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Exam 4: The Accounting Cycle

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Question 21

Multiple Choice

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The statement of stockholders' equity should be prepared

A) before the income statement and after the balance sheet
B) before the income statement and balance sheet
C) after the income statement and balance sheet
D) after the income statement and before the balance sheet

E) C) and D)
F) B) and C)

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Question 22

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Examples of temporary accounts are Supplies and Prepaid Expenses, which are in the ledger for just a short time before they expire.

A) True
B) False

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Question 23

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This question has been removed by Cengage.

You have just accepted your first job out of college, which requires you to evaluate loan requests at Eastwood National Bank. The first loan request you receive is from Richard Enterprises. Richard Tracy, the CEO, is requesting $105,000 and brings you the following trial balance (or statement of accounts) for the first year of operations ended December 31.Which of the following accounts do you think might need to be adjusted before an accurate set of financial statements could be prepared?

The income statement will present

After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns.

Match each journal entry that follows with one of the types of journal entries (a-c) below. -Cash 450 Fees Earned 450 A)Journal entries B)Adjusting journal entries C)Closing journal entries

After all of the account balances have been extended to the Balance Sheet columns of the , the totals of the debit and credit columns show debits of $37,686 and credits of $41,101. This indicates that

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31: Prepare an income statement.

A summary of selected transactions in ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Net income for the period is

The current ratio is more useful than working capital in comparing across companies or with industry averages.

Notes receivable due in 390 days appear on the

Describe a classified balance sheet.

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Trucking: Prepare a classified balance sheet.​

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

Match each journal entry that follows with one of the types of journal entries (a-c) below. -Unearned Revenue 985 Fees Earned 985 A)Journal entries B)Adjusting journal entries C)Closing journal entries

Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. The entry required to close the revenue and expense accounts at the end of the period includes a

Closing entries are entered directly on the end-of-period spreadsheet.

After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the Debit and Credit columns are $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

The most important output of the accounting cycle is the financial statements.