Question 1

Any 12-month accounting period adopted by a company is known as its fiscal year.

Accepted Answer

A) True 
 B)False

Question 2

Match each journal entry that follows as one of the types of journal entries (a-c)  below.
-

Accepted Answer

A)  Journal entries
B)  Adjusting journal entries
C)  Closing journal entriesD) None of the above
E) All of the above

Question 3

The drawing account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 4

The chart of accounts,the journal,and the ledger are essential parts of the accounting system.

Accepted Answer

A) True 
 B)False

Question 5

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

Accepted Answer

A) True 
 B)False

Question 6

Use the following end-of-period spreadsheet to answer the questions that follow.
​
​
  ​
-Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

Accepted Answer

A)  debit C. Finley, Capital, $3,000; credit C. Finley, Drawing, $3,000
B)  debit C. Finley, Capital, $12,000; credit C. Finley, Drawing, $12,000
C)  debit C. Finley, Drawing, $3,000; credit C. Finley, Capital, $3,000
D)  debit C. Finley, Drawing, $12,000; credit C. Finley, Capital, $12,000E) None of the above
F) B) and D)

Question 7

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows:​  Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.

Accepted Answer

The answer of The balances in the ledger of Good...

Question 8

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 D)
F) None of the above

Question 9

Net income appears on the end-of-period spreadsheet 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 C)
F) None of the above

Question 10

Match each journal entry that follows as one of the types of journal entries (a-c)  below.
-

Accepted Answer

A)  Journal entries
B)  Adjusting journal entries
C)  Closing journal entriesD) B) and C)
E) A) and C)

Question 11

Use the adjusted trial balance for Stockton Company to answer the questions that follow.
​
 
-Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

Accepted Answer

A)  $12,150
B)  $15,730
C)  $6,480
D)  $21,400E) A) and D)
F) All of the above

Question 12

Prepaid insurance is reported on the balance sheet as a

Accepted Answer

A)  current asset
B)  fixed asset
C)  current liability
D)  long-term liabilityE) C) and D)
F) A) and D)

Question 13

Wages are $37,500 per week for a five-day workweek,ending on Friday.The last payday of the year was Friday,June 26.Which of the following is correct for the reversing entry on July 1?

Accepted Answer

A)  credit Salaries Payable for $15,000
B)  debit Salaries Payable for $37,500
C)  debit Salaries Expense for $15,000
D)  credit Salaries Expense for $15,000E) B) and C)
F) A) and B)

Question 14

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet Debit and Credit columns is net income or net loss.

Accepted Answer

A) True 
 B)False

Question 15

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,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?

Accepted Answer

A)  $4,020 of net income
B)  $36,755 of net loss
C)  $4,020 of net loss
D)  $32,735 of net incomeE) A) and D)
F) B) and C)

Exam 4: Completing the Accounting Cycle

Any 12-month accounting period adopted by a company is known as its fiscal year.

Correct Answer
verified

Prepaid insurance is reported on the balance sheet as a

Correct Answer
verified

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet Debit and Credit columns is net income or net loss.

Correct Answer
verified

The chart of accounts,the journal,and the ledger are essential parts of the accounting system.

Correct Answer
verified

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows: Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.

Correct Answer
verified

The drawing account is a temporary account.

Correct Answer
verified

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Correct Answer
verified

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

Correct Answer
verified

Net income appears on the end-of-period spreadsheet in the

Correct Answer
verified

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

Correct Answer
verified

Wages are $37,500 per week for a five-day workweek,ending on Friday.The last payday of the year was Friday,June 26.Which of the following is correct for the reversing entry on July 1?

Correct Answer
verified

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Correct Answer
verified

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,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?

Correct Answer
verified

Accumulated Depreciation appears on the

Correct Answer
verified

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

Any 12-month accounting period adopted by a company is known as its fiscal year.

Correct AnswerverifiedShow Answer

Prepaid insurance is reported on the balance sheet as a

Correct AnswerverifiedShow Answer

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet Debit and Credit columns is net income or net loss.

Correct AnswerverifiedShow Answer

The chart of accounts,the journal,and the ledger are essential parts of the accounting system.

Correct AnswerverifiedShow Answer

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows:​ Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.

Correct AnswerverifiedShow Answer

The drawing account is a temporary account.

Correct AnswerverifiedShow Answer

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Correct AnswerverifiedShow Answer

Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ -Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

Correct AnswerverifiedShow Answer

Net income appears on the end-of-period spreadsheet in the

Correct AnswerverifiedShow Answer

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

Correct AnswerverifiedShow Answer

Wages are $37,500 per week for a five-day workweek,ending on Friday.The last payday of the year was Friday,June 26.Which of the following is correct for the reversing entry on July 1?

Correct AnswerverifiedShow Answer

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Correct AnswerverifiedShow Answer

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,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?

Correct AnswerverifiedShow Answer

Accumulated Depreciation appears on the

Correct AnswerverifiedShow Answer

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

Correct AnswerverifiedShow Answer

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The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows: Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

Correct Answer
verified