Question 1

The balances in the ledger of Good Landscape Services as of January 31,2014 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 2

During the end-of-period processing,which of the following best describes the logical order of steps?

Accepted Answer

A)  preparation of adjustments,adjusted trial balance,financial statements
B)  preparation of income statement,adjusted trial balance,balance sheet
C)  preparation of adjusted trial balance,cross-referencing,journalizing
D)  preparation of adjustments,adjusted trial balance,postingE) C) and D)
F) None of the above

Question 3

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014.

The entry required to close the expense accounts at the end of the period includes a:

Accepted Answer

A)  a debit to Income Summary for $35,520
B)  a credit to Income Summary for $35,520
C)  a debit to Income Summary for $33,520
D)  a credit to Income Summary for $33,520E) A) and B)
F) None of the above

Question 4

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.

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 5

Real accounts are permanent accounts.

Accepted Answer

A) True 
 B)False

Question 6

The retained earnings statement begins with the beginning balance followed by

Accepted Answer

A)  net income (loss) and dividends
B)  net income (loss) and issuances of capital stock
C)  issuances of capital stock and dividends
D)  issuances of capital stock,net income (loss) ,and dividendsE) A) and B)
F) A) and C)

Question 7

The following is the adjusted trial balance for Sandeep Company.
  
Prepare closing entries and the post closing trial balance.

Accepted Answer

The answer of The following is the adjusted trial balance...

Question 8

The following are steps in the accounting cycle.Of the following,which would be prepared last?

Accepted Answer

A)  An adjusted trial balance is prepared.
B)  Transactions are posted to the ledger.
C)  An unadjusted trial balance is prepared.
D)  Adjusting entries are journalized and posted to the ledger.E) All of the above
F) A) and B)

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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 11

Current liabilities are those liabilities that

Accepted Answer

A)  will be paid in less than one year
B)  are due to be paid in 5 to 10 years
C)  are due to be paid in more than one year
D)  are owed to the stockholders and will never be paidE) All of the above
F) A) and B)

Question 12

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 13

A post-closing trial balance should be prepared before the financial statements are prepared.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

After all of the account balances have been extended to the Income Statement columns of the work sheet,the totals of the debit and credit columns are $77,500 and $83,900,respectively.What is the amount of the net income or net loss for the period?

Accepted Answer

A)  $6,400 net income
B)  $6,400 net loss
C)  $83,900 net income
D)  $77,500 net lossE) A) and B)
F) A) and C)

Question 16

The natural business year

Accepted Answer

A)  is a fiscal year that ends when business activities are at its lowest point.
B)  is a calendar year that ends when business activities are at its lowest point.
C)  is a fiscal year that ends when business activities are at its highest point.
D)  is a calendar year that ends when business activities are at its highest point.E) C) and D)
F) B) and D)

Question 17

Balance Sheet accounts are considered real accounts.

Accepted Answer

A) True 
 B)False

Question 18

Land is an example of a plant asset.

Accepted Answer

A) True 
 B)False

Question 19

Financial statements should be prepared before the closing entries are journalized and posted.

Accepted Answer

A) True 
 B)False

Question 20

Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014.

The entry required to close the revenue accounts at the end of the period includes a:

Accepted Answer

A)  debit to Income Summary for $37,000
B)  credit to Income Summary for $38,300
C)  debit to Income Summary for $38,200
D)  credit to Income Summary for $37,000E) C) and D)
F) A) and B)

Exam 4: Completing the Accounting Cycle

The following is the adjusted trial balance for Sandeep Company. Prepare closing entries and the post closing trial balance.

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Current liabilities are those liabilities that

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Financial statements should be prepared before the closing entries are journalized and posted.

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Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014. The entry required to close the revenue accounts at the end of the period includes a:

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Bob Evans owns a business,Beachside Realty,that rents condominiums and furnishings.Below is the adjusted trial balance at December 31,2014. The entry required to close the expense accounts at the end of the period includes a:

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The balances in the ledger of Good Landscape Services as of January 31,2014 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.

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

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

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Land is an example of a plant asset.

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

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Balance Sheet accounts are considered real accounts.

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After all of the account balances have been extended to the Income Statement columns of the work sheet,the totals of the debit and credit columns are $77,500 and $83,900,respectively.What is the amount of the net income or net loss for the period?

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A post-closing trial balance should be prepared before the financial statements are prepared.

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During the end-of-period processing,which of the following best describes the logical order of steps?

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Real accounts are permanent accounts.

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The following are steps in the accounting cycle.Of the following,which would be prepared last?

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The retained earnings statement begins with the beginning balance followed by

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The natural business year

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

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

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