Question 1

In the accounting cycle, the last step is

Accepted Answer

A)  ​preparing the financial statements 
B)  ​journalizing and posting the adjusting entries 
C)  ​preparing a post-closing trial balance 
D)  ​journalizing and posting the closing entires 
A)  ​preparing the financial statements 
B)  ​journalizing and posting the adjusting entries 
C)  ​preparing a post-closing trial balance 
D)  ​journalizing and posting the closing entires

Question 2

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end.   ​ The balance in retained earnings that will appear on the financial statements is

Accepted Answer

A)  $62,000 
B)  $57,000 
C)  $205,500 
D)  $85,500 
A)  $62,000 
B)  $57,000 
C)  $205,500 
D)  $85,500

Question 3

Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
   ​
-Determine the current assets.

Accepted Answer

A)  $23,030 
B)  $10,330 
C)  $21,930 
D)  $8,630 
A)  $23,030 
B)  $10,330 
C)  $21,930 
D)  $8,630

Question 4

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

Accepted Answer

A)  the word "Total" written at the bottom of each pair of columns 
B)  the double rule under each pair of columns 
C)  the circles around each total 
D)  the final figures written in ink 
A)  the word "Total" written at the bottom of each pair of columns 
B)  the double rule under each pair of columns 
C)  the circles around each total 
D)  the final figures written in ink

Question 5

A net loss appears on the end-of-period spreadsheet in the

Accepted Answer

A)  debit column of the Balance Sheet columns 
B)  credit column of the Balance Sheet columns 
C)  debit column of the Income Statement columns 
D)  credit column of the Adjustments columns 
A)  debit column of the Balance Sheet columns 
B)  credit column of the Balance Sheet columns 
C)  debit column of the Income Statement columns 
D)  credit column of the Adjustments columns

Question 6

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 7

Describe a classified balance sheet.

Accepted Answer

A classified balance sheet shows subsect

Question 8

Cross-referencing is useful in assuring that the debits and credits are in balance.

Accepted Answer

A) True 
 B)False

Question 9

The natural business year is a

Accepted Answer

A)  fiscal year that ends when business activities are at their lowest point 
B)  calendar year that ends when business activities are at their lowest point 
C)  fiscal year that ends when business activities are at their highest point 
D)  calendar year that ends when business activities are at their highest point 
A)  fiscal year that ends when business activities are at their lowest point 
B)  calendar year that ends when business activities are at their lowest point 
C)  fiscal year that ends when business activities are at their highest point 
D)  calendar year that ends when business activities are at their highest point

Question 10

The totals of the Adjusted Trial Balance columns on an end-of-period spreadsheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Accepted Answer

A) True 
 B)False

Question 11

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 Rent 
A)  Fees Earned 
B)  Supplies Expense 
C)  Dividends 
D)  Unearned Rent

Question 12

On the end-of-period spreadsheet, the common stock and dividends account balances are extended to the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 13

The accumulated depreciation account is closed to the income summary account.

Accepted Answer

A) True 
 B)False

In the accounting cycle, the last step is

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. The balance in retained earnings that will appear on the financial statements is

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

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

A net loss appears on the end-of-period spreadsheet in the

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

Describe a classified balance sheet.

Cross-referencing is useful in assuring that the debits and credits are in balance.

The natural business year is a

The totals of the Adjusted Trial Balance columns on an end-of-period spreadsheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

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

On the end-of-period spreadsheet, the common stock and dividends account balances are extended to the Balance Sheet columns.

The accumulated depreciation account is closed to the income summary account.

Accounting and Business

Double-Entry Accounting

Adjustments: Accruals and Deferrals

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

Investments

Filters

Exam 4: The Accounting Cycle

In the accounting cycle, the last step is

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. ​ The balance in retained earnings that will appear on the financial statements is

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. ​ -Determine the current assets.

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

A net loss appears on the end-of-period spreadsheet in the

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

Describe a classified balance sheet.

Cross-referencing is useful in assuring that the debits and credits are in balance.

The natural business year is a

The totals of the Adjusted Trial Balance columns on an end-of-period spreadsheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

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

On the end-of-period spreadsheet, the common stock and dividends account balances are extended to the Balance Sheet columns.

The accumulated depreciation account is closed to the income summary account.

Accounting and Business

Double-Entry Accounting

Adjustments: Accruals and Deferrals

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

Investments

Filters

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. The balance in retained earnings that will appear on the financial statements is

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