Question 1

Use the following worksheet to answer the following questions.  Based on the preceding trial balance, the ending balance in C.Finley, Capital is:

Accepted Answer

A)   $33,000
B)   $80,000
C)   $30,000
D)   $83,000E) B) and D)
F) All of the above

Question 2

In a computerized accounting system, a work sheet may be necessary because the software program automatically posts entries to the accounts and prepares financial statements.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Accepted Answer

A)   Salaries Expense
B)   Fees Earned
C)   Unearned Rent
D)   Depreciation ExpenseE) A) and B)
F) A) and C)

Question 4

The closing process is sometimes referred to as closing the books.

Accepted Answer

A) True 
 B)False

Question 5

The balances of the capital accounts from the Adjusted Trial Balance of the work sheet are extended to the Statement of Owner's Equity columns.

Accepted Answer

A) True 
 B)False

Question 6

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

Accepted Answer

A) True 
 B)False

Question 7

A work sheet includes columns for

Accepted Answer

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

Question 8

The accounting cycle begins with preparing an unadjusted trial balance.

Accepted Answer

A) True 
 B)False

Question 9

Closing entries are dated in the journal as of

Accepted Answer

A)   the date they are actually journalized, although they are generally prepared after the end of the accounting period
B)   the last day of the accounting period, although they are actually journalized after the end of the accounting period
C)   the first day of the accounting period, although they are actually journalized after the end of the accounting period
D)   the first day of the subsequent accounting periodE) A) and B)
F) A) and C)

Question 10

Which of the following is not an essential part of the accounting records?

Accepted Answer

A)   The journal
B)   The ledger
C)   The chart of accounts
D)   The work sheetE) C) and D)
F) All of the above

Question 11

The post-closing trial balance differs from the adjusted trial balance in that it

Accepted Answer

A)   does not take into account closing entries
B)   does not take into account adjusting entries
C)   does not include balance sheet accounts
D)   does not include income statement accountsE) B) and D)
F) C) and D)

Question 12

All income statement accounts will be closed at the end of the period.

Accepted Answer

A) True 
 B)False

Question 13

The income summary account is closed to the owner's capital account.

Accepted Answer

A) True 
 B)False

Question 14

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010.
  Prepare the entry required to close the revenue accounts at the end of the period.

Accepted Answer

The answer of Bob Evans owns a business, Beachside Realty,...

Question 15

When accounts do appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.

Accepted Answer

A) True 
 B)False

Question 16

Since the adjustments are entered on the work sheet, it is necessary to record them in the journal or post them to the ledger.

Accepted Answer

A) True 
 B)False

Question 17

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions.  Determine the total liabilities for the period.

Accepted Answer

A)   $1,900
B)   $6,200
C)   $4,300
D)   $20,240E) A) and B)
F) A) and C)

Question 18

The following are all the steps in the accounting cycle. List them in the order in which they should be done.
- Closing entries are journalized and posted to the ledger.
- An unadjusted trial balance is prepared.
- An optional end-of-period spreadsheet (work sheet) is prepared.
- A post-closing trial balance is prepared.
- Adjusting entries are journalized and posted to the ledger.
- Transactions are analyzed and recorded in the journal.
- Adjustment data are assembled and analyzed.
- Financial statements are prepared.
- An adjusted trial balance is prepared.
- Transactions are posted to the ledger.

Accepted Answer

The answer of The following are all the steps in...

Question 19

There are four closing entries. The first one is to close ____, the second one is to close ____, the third one is to close ____, and the last one is to close ____.

