Question 1

Closing entries do not affect the cash account.

Accepted Answer

A) True 
 B)False

Question 2

If Income Summary has a net credit balance,it signifies:

Accepted Answer

A) A net loss. 
B) Net income. 
C) A reduction of net worth. 
D) Dividends have been declared. 
A) A net loss. 
B) Net income. 
C) A reduction of net worth. 
D) Dividends have been declared.

Question 3

Inserting missing data into a worksheet
Certain data are given on the worksheet below,and certain missing data are indicated by the blank lines.Sufficient information is included to fill in the missing data.Each account has a debit or credit balance characteristically normal for that kind of account.Note that the dollar amounts have been reduced to figures of not more than three digits to simplify the arithmetic.
Insert the figures necessary to complete the worksheet in the blanks indicated by an underline.The lines cover both debit and credit columns;be sure to insert the missing figures in the correct column of the blank line.

Accepted Answer

The answer of Inserting missing data into a worksheet
Certain data...

Question 4

[The following information applies to the questions displayed below.]
Shown below is the adjusted Trial Balance for Simon Inc. ,on December 31,after the first year of operations,after adjusting entries:
  
-The entry to close the Service Fees Earned account will:

Accepted Answer

A) Produce a zero balance in that account when posted. 
B) Include a debit to Income Summary. 
C) Include a credit to Service Fees Earned. 
D) Include a debit to Capital Stock. 
A) Produce a zero balance in that account when posted. 
B) Include a debit to Income Summary. 
C) Include a credit to Service Fees Earned. 
D) Include a debit to Capital Stock.

Question 5

The Dividends account is closed directly to retained earnings at year-end.

Accepted Answer

A) True 
 B)False

Question 6

A worksheet should be viewed as:

Accepted Answer

A) A financial statement to be distributed to investors. 
B) A financial statement to assist managers in making managerial decisions. 
C) A tool to assist accountants in making end-of-period adjustments and in preparing financial statements. 
D) A tool to assist auditors in determining that all transactions have been properly recorded throughout the period. 
A) A financial statement to be distributed to investors. 
B) A financial statement to assist managers in making managerial decisions. 
C) A tool to assist accountants in making end-of-period adjustments and in preparing financial statements. 
D) A tool to assist auditors in determining that all transactions have been properly recorded throughout the period.

Closing entries do not affect the cash account.

If Income Summary has a net credit balance,it signifies:

[The following information applies to the questions displayed below.] Shown below is the adjusted Trial Balance for Simon Inc. ,on December 31,after the first year of operations,after adjusting entries: -The entry to close the Service Fees Earned account will:

The Dividends account is closed directly to retained earnings at year-end.

A worksheet should be viewed as:

Accounting: Information for Decision Making

Basic Financial Statements

The Accounting Cycle: Capturing Economic Events

The Accounting Cycle: Accruals and Deferrals

Merchandising Activities

Financial Assets

Inventories and the Cost of Goods Sold

Plant and Intangible Assets

Liabilities

Stockholders Equity: Paid-In Capital

Income and Changes in Retained Earnings

Statement of Cash Flows

Financial Statement Analysis

Global Business and Accounting

Management Accounting

Job Order Cost Systems and Overhead Allocations

Process Costing

Costing and the Value Chain

Cost-Volume-Profit Analysis

Incremental Analysis

Responsibility Accounting and Transfer Pricing

Operational Budgeting

Standard Cost Systems

Rewarding Business Performance

Capital Budgeting

the Time Value of Money: Future Amounts and Present Values

Forms of Business Organization

Filters

Exam 5: The Accounting Cycle: Reporting Financial Results

Closing entries do not affect the cash account.

If Income Summary has a net credit balance,it signifies:

[The following information applies to the questions displayed below.] Shown below is the adjusted Trial Balance for Simon Inc. ,on December 31,after the first year of operations,after adjusting entries: -The entry to close the Service Fees Earned account will:

The Dividends account is closed directly to retained earnings at year-end.

A worksheet should be viewed as:

Accounting: Information for Decision Making

Basic Financial Statements

The Accounting Cycle: Capturing Economic Events

The Accounting Cycle: Accruals and Deferrals

Merchandising Activities

Financial Assets

Inventories and the Cost of Goods Sold

Plant and Intangible Assets

Liabilities

Stockholders Equity: Paid-In Capital

Income and Changes in Retained Earnings

Statement of Cash Flows

Financial Statement Analysis

Global Business and Accounting

Management Accounting

Job Order Cost Systems and Overhead Allocations

Process Costing

Costing and the Value Chain

Cost-Volume-Profit Analysis

Incremental Analysis

Responsibility Accounting and Transfer Pricing

Operational Budgeting

Standard Cost Systems

Rewarding Business Performance

Capital Budgeting

the Time Value of Money: Future Amounts and Present Values

Forms of Business Organization

Filters