Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Accepted Answer

A) True 
 B)False

Question 3

Cash and other assets that may reasonably be expected to be realized in cash,sold,or consumed through the normal operations of a business,usually longer than one year,are called current assets.

Accepted Answer

A) True 
 B)False

Question 4

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 owner's equity section
D)  income statement as revenueE) None of the above
F) A) and B)

Question 5

On the balance sheet,owner's equity is

Accepted Answer

A)  added to assets and the two are equal to liabilities
B)  added to liabilities and the two are equal to assets
C)  subtracted from liabilities and the net amount is equal to assets
D)  equal to the total of assets and liabilitiesE) None of the above
F) All of the above

Question 6

A net loss is shown on the work sheet in the Credit columns of both the Income Statement columns and the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 7

Use the following end-of-period spreadsheet to answer the questions that follow.
​
​
  ​
-Use the end-of-period spreadsheet for Finley Company.The ending balance in C.Finley,Capital is

Accepted Answer

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

Question 8

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 9

Use the adjusted trial balance for Stockton Company to answer the questions that follow.
​
 
-Use the adjusted trial balance for Stockton Company.Determine the total assets.

Accepted Answer

A)  $8,630
B)  $23,030
C)  $21,930
D)  $9,330E) A) and D)
F) A) and C)

Question 10

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Accepted Answer

The difference between the debits and cr...

Question 11

Which of the following accounts ordinarily appears in the post-closing trial balance?

Accepted Answer

A)  Fees Earned
B)  Supplies Expense
C)  Zane White, Drawing
D)  Unearned RentE) C) and D)
F) None of the above

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Banes Domino's Company,journalize the closing entries.

Accepted Answer

The answer of On the basis of the following data...

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

On March 1,a company collects revenue in advance for the next 12 months and credits a liability account.The adjusting entry at year-end on the work sheet would

Accepted Answer

A)  increase a liability account
B)  decrease an asset account
C)  decrease a revenue account
D)  decrease a liability accountE) B) and D)
F) C) and D)

Question 16

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Accepted Answer

A) True 
 B)False

Question 17

The end-of-period spreadsheet

Accepted Answer

A)  is an integral part of the accounting cycle
B)  eliminates the need to rewrite the financial statements
C)  is a working paper that is required
D)  is used to summarize account balances and adjustments for the financial statementsE) B) and C)
F) A) and B)

Question 18

If end-of-period spreadsheets are not considered part of the formal accounting records,why are they used?

Accepted Answer

The end-of-period spreadsheets...

Question 19

The natural business year is a

Accepted Answer

A)  fiscal year that ends when business activities are at their lowest point
B)  calendar year that ends when business activities are at their lowest point
C)  fiscal year that ends when business activities are at their highest point
D)  calendar year that ends when business activities are at their highest pointE) B) and C)
F) A) and C)

Question 20

Which of the following statements 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 end-of-period spreadsheet.
B)  The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet.
C)  The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet.
D)  Cash inflows exceed cash outflows.E) A) and C)
F) B) and C)

Exam 4: Completing the Accounting Cycle

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

Correct AnswerverifiedShow Answer

On the balance sheet,owner's equity is

Correct AnswerverifiedShow Answer

If end-of-period spreadsheets are not considered part of the formal accounting records,why are they used?

Correct AnswerverifiedThe end-of-period spreadsheets...View AnswerShow Answer

On March 1,a company collects revenue in advance for the next 12 months and credits a liability account.The adjusting entry at year-end on the work sheet would

Correct AnswerverifiedShow Answer

The natural business year is a

Correct AnswerverifiedShow Answer

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Correct AnswerverifiedShow Answer

Explain how net income or loss is determined by using the end-of-period spreadsheets.

Correct AnswerverifiedThe difference between the debits and cr...View AnswerShow Answer

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Banes Domino's Company,journalize the closing entries.

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 total assets.

Correct AnswerverifiedShow Answer

Unearned fees appear on the

Correct AnswerverifiedShow Answer

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Correct AnswerverifiedShow Answer

Which of the following accounts ordinarily appears in the post-closing trial balance?

Correct AnswerverifiedShow Answer

Cash and other assets that may reasonably be expected to be realized in cash,sold,or consumed through the normal operations of a business,usually longer than one year,are called current assets.

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 ending balance in C.Finley,Capital is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A net loss is shown on the work sheet in the Credit columns of both the Income Statement columns and the Balance Sheet columns.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The end-of-period spreadsheet

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The end-of-period spreadsheets...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The difference between the debits and cr...
View Answer

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 total assets.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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 ending balance in C.Finley,Capital is

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified