Question 1

If the total debits exceed total credits in the balance sheet columns of the work sheet, owner's equity

Accepted Answer

A)  will increase because profit has occurred. 
B)  will decrease because a loss has occurred. 
C)  is in error because a mistake has occurred. 
D)  will not be affected. 
A)  will increase because profit has occurred. 
B)  will decrease because a loss has occurred. 
C)  is in error because a mistake has occurred. 
D)  will not be affected.

Question 2

After the closing entries are posted to the accounts, a trial balance will show balances only in the Balance Sheet Accounts.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following would NOT affect the acid-test ratio?

Accepted Answer

A)  increasing supplies 
B)  decreasing accounts receivable 
C)  increasing cash 
D)  decreasing accounts payable 
A)  increasing supplies 
B)  decreasing accounts receivable 
C)  increasing cash 
D)  decreasing accounts payable

Question 4

The Singh Company paid $630 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Receivable, $360. The correcting entry is

Accepted Answer

The answer of The Singh Company paid $630 on account...

Question 5

A post-closing trial balance will show

Accepted Answer

A)  zero balances for all accounts. 
B)  zero balances for balance sheet accounts. 
C)  only balance sheet accounts. 
D)  only income statement accounts. 
A)  zero balances for all accounts. 
B)  zero balances for balance sheet accounts. 
C)  only balance sheet accounts. 
D)  only income statement accounts.

Question 6

A liability is classified as a current liability if it is to be settled within one year from the balance sheet date or in the company's normal operating cycle.

Accepted Answer

A) True 
 B)False

Question 7

Under International Financial Reporting Standards, current assets may be shown after non current assets on the Balance Sheet.

Accepted Answer

A) True 
 B)False

Question 8

In order to close a revenue account, the

Accepted Answer

A)  income summary account should be credited. 
B)  income summary account should be debited. 
C)  owner's drawings account should be credited. 
D)  owner's drawings account should be debited. 
A)  income summary account should be credited. 
B)  income summary account should be debited. 
C)  owner's drawings account should be credited. 
D)  owner's drawings account should be debited.

Question 9

Match between columns
                        Premises: A temporary account used to close revenues and expenses
Entries to correct errors made in recording transactions
Balance sheet accounts whose balances are carried forward to the next period
Resources that are expected to be realized in cash, sold, or consumed within one year of the balance sheet
The exact opposite of an adjusting entry made in a previous period
Obligations expected to be paid after one year
A temporary account used to account for owner withdrawals
An optional tool that facilitates the preparation of financial statements
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account

Accepted Answer

The Answer of Income summary and Permanent accounts and Non-current is...

Question 10

Abbott Manufacturing Company's current ratio is 2:1. The company has $50,000 in current liabilities; current assets must be $25,000.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following steps in the accounting cycle would NOT generally be performed daily?

Accepted Answer

A)  Journalize transactions. 
B)  Post to ledger accounts. 
C)  Prepare adjusting entries. 
D)  Analyze business transactions. 
A)  Journalize transactions. 
B)  Post to ledger accounts. 
C)  Prepare adjusting entries. 
D)  Analyze business transactions.

If the total debits exceed total credits in the balance sheet columns of the work sheet, owner's equity

After the closing entries are posted to the accounts, a trial balance will show balances only in the Balance Sheet Accounts.

Which of the following would NOT affect the acid-test ratio?

The Singh Company paid $630 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Receivable, $360. The correcting entry is

A post-closing trial balance will show

A liability is classified as a current liability if it is to be settled within one year from the balance sheet date or in the company's normal operating cycle.

Under International Financial Reporting Standards, current assets may be shown after non current assets on the Balance Sheet.

In order to close a revenue account, the

Abbott Manufacturing Company's current ratio is 2:1. The company has $50,000 in current liabilities; current assets must be $25,000.

Which of the following steps in the accounting cycle would NOT generally be performed daily?

Accounting in Action

The Recording Process

Adjusting the Accounts

Accounting for Merchandising Operations

Inventory Costing

Internal Control and Cash

Long-Lived Assets

Current Liabilities

Accounting Principles

Accounting for Partnerships

Introduction to Corporations

Corporations: Additional Topics and Ifrs

Non-Current Liabilities

The Cash Flow Statement

Financial Statement Analysis

Investments

Filters

Exam 4: Completion of the Accounting Cycle

If the total debits exceed total credits in the balance sheet columns of the work sheet, owner's equity

After the closing entries are posted to the accounts, a trial balance will show balances only in the Balance Sheet Accounts.

Which of the following would NOT affect the acid-test ratio?

The Singh Company paid $630 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Receivable, $360. The correcting entry is

A post-closing trial balance will show

A liability is classified as a current liability if it is to be settled within one year from the balance sheet date or in the company's normal operating cycle.

Under International Financial Reporting Standards, current assets may be shown after non current assets on the Balance Sheet.

In order to close a revenue account, the

Abbott Manufacturing Company's current ratio is 2:1. The company has $50,000 in current liabilities; current assets must be $25,000.

Which of the following steps in the accounting cycle would NOT generally be performed daily?

Accounting in Action

The Recording Process

Adjusting the Accounts

Accounting for Merchandising Operations

Inventory Costing

Internal Control and Cash

Long-Lived Assets

Current Liabilities

Accounting Principles

Accounting for Partnerships

Introduction to Corporations

Corporations: Additional Topics and Ifrs

Non-Current Liabilities

The Cash Flow Statement

Financial Statement Analysis

Investments

Filters