Question 1

Land is an example of a plant asset.

Accepted Answer

A) True 
 B)False

Question 2

The worksheet and the financial statements both require dollar signs.

Accepted Answer

A) True 
 B)False

Question 3

The Income Statement will include the following accounts

Accepted Answer

A)  Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last 
B)  Revenues less Expenses (ordered smallest to largest amounts) with Miscellaneous Expense listed last 
C)  Revenues less Expenses (ordered in alphabetical order) 
D)  Revenues less Expenses (order is not important) 
A)  Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last 
B)  Revenues less Expenses (ordered smallest to largest amounts) with Miscellaneous Expense listed last 
C)  Revenues less Expenses (ordered in alphabetical order) 
D)  Revenues less Expenses (order is not important)

Question 4

Hakik Enterprises offers rug cleaning services to business clients. Below is the trial balance for Hakik Enterprises, which was prepared on the end of period spreadsheet (work sheet) for the year ended July 31, 2010.
   REQUIRED: Enter the adjustment data in the work sheet for the transactions shown below and place the balances in the Adjusted Trial Balance columns.

Accepted Answer

a) The equipment is estimated to last fo

Question 5

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 6

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 7

You have just accepted your first job out of college, which requires you to evaluate loan requests at Beach Front National Bank. The first loan request you receive is from Surfer Dude Enterprises, a small proprietorship. Marty Monroe, the owner, is requesting $75,000 and brings you the following trial balance (or Statement of Accounts) for his first year of operations ended December 31, 2010.
What three accounts do you think should be relabeled for greater clarity?
   ·

Accepted Answer

The following items should be

Question 8

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 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Balance Sheet accounts are considered real accounts.

Accepted Answer

A) True 
 B)False

Question 12

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 13

A post-closing trial balance contains only asset and liability accounts.

Accepted Answer

A) True 
 B)False

Question 14

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions.   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 15

Selected ledger accounts appear below for Fulton Surveying Services for 2014.
     Prepare a statement of owner's equity.

Accepted Answer

The answer of Selected ledger accounts appear below for Fulton...

Question 16

Net income appears on the work sheet in the

Accepted Answer

A)  debit column of the Balance Sheet columns 
B)  debit column of the Adjustments columns 
C)  debit column of the Income Statement columns 
D)  credit column of the Income Statement columns 
A)  debit column of the Balance Sheet columns 
B)  debit column of the Adjustments columns 
C)  debit column of the Income Statement columns 
D)  credit column of the Income Statement columns

Question 17

It is necessary to post the closing entries to the general ledger.

Accepted Answer

A) True 
 B)False

Question 18

A work sheet heading is dated for a period of time.

Accepted Answer

A) True 
 B)False

Question 19

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

Accepted Answer

A) True 
 B)False

Question 20

Marcus Enterprises was started by Damien Marcus in 2010. During 2010, Damien Marcus invested $8,000 in the business. Based on the following worksheet, prepare an income statement, statement of owner's equity, and balance sheet for Marcus Enterprises for the year ended December 31, 2010.
Marcus Enterprises
Worksheet
For the Year Ended December 31, 2010

Accepted Answer

Marcus Enterprises
Income Statement
For

Exam 4: Completing the Accounting Cycle

Land is an example of a plant asset.

The worksheet and the financial statements both require dollar signs.

The Income Statement will include the following accounts

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

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

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

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

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

Balance Sheet accounts are considered real accounts.

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

A post-closing trial balance contains only asset and liability accounts.

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

Selected ledger accounts appear below for Fulton Surveying Services for 2014. Prepare a statement of owner's equity.

Net income appears on the work sheet in the

It is necessary to post the closing entries to the general ledger.

A work sheet heading is dated for a period of time.

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

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

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