Question 1

On a worksheet,the adjusted balance of the Accumulated Depreciation account is extended to:

Accepted Answer

A)  the Income Statement Debit column. 
B)  the Income Statement Credit column. 
C)  the Balance Sheet Debit column. 
D)  the Balance Sheet Credit column. 
A)  the Income Statement Debit column. 
B)  the Income Statement Credit column. 
C)  the Balance Sheet Debit column. 
D)  the Balance Sheet Credit column.

Question 2

A consecutive,twelve-month accounting period is called a(n)

Accepted Answer

A)  accrual year. 
B)  fiscal year. 
C)  accounting year. 
D)  adjusted year. 
A)  accrual year. 
B)  fiscal year. 
C)  accounting year. 
D)  adjusted year.

Question 3

On a worksheet,the adjusted balance of Depreciation Expense is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column.

Accepted Answer

The answer of On a worksheet,the adjusted balance of Depreciation...

Question 4

An accumulated depreciation account is often referred to as a(n)____________________ asset account.

Accepted Answer

The answer of An accumulated depreciation account is often referred...

Question 5

The balance in the account Accumulated Depreciation,Equipment will

Accepted Answer

A)  be reported on the Income Statement. 
B)  be reported on the Statement of Owner's Equity. 
C)  will be reported on the Balance Sheet. 
D)  not appear on any financial statement. 
A)  be reported on the Income Statement. 
B)  be reported on the Statement of Owner's Equity. 
C)  will be reported on the Balance Sheet. 
D)  not appear on any financial statement.

Question 6

The adjusting entry to account for the expiration of prepaid advertising consists of

Accepted Answer

A)  a debit to Prepaid Advertising and a credit to Advertising Expense. 
B)  a debit to Advertising Expense and a credit to Accumulated Depreciation. 
C)  a debit to Prepaid Advertising and a credit to Accumulated Depreciation. 
D)  a debit to Advertising Expense and a credit to Prepaid Advertising. 
A)  a debit to Prepaid Advertising and a credit to Advertising Expense. 
B)  a debit to Advertising Expense and a credit to Accumulated Depreciation. 
C)  a debit to Prepaid Advertising and a credit to Accumulated Depreciation. 
D)  a debit to Advertising Expense and a credit to Prepaid Advertising.

Question 7

On June 1,Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building.Select the adjusting entry made on December 31,to record the amount of rent that had expired.

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 8

The balances of the revenue accounts are recorded in the Trial Balance Credit column,the Adjusted Trial Balance Credit column,and the Balance Sheet Credit column of the worksheet.

Accepted Answer

A) True 
 B)False

Question 9

The adjustments made on the worksheet

Accepted Answer

A)  are posted to the ledger but are not recorded in the journal. 
B)  are recorded in the journal but are not posted to the ledger. 
C)  need not be entered in the journal or the ledger. 
D)  are recorded in the journal and then posted to the general ledger accounts. 
A)  are posted to the ledger but are not recorded in the journal. 
B)  are recorded in the journal but are not posted to the ledger. 
C)  need not be entered in the journal or the ledger. 
D)  are recorded in the journal and then posted to the general ledger accounts.

Question 10

The balance of a liability account is extended to the Balance Sheet Credit column of the worksheet.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following statements is not correct?

Accepted Answer

A)  The difference between the total of the Income Statement Debit column and the total of the Income Statement Credit column of the worksheet represents either net income or net loss. 
B)  Net income is recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column. 
C)  Only the balances of accounts that are affected by adjustments must be recalculated before they are recorded in the Adjusted Trial Balance section of the worksheet. 
D)  If an account has a debit balance in the Trial Balance section of the worksheet and there is a credit entry in the Adjustments section,the credit amount is added when computing the balance to be shown in the Adjusted Trial Balance section of the worksheet. 
A)  The difference between the total of the Income Statement Debit column and the total of the Income Statement Credit column of the worksheet represents either net income or net loss. 
B)  Net income is recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column. 
C)  Only the balances of accounts that are affected by adjustments must be recalculated before they are recorded in the Adjusted Trial Balance section of the worksheet. 
D)  If an account has a debit balance in the Trial Balance section of the worksheet and there is a credit entry in the Adjustments section,the credit amount is added when computing the balance to be shown in the Adjusted Trial Balance section of the worksheet.

Question 12

On a worksheet,the adjusted balance of the Depreciation Expense account is extended to:

Accepted Answer

A)  the Income Statement Debit column. 
B)  the Income Statement Credit column. 
C)  the Balance Sheet Debit column. 
D)  the Balance Sheet Credit column. 
A)  the Income Statement Debit column. 
B)  the Income Statement Credit column. 
C)  the Balance Sheet Debit column. 
D)  the Balance Sheet Credit column.

Question 13

On the worksheet,the Balance Sheet columns should balance

Accepted Answer

A)  before the net income amount is added to the Balance Sheet Debit column. 
B)  after the net income amount is added to the Balance Sheet Debit column. 
C)  after the net income amount is added to the Balance Sheet Credit column. 
D)  before the net income amount is added to the Balance Sheet Credit column. 
A)  before the net income amount is added to the Balance Sheet Debit column. 
B)  after the net income amount is added to the Balance Sheet Debit column. 
C)  after the net income amount is added to the Balance Sheet Credit column. 
D)  before the net income amount is added to the Balance Sheet Credit column.

Question 14

If the prepaid expenses are not adjusted,assets on the balance sheet

Accepted Answer

A)  will be overstated. 
B)  will be understated. 
C)  will not be affected. 
D)  may be either overstated or understated. 
A)  will be overstated. 
B)  will be understated. 
C)  will not be affected. 
D)  may be either overstated or understated.

Question 15

Which of the following statements is correct?

Accepted Answer

A)  The cost of supplies used is reported on the statement of owner's equity. 
B)  The cost of supplies used represents an operating expense of the business. 
C)  Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. 
D)  At the time of their acquisition,prepaid expenses are recorded in expense accounts. 
A)  The cost of supplies used is reported on the statement of owner's equity. 
B)  The cost of supplies used represents an operating expense of the business. 
C)  Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet. 
D)  At the time of their acquisition,prepaid expenses are recorded in expense accounts.

Question 16

The process of updating accounts at the end of an accounting period for previously unrecorded items that belong to the period is referred to as making ____________________.

Accepted Answer

adjustment

Exam 5: Adjustments and the Worksheet

On a worksheet,the adjusted balance of the Accumulated Depreciation account is extended to:

A consecutive,twelve-month accounting period is called a(n)

On a worksheet,the adjusted balance of Depreciation Expense is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column.

An accumulated depreciation account is often referred to as a(n)____________________ asset account.

The balance in the account Accumulated Depreciation,Equipment will

The adjusting entry to account for the expiration of prepaid advertising consists of

On June 1,Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building.Select the adjusting entry made on December 31,to record the amount of rent that had expired.

The balances of the revenue accounts are recorded in the Trial Balance Credit column,the Adjusted Trial Balance Credit column,and the Balance Sheet Credit column of the worksheet.

The adjustments made on the worksheet

The balance of a liability account is extended to the Balance Sheet Credit column of the worksheet.

Which of the following statements is not correct?

On a worksheet,the adjusted balance of the Depreciation Expense account is extended to:

On the worksheet,the Balance Sheet columns should balance

If the prepaid expenses are not adjusted,assets on the balance sheet

Which of the following statements is correct?

The process of updating accounts at the end of an accounting period for previously unrecorded items that belong to the period is referred to as making ____________________.

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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