Accepted Answer

A)   Revenues, expenses, income summary, drawing account
B)   Expenses, assets, income summary, capital account
C)   Capital account, drawing account, income summary, assets
D)   Drawing account, income summary, expenses, revenuesE) A) and C)
F) All of the above

Question 20

The classified Balance Sheet will divide its Liabilities Section as the following subsections

Accepted Answer

A)   Current Liabilities and Long-Term Liabilities
B)   Current Liabilities and Other Liabilities
C)   Other Liabilities and Long-Term Liabilities
D)   Present Liabilities and Tomorrow's LiabilitiesE) A) and B)
F) A) and D)

Exam 4: Completing the Accounting Cycle

The balances of the capital accounts from the Adjusted Trial Balance of the work sheet are extended to the Statement of Owner's Equity columns.

Correct Answer
verified

Which of the following is not an essential part of the accounting records?

Correct Answer
verified

The closing process is sometimes referred to as closing the books.

Correct Answer
verified

Use the following worksheet to answer the following questions. Based on the preceding trial balance, the ending balance in C.Finley, Capital is:

Correct Answer
verified

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Correct Answer
verified

The post-closing trial balance differs from the adjusted trial balance in that it

Correct Answer
verified

Correct Answer
verified

The accounting cycle begins with preparing an unadjusted trial balance.

Correct Answer
verified

All income statement accounts will be closed at the end of the period.

Correct Answer
verified

A work sheet includes columns for

Correct Answer
verified

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine the total liabilities for the period.

Correct Answer
verified

There are four closing entries. The first one is to close , the second one is to close , the third one is to close , and the last one is to close .

Correct Answer
verified

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

Correct Answer
verified

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry required to close the revenue accounts at the end of the period.

Correct Answer
verified

The income summary account is closed to the owner's capital account.

Correct Answer
verified

Closing entries are dated in the journal as of

Correct Answer
verified

In a computerized accounting system, a work sheet may be necessary because the software program automatically posts entries to the accounts and prepares financial statements.

Correct Answer
verified

The classified Balance Sheet will divide its Liabilities Section as the following subsections

Correct Answer
verified

When accounts do appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.

Correct Answer
verified

Since the adjustments are entered on the work sheet, it is necessary to record them in the journal or post them to the ledger.

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

The balances of the capital accounts from the Adjusted Trial Balance of the work sheet are extended to the Statement of Owner's Equity columns.

Correct AnswerverifiedShow Answer

Which of the following is not an essential part of the accounting records?

Correct AnswerverifiedShow Answer

The closing process is sometimes referred to as closing the books.

Correct AnswerverifiedShow Answer

Use the following worksheet to answer the following questions. Based on the preceding trial balance, the ending balance in C.Finley, Capital is:

Correct AnswerverifiedShow Answer

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Correct AnswerverifiedShow Answer

The post-closing trial balance differs from the adjusted trial balance in that it

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The accounting cycle begins with preparing an unadjusted trial balance.

Correct AnswerverifiedShow Answer

All income statement accounts will be closed at the end of the period.

Correct AnswerverifiedShow Answer

A work sheet includes columns for

Correct AnswerverifiedShow Answer

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine the total liabilities for the period.

Correct AnswerverifiedShow Answer

There are four closing entries. The first one is to close ____, the second one is to close ____, the third one is to close ____, and the last one is to close ____.

Correct AnswerverifiedShow Answer

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

Correct AnswerverifiedShow Answer

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry required to close the revenue accounts at the end of the period.

Correct AnswerverifiedShow Answer

The income summary account is closed to the owner's capital account.

Correct AnswerverifiedShow Answer

Closing entries are dated in the journal as of

Correct AnswerverifiedShow Answer

In a computerized accounting system, a work sheet may be necessary because the software program automatically posts entries to the accounts and prepares financial statements.

Correct AnswerverifiedShow Answer

The classified Balance Sheet will divide its Liabilities Section as the following subsections

Correct AnswerverifiedShow Answer

When accounts do appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.

Correct AnswerverifiedShow Answer

Since the adjustments are entered on the work sheet, it is necessary to record them in the journal or post them to the ledger.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

There are four closing entries. The first one is to close , the second one is to close , the third one is to close , and the last one is to close .

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified