Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Accumulated Depreciation appears on the

Accepted Answer

A)  balance sheet in the current assets section 
B)  balance sheet in the property, plant and equipment section 
C)  balance sheet in the long-term liabilities section 
D)  income statement as an operating expense 
A)  balance sheet in the current assets section 
B)  balance sheet in the property, plant and equipment section 
C)  balance sheet in the long-term liabilities section 
D)  income statement as an operating expense

Question 3

After the accounts have been adjusted at January 31, 2014, the end of the fiscal year, the following balances are 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 have been adjusted at...

Question 4

The unadjusted, adjusted, and final trial balances are prepared during the accounting cycle of a period.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?

Accepted Answer

A)  Rent Expense 
B)  Fees Earned 
C)  Income Summary 
D)  Depreciation Expense 
A)  Rent Expense 
B)  Fees Earned 
C)  Income Summary 
D)  Depreciation Expense

Question 6

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2010 for Finnegan Co.:
   Prepare an income statement.

Accepted Answer

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

Question 7

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 8

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

Accepted Answer

A) True 
 B)False

Question 9

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:   Net income for the period is

Accepted Answer

A)  $3,200 
B)  $12,100 
C)  $17,400 
D)  $8,900 
A)  $3,200 
B)  $12,100 
C)  $17,400 
D)  $8,900

Question 10

Prior to adjustment at August 31, 2014, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $7,200.

Accepted Answer

The answer of Prior to adjustment at August 31, 2014,...

Question 11

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Accepted Answer

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

Question 12

The entry to close the appropriate insurance account at the end of the accounting period is

Accepted Answer

A)  debit Income Summary; credit Prepaid Insurance 
B)  debit Prepaid Insurance; credit Income Summary 
C)  debit Insurance Expense; credit Income Summary 
D)  debit Income Summary; credit Insurance Expense 
A)  debit Income Summary; credit Prepaid Insurance 
B)  debit Prepaid Insurance; credit Income Summary 
C)  debit Insurance Expense; credit Income Summary 
D)  debit Income Summary; credit Insurance Expense

Question 13

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 14

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Accepted Answer

A) True 
 B)False

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

Accumulated Depreciation appears on the

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

The unadjusted, adjusted, and final trial balances are prepared during the accounting cycle of a period.

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2010 for Finnegan Co.: Prepare an income statement.

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

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is

Prior to adjustment at August 31, 2014, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $7,200.

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

The entry to close the appropriate insurance account at the end of the accounting period is

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

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

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

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Filters

Exam 4: Completing the Accounting Cycle

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

Accumulated Depreciation appears on the

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

The unadjusted, adjusted, and final trial balances are prepared during the accounting cycle of a period.

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2010 for Finnegan Co.: Prepare an income statement.

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

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is

Prior to adjustment at August 31, 2014, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $7,200.

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

The entry to close the appropriate insurance account at the end of the accounting period is

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

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

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

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Filters