

A) True 
 B)False

Question 19

Balance Sheet accounts are considered real accounts.

Accepted Answer

A) True 
 B)False

Question 20

Real accounts are permanent accounts.

Accepted Answer

A) True 
 B)False

Financial statements should be prepared before the closing entries are journalized and posted.

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

The retained earnings statement begins with the beginning balance followed by

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. Determine the total liabilities for the period.

The balances in the ledger of Good Landscape Services as of January 31,2014 before adjustments are as follows: Adjustment data are as follows: supplies on hand,January 31,$900;insurance expired for January,$1,100;depreciation on equipment for January,$1,600;salaries accrued,January 31,$1,650.

The natural business year

The following is the adjusted trial balance for Sandeep Company. Prepare closing entries and the post closing trial balance.

A post-closing trial balance should be prepared before the financial statements are prepared.

Current liabilities are those liabilities that

Land is an example of a plant asset.

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

After all of the account balances have been extended to the Income Statement columns of the work sheet,the totals of the debit and credit columns are $77,500 and $83,900,respectively.What is the amount of the net income or net loss for the period?

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014. The entry required to close the expense accounts at the end of the period includes a:

During the end-of-period processing,which of the following best describes the logical order of steps?

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

The following are steps in the accounting cycle.Of the following,which would be prepared last?

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014. The entry required to close the revenue accounts at the end of the period includes a:

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Balance Sheet accounts are considered real accounts.

Real accounts are permanent accounts.

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

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Exam 4: Completing the Accounting Cycle

Financial statements should be prepared before the closing entries are journalized and posted.

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

The retained earnings statement begins with the beginning balance followed by

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. Determine the total liabilities for the period.

The balances in the ledger of Good Landscape Services as of January 31,2014 before adjustments are as follows: Adjustment data are as follows: supplies on hand,January 31,$900;insurance expired for January,$1,100;depreciation on equipment for January,$1,600;salaries accrued,January 31,$1,650.

The natural business year

The following is the adjusted trial balance for Sandeep Company. Prepare closing entries and the post closing trial balance.

A post-closing trial balance should be prepared before the financial statements are prepared.

Current liabilities are those liabilities that

Land is an example of a plant asset.

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

After all of the account balances have been extended to the Income Statement columns of the work sheet,the totals of the debit and credit columns are $77,500 and $83,900,respectively.What is the amount of the net income or net loss for the period?

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014. The entry required to close the expense accounts at the end of the period includes a:

During the end-of-period processing,which of the following best describes the logical order of steps?

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

The following are steps in the accounting cycle.Of the following,which would be prepared last?

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014. The entry required to close the revenue accounts at the end of the period includes a:

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Balance Sheet accounts are considered real accounts.

Real accounts are permanent accounts.

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

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