Question 1

The work sheet is a type of accountant's working paper.

Accepted Answer

A) True 
 B)False  True

Question 2

Working papers provide a written record of the work performed by the accountant.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following accounts will have an amount in the Adjustments columns of the work sheet but probably not in the Trial Balance columns?

Accepted Answer

A)   Common Stock
B)   Utilities Expense
C)   Depreciation Expense-Machinery
D)   Revenue from Services C

Question 4

In the completed work sheet,which set of columns usually should be out of balance after the initial footing?

Accepted Answer

A)   Both Income Statement and Balance Sheet columns
B)   Income Statement columns only
C)   Adjusted Trial Balance columns only
D)   Balance Sheet columns only

Question 5

Use this information from the Income Statement columns of the work sheet of Corner Laundry Service to answer the following question.  $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $$\text {Income Statement } $
$\begin{array}{|l|r|r|}
\hline&\text {  Debit }& \text { Credit }\ 
\hline \text { Laundry Revenue } & & 2,500 \
\hline \text { Wages Expense } & 750 & \
\hline \text { Rent Expense } & 500 & \
\hline \text { Supplies Expense } & 300 & \
\hline \text { Insurance Expense } & 200 & \
\hline \text { Income Taxes Expense } & 50 & \
\hline & 1,800 & 2,500 \
 \text { Net Income } & 700 & \
\hline & 2,500 & 2,500 \
\hline
\end{array}$  
The entry to close the expense accounts includes a

Accepted Answer

A)     All Expenses 1,800 Retained Earnings 1,800\begin{array}{llr}  	ext { All Expenses } &1,800\ 	ext { Retained Earnings } &&1,800\\end{array} All Expenses  Retained Earnings ​1,800​1,800​ 
B)     All Expenses 1,800 Income Summary1,800\begin{array}{llr}  	ext { All Expenses  } &1,800\ 	ext {  Income Summary} &&1,800\\end{array} All Expenses  Income Summary​1,800​1,800​ 
C)     Income Summary 1,800 All Expenses 1,800\begin{array}{lll}	ext { Income Summary } & 1,800 \	ext { All Expenses } && 1,800 \end{array} Income Summary  All Expenses ​1,800​1,800​ 
D)     Retained Earnings 1,800 All Expenses 1,800\begin{array}{rrr}	ext { Retained Earnings } & 1,800 \&	ext { All Expenses } & 1,800\end{array} Retained Earnings ​1,800 All Expenses ​1,800​

Question 6

The Trial Balance and Adjusted Trial Balance columns of Roland Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)In the journal provided,prepare the seven adjusting entries and the four closing entries for the month ended June 30,2010.Omit explanations.

Accepted Answer

The answer of The Trial Balance and Adjusted Trial Balance...

Question 7

The amount of dividends for the period can be found on the work sheet.

Accepted Answer

A) True 
 B)False

Question 8

Match between columns
                        Premises:  This convention best enhances comparability of financial statements between years.
 A merger agreed on just after the balance sheet date nevertheless is reported in the notes to the financial statements.
 A company forgoes hiring another full-time accountant, which would add only slightly to the financial statements' accuracy.
 A company uses lower-of-cost-or-market to value inventory.
 A large company rounds its financial statement figures to the nearest $10,000.

Accepted Answer

The Answer of Consistency and Materiality and Conservatism and Full is...

Question 9

An amount for Retained Earnings would not appear in which of the following work sheet columns?

Accepted Answer

A)   Trial Balance
B)   Income Statement
C)   Balance Sheet
D)   Adjusted Trial Balance

Question 10

When the Income Statement columns of the work sheet are initially footed,they should be out of balance by the amount of net income or net loss.

Accepted Answer

A) True 
 B)False

Question 11

When a company has earned a net income,the net income amount is entered on the work sheet on the

Accepted Answer

A)   credit side of the Income Statement columns and the debit side of the Balance Sheet columns.
B)   debit side of both the Income Statement and the Balance Sheet columns.
C)   debit side of the Income Statement columns and the credit side of the Balance Sheet columns.
D)   credit side of both the Income Statement and the Balance Sheet columns.

Question 12

The process of crossfooting on the work sheet results in the

Accepted Answer

A)   Adjusted Trial Balance columns.
B)   Trial Balance columns.
C)   Income Statement columns.
D)   Adjustments columns.

Question 13

An amount would not appear along the Dividends account line in which of the following work sheet columns?

Accepted Answer

A)   Income Statement
B)   Balance Sheet
C)   Trial Balance
D)   Adjusted Trial Balance

Question 14

On the work sheet,under what circumstances will the last two columns be in balance after the initial footing?

Accepted Answer

A)   When no adjustments have been entered on the work sheet
B)   Under all circumstances, assuming no arithmetical errors have been made
C)   Under no circumstances
D)   When net income is zero

Question 15

The balance sheet may be prepared by referring solely to the Balance Sheet columns of the work sheet.

Accepted Answer

A) True 
 B)False

Question 16

Match between columns
                        Premises:  Working capital
 Current ratio
 Profit margin
 Return on assets
 Debt to equity ratio
 Return on equity
 Asset turnover

Accepted Answer

The Answer of A measure of profitability that shows the is...

Question 17

Match between columns
                        Premises:  Depreciation Expense (for delivery truck)
 Dividend Income
 Cash
 Interest Income
 Prepaid Rent
 Rent Expense (for main office)
 Advertising Expense
 Personnel Expense
 Unearned Revenue
 Sales Discounts

Accepted Answer

The Answer of Revenues and Cost of goods sold and is...

Question 18

The Trial Balance and Adjusted Trial Balance columns of Owen Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)Using this information,prepare the post-closing trial balance for Owen Cleaning Corporation as of June 30,2010.

Accepted Answer

The answer of The Trial Balance and Adjusted Trial Balance...

Question 19

When the Balance Sheet columns of the work sheet are initially footed,they should be in balance.

Accepted Answer

A) True 
 B)False

Question 20

Match between columns
                        Premises:  Accumulated Depreciation
 Revenues Received in Advance
 Interest Expense
 Wages Payable
 Retained Earnings
 Inventory
 Trademark
 Notes Payable (in five years)
 Depreciation Expense
 Prepaid Interest
 Land Held for Future Use

Accepted Answer

The Answer of Current assets and Investments and Property, plant, is...

Exam 3: Supplement - Closing Entries and the Work Sheet

The work sheet is a type of accountant's working paper.

Working papers provide a written record of the work performed by the accountant.

Which of the following accounts will have an amount in the Adjustments columns of the work sheet but probably not in the Trial Balance columns?

In the completed work sheet,which set of columns usually should be out of balance after the initial footing?

The Trial Balance and Adjusted Trial Balance columns of Roland Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)In the journal provided,prepare the seven adjusting entries and the four closing entries for the month ended June 30,2010.Omit explanations.

The amount of dividends for the period can be found on the work sheet.

Each of the following statements is justified by a concept or convention of accounting. Match each statement corresponding to the concept or convention involved.

An amount for Retained Earnings would not appear in which of the following work sheet columns?

When the Income Statement columns of the work sheet are initially footed,they should be out of balance by the amount of net income or net loss.

When a company has earned a net income,the net income amount is entered on the work sheet on the

The process of crossfooting on the work sheet results in the

An amount would not appear along the Dividends account line in which of the following work sheet columns?

On the work sheet,under what circumstances will the last two columns be in balance after the initial footing?

The balance sheet may be prepared by referring solely to the Balance Sheet columns of the work sheet.

Match the following financial statement ratios with their definition.

Match each account to the classification scheme for a multistep income statement

The Trial Balance and Adjusted Trial Balance columns of Owen Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)Using this information,prepare the post-closing trial balance for Owen Cleaning Corporation as of June 30,2010.

When the Balance Sheet columns of the work sheet are initially footed,they should be in balance.

Match each account to the classification scheme for a balance sheet