Question 1

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Accepted Answer

A) True 
 B)False

Question 2

Match between columns
                        Premises: Retained Earnings
Accounts Receivable
Mortgage Payable
Cash
Equipment
Unearned Revenues
Accumulated Depreciation
Notes Payable due in 2014

Accepted Answer

The Answer of stockholders’ equity and current liabilities and current is...

Question 3

The work sheet is considered a part of the formal accounting records.

Accepted Answer

A) True 
 B)False

Question 4

On the work sheet,the capital stock and dividends account balances are extended to the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 5

Unearned Fees appear on the

Accepted Answer

A)  balance sheet in the current assets section
B)  balance sheet as a current liability
C)  balance sheet in the stockholders' equity section
D)  income statement as revenueE) A) and B)
F) A) and C)

Question 6

Which account would not appear in the Balance Sheet columns of the work sheet?

Accepted Answer

A)  Dividends
B)  Rent Earned
C)  Unearned Revenue
D)  Dividends and Unearned RevenueE) A) and B)
F) B) and D)

Question 7

Which of the statements below indicates that a company earned a net income for the period?

Accepted Answer

A)  The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the work sheet.
B)  The sum of the credits exceeds the sum of the debits in the Income Statement columns on the work sheet.
C)  The sum of the debits exceeds the sum of the credits in the Income Statement columns on the work sheet.
D)  Cash inflows exceeded cash outflows.E) A) and C)
F) B) and C)

Question 8

Prior to adjustment at August 31,2014,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $7,200.
Present the entries to record the following:
(1)Accrued salaries as of August 31.
(2)Closing of Salary Expense as of August 31.

Accepted Answer

The answer of Prior to adjustment at August 31,2014,Salary Expense...

Question 9

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 columnsE) A) and B)
F) B) and C)

Question 10

After analyzing transactions,the next step would be to post the transactions in the ledger.

Accepted Answer

A) True 
 B)False

Question 11

Balance sheet accounts

Accepted Answer

A)  represent amounts accumulated during a specific period of time
B)  are called real accounts
C)  have zero balances after the closing entries have been posted
D)  are equal to assets and liabilitiesE) A) and D)
F) A) and C)

Question 12

A work sheet includes columns for

Accepted Answer

A)  adjusting entries
B)  closing entries
C)  reversing entries
D)  adjusting and closing entriesE) B) and C)
F) All of the above

Question 13

If the totals of the Income Statement debit and credit columns of a work sheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

If the totals of the Income Statement debit and credit columns of a work sheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

Correct Answer
verified

A work sheet includes columns for

Correct Answer
verified

Which account would not appear in the Balance Sheet columns of the work sheet?

Correct Answer
verified

After analyzing transactions,the next step would be to post the transactions in the ledger.

Correct Answer
verified

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Correct Answer
verified

On the work sheet,the capital stock and dividends account balances are extended to the Balance Sheet columns.

Correct Answer
verified

Unearned Fees appear on the

Correct Answer
verified

Which of the statements below indicates that a company earned a net income for the period?

Correct Answer
verified

Prior to adjustment at August 31,2014,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $7,200. Present the entries to record the following: (1)Accrued salaries as of August 31. (2)Closing of Salary Expense as of August 31.

Correct Answer
verified

Net income appears on the work sheet in the

Correct Answer
verified

The work sheet is considered a part of the formal accounting records.

Correct Answer
verified

Balance sheet accounts

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

If the totals of the Income Statement debit and credit columns of a work sheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

Correct AnswerverifiedShow Answer

A work sheet includes columns for

Correct AnswerverifiedShow Answer

Which account would not appear in the Balance Sheet columns of the work sheet?

Correct AnswerverifiedShow Answer

After analyzing transactions,the next step would be to post the transactions in the ledger.

Correct AnswerverifiedShow Answer

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Correct AnswerverifiedShow Answer

On the work sheet,the capital stock and dividends account balances are extended to the Balance Sheet columns.

Correct AnswerverifiedShow Answer

Unearned Fees appear on the

Correct AnswerverifiedShow Answer

Which of the statements below indicates that a company earned a net income for the period?

Correct AnswerverifiedShow Answer

Prior to adjustment at August 31,2014,Salary Expense has a debit balance of $298,500.Salaries owed but not paid as of the same date total $7,200. Present the entries to record the following: (1)Accrued salaries as of August 31. (2)Closing of Salary Expense as of August 31.

Correct AnswerverifiedShow Answer

Net income appears on the work sheet in the

Correct AnswerverifiedShow Answer

The work sheet is considered a part of the formal accounting records.

Correct AnswerverifiedShow Answer

Balance sheet accounts

Correct AnswerverifiedShow Answer

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