Question 1

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

Accepted Answer

A)   Fees Earned
B)   Supplies Expense
C)   Dividends
D)   Unearned RentE) A) and B)
F) B) and C)

Question 2

The classified balance sheet will subsection the assets as follows

Accepted Answer

A)   Current Assets and Other Assets
B)   Current Assets and Property, Plant, and Equipment
C)   Current Assets and Long-Term Assets
D)   Other Assets and Property, Plant, and EquipmentE) A) and B)
F) A) and D)

Question 3

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

Accepted Answer

A)   $22,530
B)   $8,830
C)   $21,430
D)   $8,130E) A) and C)
F) None of the above

Question 4

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 5

Hakik Enterprises offers rug cleaning services to business clients. Below is the work sheet containing the trial balance for the month ended July 31, 2012.
  Journalize adjusting entries based on the work sheet trial balance and the adjustment data provided below.
a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation.
b) Accrued wages, $2.
c) Unused supplies on hand, $8.
d) Of the unearned revenue, 75% has been earned.
e) Unexpired insurance remaining at the end of the month, $9

Accepted Answer

The answer of Hakik Enterprises offers rug cleaning services to...

Question 6

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 $85,300, respectively. What is the amount of the net income or net loss for the period?

Accepted Answer

A)   $7,800 net income
B)   $7,800 net loss
C)   $85,300 net income
D)   $77,500 net lossE) A) and C)
F) A) and D)

Question 7

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Accepted Answer

The answer of The balances for the accounts listed below...

Question 8

Marcus Enterprises began in 2011 when Damien Marcus invested $8,000 in exchange for capital stock. The following is the work sheet for the company at the end of the first year in business.
Marcus Enterprises
Work Sheet
For the Year Ended December 31, 2011
  Prepare an income statement, retained earnings statement, and classified balance sheet for Marcus Enterprises for the year ended December 31, 2011.

Accepted Answer

Marcus Enterprises
Income Statement
For ...

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Real accounts are permanent accounts.

Accepted Answer

A) True 
 B)False

Question 11

The post-closing trial balance will generally have fewer accounts than the trial balance.

Accepted Answer

A) True 
 B)False

Question 12

Journalizing and posting closing entries must be completed before financial statements can be prepared.

Accepted Answer

A) True 
 B)False

Question 13

After the accounts were adjusted at January 31, 2010, the end of the fiscal year, the following balances were taken from the ledger of Taylor Pool Service Company:
  Journalize the four entries required to close the accounts

Accepted Answer

The answer of After the accounts were adjusted at January...

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

A work sheet heading is dated for a period of time.

Accepted Answer

A) True 
 B)False

Question 16

Use the work sheet for Finley Company to answer the questions that follow.  The entry to close Dividends would be

Accepted Answer

A)   debit Retained Earnings, $3,000; credit Dividends, $3,000
B)   debit Retained Earnings, $12,000; credit Dividends, $12,000
C)   debit Dividends, $3,000; credit Retained Earnings, $3,000
D)   debit Dividends, $12,000; credit Retained Earnings, $12,000E) None of the above
F) A) and B)

Exam 4: Completing the Accounting Cycle

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
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Correct Answer
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Marcus Enterprises
Income Statement
For ...
View Answer

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 $85,300, respectively. What is the amount of the net income or net loss for the period?

Correct Answer
verified

Journalizing and posting closing entries must be completed before financial statements can be prepared.

Correct Answer
verified

After the accounts were adjusted at January 31, 2010, the end of the fiscal year, the following balances were taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

Correct Answer
verified

A work sheet heading is dated for a period of time.

Correct Answer
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Real accounts are permanent accounts.

Correct Answer
verified

The post-closing trial balance will generally have fewer accounts than the trial balance.

Correct Answer
verified

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

Correct Answer
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The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Correct Answer
verified

The classified balance sheet will subsection the assets as follows

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

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

Correct AnswerverifiedMarcus EnterprisesIncome StatementFor ...View AnswerShow Answer

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 $85,300, respectively. What is the amount of the net income or net loss for the period?

Correct AnswerverifiedShow Answer

Journalizing and posting closing entries must be completed before financial statements can be prepared.

Correct AnswerverifiedShow Answer

After the accounts were adjusted at January 31, 2010, the end of the fiscal year, the following balances were taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

Correct AnswerverifiedShow Answer

A work sheet heading is dated for a period of time.

Correct AnswerverifiedShow Answer

Real accounts are permanent accounts.

Correct AnswerverifiedShow Answer

The post-closing trial balance will generally have fewer accounts than the trial balance.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

Correct AnswerverifiedShow Answer

The classified balance sheet will subsection the assets as follows

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Marcus Enterprises
Income Statement
For ...
View Answer

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