Question 1

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:  Net income for the period is

Accepted Answer

A)   $3,200
B)   $12,100
C)   $17,400
D)   $8,900E) A) and B)
F) All of the above

Question 2

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Accepted Answer

A) True 
 B)False

Question 3

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

Question 4

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2010 for Finnegan Co.:
  Prepare an income statement.

Accepted Answer

The answer of The following accounts were taken from the...

Question 5

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

Accepted Answer

A) True 
 B)False

Question 6

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Accepted Answer

A) True 
 B)False

Question 7

After the accounts have been adjusted at January 31, 2014, the end of the fiscal year, the following balances are taken from the ledger of Taylor Pool Service Company:
  Journalize the four entries required to close the accounts

Accepted Answer

The answer of After the accounts have been adjusted at...

Question 8

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Accepted Answer

The answer of The balances for the accounts listed below...

Question 9

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.

Accepted Answer

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

Question 10

The unadjusted, adjusted, and final trial balances are prepared during the accounting cycle of a period.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?

Accepted Answer

A)   Rent Expense
B)   Fees Earned
C)   Income Summary
D)   Depreciation ExpenseE) All of the above
F) B) and C)

Question 12

The entry to close the appropriate insurance account at the end of the accounting period is

Accepted Answer

A)   debit Income Summary; credit Prepaid Insurance
B)   debit Prepaid Insurance; credit Income Summary
C)   debit Insurance Expense; credit Income Summary
D)   debit Income Summary; credit Insurance ExpenseE) B) and C)
F) None of the above

Question 13

Accumulated Depreciation appears on the

Accepted Answer

A)   balance sheet in the current assets section
B)   balance sheet in the property, plant and equipment section
C)   balance sheet in the long-term liabilities section
D)   income statement as an operating expenseE) A) and B)
F) A) and C)

Question 14

The last step of the accounting cycle is to prepare a post-closing trial balance.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

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.

Correct Answer
verified

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Correct Answer
verified

The entry to close the appropriate insurance account at the end of the accounting period is

Correct Answer
verified

Accumulated Depreciation appears on the

Correct Answer
verified

After the accounts have been adjusted at January 31, 2014, the end of the fiscal year, the following balances are taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

Correct Answer
verified

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2010 for Finnegan Co.: Prepare an income statement.

Correct Answer
verified

The unadjusted, adjusted, and final trial balances are prepared during the accounting cycle of a period.

Correct Answer
verified

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Correct Answer
verified

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is

Correct Answer
verified

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Correct Answer
verified

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?

Correct Answer
verified

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

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

Correct Answer
verified

The last step of the accounting cycle is to prepare a post-closing trial balance.

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

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.

Correct AnswerverifiedShow Answer

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Correct AnswerverifiedShow Answer

The entry to close the appropriate insurance account at the end of the accounting period is

Correct AnswerverifiedShow Answer

Accumulated Depreciation appears on the

Correct AnswerverifiedShow Answer

After the accounts have been adjusted at January 31, 2014, the end of the fiscal year, the following balances are taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

Correct AnswerverifiedShow Answer

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2010 for Finnegan Co.: Prepare an income statement.

Correct AnswerverifiedShow Answer

The unadjusted, adjusted, and final trial balances are prepared during the accounting cycle of a period.

Correct AnswerverifiedShow Answer

Journalizing and posting the adjustments and closing entries updates the ledger for the new accounting period.

Correct AnswerverifiedShow Answer

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is

Correct AnswerverifiedShow Answer

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

Correct AnswerverifiedShow Answer

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?

Correct AnswerverifiedShow Answer

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

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

Correct AnswerverifiedShow Answer

The last step of the accounting cycle is to prepare a post-closing trial balance.

Correct AnswerverifiedShow Answer

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