Question 1

Unearned Fees appear on the

Accepted Answer

A) balance sheet in the current assets section 
B) balance sheet as a current liability 
C) balance sheet in the stockholders' equity section 
D) income statement as revenue 
A) balance sheet in the current assets section 
B) balance sheet as a current liability 
C) balance sheet in the stockholders' equity section 
D) income statement as revenue

Question 2

Which of the following account groups are temporary accounts?

Accepted Answer

A) Cash, Dividends, Wages Payable 
B) Prepaid Insurance, Equipment, Fees Earned 
C) Common Stock, Dividends, Retained Earnings 
D) Rent Revenue, Fees Earned, Miscellaneous Expense 
A) Cash, Dividends, Wages Payable 
B) Prepaid Insurance, Equipment, Fees Earned 
C) Common Stock, Dividends, Retained Earnings 
D) Rent Revenue, Fees Earned, Miscellaneous Expense

Question 3

An end-of-period spreadsheet includes columns for

Accepted Answer

A) adjusting entries 
B) closing entries 
C) reversing entries 
D) adjusting and closing entries 
A) adjusting entries 
B) closing entries 
C) reversing entries 
D) adjusting and closing entries

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Which of the statements below indicates that a company earned a net income for the period?

Accepted Answer

A) The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-period spreadsheet. 
B) The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet. 
C) The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet. 
D) Cash inflows exceed cash outflows. 
A) The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-period spreadsheet. 
B) The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet. 
C) The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet. 
D) Cash inflows exceed cash outflows.

Question 6

The classified balance sheet will show which liability subsections?

Accepted Answer

A) current liabilities and long-term liabilities 
B) current liabilities and other liabilities 
C) other liabilities and long-term liabilities 
D) present liabilities and tomorrow's liabilities 
A) current liabilities and long-term liabilities 
B) current liabilities and other liabilities 
C) other liabilities and long-term liabilities 
D) present liabilities and tomorrow's liabilities

Question 7

The accounting cycle begins with preparing an unadjusted trial balance.

Accepted Answer

A) True 
 B)False

Question 8

The following accounts appear in an adjusted trial balance of Blaine Auto Service Company. Indicate whether each account would be reported in the (a) current assets, (b) property, plant, and equipment, (c) current liabilities, (d) long-term liabilities, or (e) stockholders' equity section of the December 31 balance sheet of Blaine Auto Service Company.
1.Retained Earnings
2.Accumulated Depreciation
3.Unearned Revenues
4.Mortgage Payable
5.Equipment
6.Notes Payable (due in two years)
7.Cash
8.Accounts Receivable

Accepted Answer

1.(e) Stockholders' equity
2.(b) Propert

Question 9

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

Accepted Answer

A) True 
 B)False

Question 10

After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must

Accepted Answer

A) be the same amount as the total amount of the Income Statement Debit and Credit columns 
B) equal each other 
C) be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns 
D) not be equal to each other and need not be the same total amounts as any other pair of columns on the end-of-period spreadsheet 
A) be the same amount as the total amount of the Income Statement Debit and Credit columns 
B) equal each other 
C) be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns 
D) not be equal to each other and need not be the same total amounts as any other pair of columns on the end-of-period spreadsheet

Question 11

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

Accepted Answer

A) The adjusted trial balance will show the net income (loss) as an additional account. 
B) Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance. 
C) The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. 
D) The adjusted trial balance will be used to record the adjustments for the period. 
A) The adjusted trial balance will show the net income (loss) as an additional account. 
B) Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance. 
C) The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. 
D) The adjusted trial balance will be used to record the adjustments for the period.

Unearned Fees appear on the

Which of the following account groups are temporary accounts?

An end-of-period spreadsheet includes columns for

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

Which of the statements below indicates that a company earned a net income for the period?

The classified balance sheet will show which liability subsections?

The accounting cycle begins with preparing an unadjusted trial balance.

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting for Retail Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current, Installment Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Support Department and Joint Cost Allocation

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

The Balanced Scorecard and Corporate Social Responsibility

Investments

Filters

Exam 4: The Accounting Cycle

Unearned Fees appear on the

Which of the following account groups are temporary accounts?

An end-of-period spreadsheet includes columns for

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

Which of the statements below indicates that a company earned a net income for the period?

The classified balance sheet will show which liability subsections?

The accounting cycle begins with preparing an unadjusted trial balance.

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting for Retail Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current, Installment Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Support Department and Joint Cost Allocation

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

The Balanced Scorecard and Corporate Social Responsibility

Investments

Filters