Question 1

Indicate in the spaces below whether or not each of the following adjustments may be reversed.

Accepted Answer

The answer of Indicate in the spaces below whether or...

Question 2

The Withdrawals account bypasses the Income Summary account when it is being closed.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following adjustments most likely would be reversed?

Accepted Answer

A) Adjustment to record depreciation expense 
B) Adjustment to allocate prepaid insurance to the current period 
C) Adjustment to determine supplies expense for the period 
D) Adjustment to accrue salaries 
A) Adjustment to record depreciation expense 
B) Adjustment to allocate prepaid insurance to the current period 
C) Adjustment to determine supplies expense for the period 
D) Adjustment to accrue salaries

Question 4

An adjusting entry was made on the last day of the previous fiscal year debiting Accounts Receivable and crediting Service Revenue.If a reversing entry has been made,then at the time of cash collection

Accepted Answer

A) the accountant needs to find out how much of the cash collection applies to the current period and how much applies to the previous period. 
B) the accountant will debit Accounts Receivable and credit Service Revenue. 
C) the accountant will debit Cash and credit Service Revenue. 
D) the accountant will debit Service Revenue and credit Cash. 
A) the accountant needs to find out how much of the cash collection applies to the current period and how much applies to the previous period. 
B) the accountant will debit Accounts Receivable and credit Service Revenue. 
C) the accountant will debit Cash and credit Service Revenue. 
D) the accountant will debit Service Revenue and credit Cash.

Question 5

The work sheet is prepared after the formal adjusting and closing entries.

Accepted Answer

A) True 
 B)False

Question 6

When there is a net loss,the entry to close the Income Summary account is

Accepted Answer

A) debit Owner's Capital and credit Income Summary. 
B) debit Income Summary and credit Owner's Capital. 
C) debit Net Loss and credit Income Summary. 
D) debit Income Summary and credit Net Loss. 
A) debit Owner's Capital and credit Income Summary. 
B) debit Income Summary and credit Owner's Capital. 
C) debit Net Loss and credit Income Summary. 
D) debit Income Summary and credit Net Loss.

Question 7

Preparing the work sheet and recording closing entries are important steps that save money and prevent mistakes.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following accounts would not be closed?

Accepted Answer

A) Design Revenue 
B) Interest Income 
C) Accumulated Depreciation - Equipment 
D) Interest Expense 
A) Design Revenue 
B) Interest Income 
C) Accumulated Depreciation - Equipment 
D) Interest Expense

Question 9

Cash is a nominal account.

Accepted Answer

A) True 
 B)False

Question 10

The post-closing trial balance differs from the adjusted trial balance in that it does not

Accepted Answer

A) take into account owner investments and withdrawals. 
B) take into account adjusting entries. 
C) include income statement accounts. 
D) include balance sheet accounts. 
A) take into account owner investments and withdrawals. 
B) take into account adjusting entries. 
C) include income statement accounts. 
D) include balance sheet accounts.

Indicate in the spaces below whether or not each of the following adjustments may be reversed.

The Withdrawals account bypasses the Income Summary account when it is being closed.

Which of the following adjustments most likely would be reversed?

An adjusting entry was made on the last day of the previous fiscal year debiting Accounts Receivable and crediting Service Revenue.If a reversing entry has been made,then at the time of cash collection

The work sheet is prepared after the formal adjusting and closing entries.

When there is a net loss,the entry to close the Income Summary account is

Preparing the work sheet and recording closing entries are important steps that save money and prevent mistakes.

Which of the following accounts would not be closed?

Cash is a nominal account.

The post-closing trial balance differs from the adjusted trial balance in that it does not

Accounting Principles and the Financial Statements

Analyzing and Recording Business Transactions

Adjusting the Accounts

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Supplement: Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Supplement: the Statement of Cash Flows

Financial Statement Analysis

Accounting for Investments

Filters

Exam 4: Completing the Accounting Cycle

Indicate in the spaces below whether or not each of the following adjustments may be reversed.

The Withdrawals account bypasses the Income Summary account when it is being closed.

Which of the following adjustments most likely would be reversed?

An adjusting entry was made on the last day of the previous fiscal year debiting Accounts Receivable and crediting Service Revenue.If a reversing entry has been made,then at the time of cash collection

The work sheet is prepared after the formal adjusting and closing entries.

When there is a net loss,the entry to close the Income Summary account is

Preparing the work sheet and recording closing entries are important steps that save money and prevent mistakes.

Which of the following accounts would not be closed?

Cash is a nominal account.

The post-closing trial balance differs from the adjusted trial balance in that it does not

Accounting Principles and the Financial Statements

Analyzing and Recording Business Transactions

Adjusting the Accounts

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Supplement: Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Supplement: the Statement of Cash Flows

Financial Statement Analysis

Accounting for Investments

Filters