Question 1

Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense:

Accepted Answer

The answer of Indicate whether each of the following would...

Question 2

Use the adjusted trial balance for Stockton Company below 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) All of the above
F) B) and D)

Question 3

Prior to adjustment at August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.

Accepted Answer

The answer of Prior to adjustment at August 31, Salary...

Question 4

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) None of the above
F) All of the above

Question 5

Use this end-of-period spreadsheet to answer the questions that follow.
​
  ​
​
-The entry to close the dividends account 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) A) and C)
F) All of the above

Question 6

Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?

Accepted Answer

A)   Common Stock
B)   Service Revenue
C)   Unearned Revenue
D)   CashE) C) and D)
F) All of the above

Question 7

If the totals of the Income Statement Debit and Credit columns of an end-of-period spreadsheet are $27,000 and $29,000, respectively, after all account balances have been extended, the amount of the net loss is $2,000.

Accepted Answer

A) True 
 B)False

Question 8

Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
  ​
-Determine the net income (loss)  for the period.

Accepted Answer

A)   net income $9,250
B)   net loss $790
C)   net loss $5,670
D)   net income $3,580E) C) and D)
F) A) and B)

Question 9

An end-of-period spreadsheet heading is dated for a period of time.

Accepted Answer

A) True 
 B)False

Question 10

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 11

The income summary account is closed to the retained earnings account.

Accepted Answer

A) True 
 B)False

Question 12

The majority of businesses end their fiscal year on December 31.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?

Accepted Answer

A)   Rent Expense
B)   Fees Earned
C)   Income Summary
D)   Depreciation ExpenseE) C) and D)
F) A) and C)

Question 14

The balance sheet should be prepared

Accepted Answer

A)   before the income statement and the retained earnings statement
B)   before the income statement and after the retained earnings statement
C)   after the income statement and the retained earnings statement
D)   after the income statement and before the retained earnings statementE) B) and C)
F) A) and C)

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Match each journal entry that follows as one of the types of journal entries (a-c)  below.
-​Cash 450
Fees Earned 450

Accepted Answer

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

Question 17

Match each journal entry that follows as one of the types of journal entries (a-c)  below.
-​Dividends 215
Cash 215

Accepted Answer

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

Question 18

Match each journal entry that follows as one of the types of journal entries (a-c)  below.
-​Utilities Expense 430
Cash 430

Accepted Answer

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

Question 19

Which of the following is not an essential part of the accounting records?

Accepted Answer

A)   the journal
B)   the ledger
C)   the chart of accounts
D)   the end-of-period spreadsheetE) B) and C)
F) A) and B)

Question 20

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet:  
 Net income for the period is

Accepted Answer

A)   $5,500
B)   $11,900
C)   $17,400
D)   $8,700E) A) and C)
F) A) and B)

Exam 4: The Accounting Cycle

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

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

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The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Net income for the period is

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Use the adjusted trial balance for Stockton Company below to answer the questions that follow. ​ -Determine the net income (loss) for the period.

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An end-of-period spreadsheet heading is dated for a period of time.

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The balance sheet should be prepared

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Prior to adjustment at August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.

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The income summary account is closed to the retained earnings account.

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Which of the following is not an essential part of the accounting records?

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The majority of businesses end their fiscal year on December 31.

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Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Dividends 215 Cash 215

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If the totals of the Income Statement Debit and Credit columns of an end-of-period spreadsheet are $27,000 and $29,000, respectively, after all account balances have been extended, the amount of the net loss is $2,000.

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Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?

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Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?

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Journalizing and posting closing entries must be completed before financial statements can be 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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Use this end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -The entry to close the dividends account would be

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Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense:

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Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Cash 450 Fees Earned 450

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Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Utilities Expense 430 Cash 430

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

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Use the adjusted trial balance for Stockton Company below to answer the questions that follow. -Determine the net income (loss) for the period.

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Match each journal entry that follows as one of the types of journal entries (a-c) below. -Dividends 215 Cash 215

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Use this end-of-period spreadsheet to answer the questions that follow. -The entry to close the dividends account would be

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Match each journal entry that follows as one of the types of journal entries (a-c) below. -Cash 450 Fees Earned 450

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Match each journal entry that follows as one of the types of journal entries (a-c) below. -Utilities Expense 430 Cash 430

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