Question 1

The balances of the capital accounts from the Adjusted Trial Balance of the work sheet are extended to the Statement of Owner's Equity columns.

Accepted Answer

A) True 
 B)False

Question 2

The post-closing trial balance differs from the adjusted trial balance in that it

Accepted Answer

A)  does not take into account closing entries 
B)  does not take into account adjusting entries 
C)  does not include balance sheet accounts 
D)  does not include income statement accounts 
A)  does not take into account closing entries 
B)  does not take into account adjusting entries 
C)  does not include balance sheet accounts 
D)  does not include income statement accounts

Question 3

A work sheet 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 4

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Accepted Answer

A)  Salaries Expense 
B)  Fees Earned 
C)  Unearned Rent 
D)  Depreciation Expense 
A)  Salaries Expense 
B)  Fees Earned 
C)  Unearned Rent 
D)  Depreciation Expense

Question 5

The closing process is sometimes referred to as closing the books.

Accepted Answer

A) True 
 B)False

Question 6

Closing entries are dated in the journal as of

Accepted Answer

A)  the date they are actually journalized, although they are generally prepared after the end of the accounting period 
B)  the last day of the accounting period, although they are actually journalized after the end of the accounting period 
C)  the first day of the accounting period, although they are actually journalized after the end of the accounting period 
D)  the first day of the subsequent accounting period 
A)  the date they are actually journalized, although they are generally prepared after the end of the accounting period 
B)  the last day of the accounting period, although they are actually journalized after the end of the accounting period 
C)  the first day of the accounting period, although they are actually journalized after the end of the accounting period 
D)  the first day of the subsequent accounting period

Question 7

When accounts do appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.

Accepted Answer

A) True 
 B)False

Question 8

The accounting cycle begins with preparing an unadjusted trial balance.

Accepted Answer

A) True 
 B)False

Question 9

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010.
   Prepare the entry required to close the revenue accounts at the end of the period.

Accepted Answer

The answer of Bob Evans owns a business, Beachside Realty,...

Question 10

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions.   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 11

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, drawing account 
B)  Expenses, assets, income summary, capital account 
C)  Capital account, drawing account, income summary, assets 
D)  Drawing account, income summary, expenses, revenues 
A)  Revenues, expenses, income summary, drawing account 
B)  Expenses, assets, income summary, capital account 
C)  Capital account, drawing account, income summary, assets 
D)  Drawing account, income summary, expenses, revenues

Question 12

The following are all the steps in the accounting cycle. List them in the order in which they should be done.
- Closing entries are journalized and posted to the ledger.
- An unadjusted trial balance is prepared.
- An optional end-of-period spreadsheet (work sheet) is prepared.
- A post-closing trial balance is prepared.
- Adjusting entries are journalized and posted to the ledger.
- Transactions are analyzed and recorded in the journal.
- Adjustment data are assembled and analyzed.
- Financial statements are prepared.
- An adjusted trial balance is prepared.
- Transactions are posted to the ledger.

Accepted Answer

The answer of The following are all the steps in...

Question 13

The classified Balance Sheet will divide its Liabilities Section as the following subsections

Accepted Answer

A)  Current Liabilities and Long-Term Liabilities 
B)  Current Liabilities and Other Liabilities 
C)  Other Liabilities and Long-Term Liabilities 
D)  Present Liabilities and Tomorrow's Liabilities 
A)  Current Liabilities and Long-Term Liabilities 
B)  Current Liabilities and Other Liabilities 
C)  Other Liabilities and Long-Term Liabilities 
D)  Present Liabilities and Tomorrow's Liabilities

Question 14

All income statement accounts will be closed at the end of the period.

Accepted Answer

A) True 
 B)False

Question 15

The income summary account is closed to the owner's capital account.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

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

Question 17

Use the following worksheet to answer the following questions.   Based on the preceding trial balance, the ending balance in C.Finley, Capital is:

Accepted Answer

A)  $33,000 
B)  $80,000 
C)  $30,000 
D)  $83,000 
A)  $33,000 
B)  $80,000 
C)  $30,000 
D)  $83,000

Question 18

In a computerized accounting system, a work sheet may be necessary because the software program automatically posts entries to the accounts and prepares financial statements.

Accepted Answer

A) True 
 B)False

Question 19

Since the adjustments are entered on the work sheet, it is necessary to record them in the journal or post them to the ledger.

Accepted Answer

A) True 
 B)False

Question 20

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

The balances of the capital accounts from the Adjusted Trial Balance of the work sheet are extended to the Statement of Owner's Equity columns.

The post-closing trial balance differs from the adjusted trial balance in that it

A work sheet includes columns for

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

The closing process is sometimes referred to as closing the books.

Closing entries are dated in the journal as of

When accounts do appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.

The accounting cycle begins with preparing an unadjusted trial balance.

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry required to close the revenue accounts at the end of the period.

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

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 ____.

The classified Balance Sheet will divide its Liabilities Section as the following subsections

All income statement accounts will be closed at the end of the period.

The income summary account is closed to the owner's capital account.

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

Use the following worksheet to answer the following questions. Based on the preceding trial balance, the ending balance in C.Finley, Capital is:

In a computerized accounting system, a work sheet may be necessary because the software program automatically posts entries to the accounts and prepares financial statements.

Since the adjustments are entered on the work sheet, it is necessary to record them in the journal or post them to the ledger.

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

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

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 .