Question 1

The major purpose of a post-closing trial balance is to:

Accepted Answer

A)  prepare the accounting reports. 
B)  confirm that the ledger is in balance at the start of the new accounting period. 
C)  determine if any closing entries have been missed. 
D)  determine if any adjusting entries have been missed. 
A)  prepare the accounting reports. 
B)  confirm that the ledger is in balance at the start of the new accounting period. 
C)  determine if any closing entries have been missed. 
D)  determine if any adjusting entries have been missed.

Question 2

Which adjustment would never require a reversing entry?

Accepted Answer

A)  Accrued revenue 
B)  Accrued expense 
C)  Prepaid income (cash received originally recorded in an income account) 
D)  Depreciation 
A)  Accrued revenue 
B)  Accrued expense 
C)  Prepaid income (cash received originally recorded in an income account) 
D)  Depreciation

Question 3

At the end of the period a company often prepares which additional accounting report?

Accepted Answer

A)  Statement of changes in equity 
B)  Statement of retained profits 
C)  Statement of equity 
D)  Statement of liabilities 
A)  Statement of changes in equity 
B)  Statement of retained profits 
C)  Statement of equity 
D)  Statement of liabilities

Question 4

What is the correct closing entry for the bank account?

Accepted Answer

A)  No closing entry is required 
B)  Debit owner's capital account; credit bank 
C)  Debit bank; credit owner's capital account 
D)  Debit profit or loss summary account; credit bank 
A)  No closing entry is required 
B)  Debit owner's capital account; credit bank 
C)  Debit bank; credit owner's capital account 
D)  Debit profit or loss summary account; credit bank

Question 5

A trial balance taken out after the closing process has been completed is called a:

Accepted Answer

A)  final trial balance. 
B)  adjusted trial balance. 
C)  closing trial balance. 
D)  post-closing trial balance. 
A)  final trial balance. 
B)  adjusted trial balance. 
C)  closing trial balance. 
D)  post-closing trial balance.

The major purpose of a post-closing trial balance is to:

Which adjustment would never require a reversing entry?

At the end of the period a company often prepares which additional accounting report?

What is the correct closing entry for the bank account?

A trial balance taken out after the closing process has been completed is called a:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Accounting for Retailing

Accounting for Systems

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis, Profitability Analysis and Capital Budgeting

Partnerships: Formation, Operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation, Disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Filters

Exam 5: Completing the Accounting Cycle Closing and Reversing Entries

The major purpose of a post-closing trial balance is to:

Which adjustment would never require a reversing entry?

At the end of the period a company often prepares which additional accounting report?

What is the correct closing entry for the bank account?

A trial balance taken out after the closing process has been completed is called a:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Accounting for Retailing

Accounting for Systems

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis, Profitability Analysis and Capital Budgeting

Partnerships: Formation, Operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation, Disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Filters