Question 1

Closing entries are entered directly on the end-of-period spreadsheet.

Accepted Answer

A) True 
 B)False

Question 2

Office Equipment is an example of a current asset account.

Accepted Answer

A) True 
 B)False

Question 3

On the basis of the following data taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the year ended March 31 for Banes Domino's Corporation, journalize the four closing entries.

Accepted Answer

The answer of On the basis of the following data...

Question 4

When the end-of-period spreadsheet is complete, the adjustment columns should have

Accepted Answer

A)  total credits greater than total debits if a net income was earned 
B)  total debits greater than total credits if a net loss was incurred 
C)  total debits greater than total credits if a net income was earned 
D)  total debits equal to total credits 
A)  total credits greater than total debits if a net income was earned 
B)  total debits greater than total credits if a net loss was incurred 
C)  total debits greater than total credits if a net income was earned 
D)  total debits equal to total credits

Question 5

The post-closing trial balance will generally have fewer accounts than the trial balance.

Accepted Answer

A) True 
 B)False

Question 6

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31.   ​
Prepare the entry required to close the expense accounts at the end of the period.

Accepted Answer

The answer of Beachside Realty rents condominiums and furnishings. Below...

Question 7

Closing entries

Accepted Answer

A)  need not be journalized if adjusting entries are prepared 
B)  need not be posted if the financial statements are prepared from the end-of-period spreadsheet 
C)  are not needed if adjusting entries are prepared 
D)  must be journalized and posted 
A)  need not be journalized if adjusting entries are prepared 
B)  need not be posted if the financial statements are prepared from the end-of-period spreadsheet 
C)  are not needed if adjusting entries are prepared 
D)  must be journalized and posted

Question 8

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Accepted Answer

A)  Utilities Expense 
B)  Fees Earned 
C)  Prepaid Insurance 
D)  Insurance Expense 
A)  Utilities Expense 
B)  Fees Earned 
C)  Prepaid Insurance 
D)  Insurance Expense

Question 10

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31.   ​
Prepare the entry required to close the Dividends account at the end of the period.

Accepted Answer

The answer of Beachside Realty rents condominiums and furnishings. Below...

Question 11

The current ratio is more useful than working capital in comparing across companies or with industry averages.

Accepted Answer

A) True 
 B)False

Question 12

Use this end-of-period spreadsheet to answer the questions that follow.
​
   ​
​
-The entry to close Income Summary would be

Accepted Answer

A)  debit Common Stock, $50,000; credit Income Summary, $50,000 
B)  debit Income Summary, $155,000; credit Common Stock, $155,000 
C)  debit Income Summary, $50,000; credit Retained Earnings, $50,000 
D)  debit Common Stock, $9,000; credit Income Summary, $9,000 
A)  debit Common Stock, $50,000; credit Income Summary, $50,000 
B)  debit Income Summary, $155,000; credit Common Stock, $155,000 
C)  debit Income Summary, $50,000; credit Retained Earnings, $50,000 
D)  debit Common Stock, $9,000; credit Income Summary, $9,000

Question 13

The entry to close the appropriate insurance account at the end of the accounting period is

Accepted Answer

A)  debit Income Summary; credit Prepaid Insurance 
B)  debit Prepaid Insurance; credit Income Summary 
C)  debit Insurance Expense; credit Income Summary 
D)  debit Income Summary; credit Insurance Expense 
A)  debit Income Summary; credit Prepaid Insurance 
B)  debit Prepaid Insurance; credit Income Summary 
C)  debit Insurance Expense; credit Income Summary 
D)  debit Income Summary; credit Insurance Expense

Question 14

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31:   ​
Prepare an income statement.

Accepted Answer

The answer of The following revenue and expense account balances...

Question 15

Balance sheet accounts

Accepted Answer

A)  represent amounts accumulated during a specific period of time 
B)  are called real accounts 
C)  have zero balances after the closing entries have been posted 
D)  are not affected by adjustments 
A)  represent amounts accumulated during a specific period of time 
B)  are called real accounts 
C)  have zero balances after the closing entries have been posted 
D)  are not affected by adjustments

Question 16

Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. If it is not closed to Income Summary, mark as n/a.
​
1. Utilities Payable
2. Utilities Expense
3. Supplies
4. Supplies Expense
5. Fees Earned
6. Unearned Fees
7. Accounts Receivable
8. Dividends
9. Retained Earnings
10. Accumulated Depreciation-Equipment
11. Depreciation Expense-Equipment
12. Equipment
13. Prepaid Insurance
14. Insurance Expense

Accepted Answer

The answer of Identify which of the following accounts should...

Question 17

Debts listed as current liabilities are those that

Accepted Answer

A)  will be paid in less than one year 
B)  are due to be paid in 5 to 10 years 
C)  are due to be paid in more than one year 
D)  are owed to the stockholders and will never be paid 
A)  will be paid in less than one year 
B)  are due to be paid in 5 to 10 years 
C)  are due to be paid in more than one year 
D)  are owed to the stockholders and will never be paid

Question 18

The balances of the equity accounts from the Adjusted Trial Balance of the end-of-period spreadsheet are extended to the Retained Earnings Statement columns.

Accepted Answer

A) True 
 B)False

Question 19

Match each journal entry that follows as one of the types of journal entries (a-c) below.
-​Income Summary 650
Retained Earnings 650

Accepted Answer

A) Journal entries 
B) Adjusting journal entries 
C) Closing journal entries 
A) Journal entries 
B) Adjusting journal entries 
C) Closing journal entries

Question 20

The classified balance sheet will show which asset subsections?

Accepted Answer

A)  current assets and other equity 
B)  current assets and property, plant, and equipment 
C)  current liabilities and short-term assets 
D)  other revenues and property, plant and equipment 
A)  current assets and other equity 
B)  current assets and property, plant, and equipment 
C)  current liabilities and short-term assets 
D)  other revenues and property, plant and equipment

Closing entries are entered directly on the end-of-period spreadsheet.

Office Equipment is an example of a current asset account.

On the basis of the following data taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the year ended March 31 for Banes Domino's Corporation, journalize the four closing entries.

When the end-of-period spreadsheet is complete, the adjustment columns should have

The post-closing trial balance will generally have fewer accounts than the trial balance.

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Prepare the entry required to close the expense accounts at the end of the period.

Closing entries

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Prepare the entry required to close the Dividends account at the end of the period.

The current ratio is more useful than working capital in comparing across companies or with industry averages.

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

The entry to close the appropriate insurance account at the end of the accounting period is

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31: Prepare an income statement.

Balance sheet accounts

Debts listed as current liabilities are those that

The balances of the equity accounts from the Adjusted Trial Balance of the end-of-period spreadsheet are extended to the Retained Earnings Statement columns.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -Income Summary 650 Retained Earnings 650

The classified balance sheet will show which asset subsections?

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

Closing entries are entered directly on the end-of-period spreadsheet.

Office Equipment is an example of a current asset account.

On the basis of the following data taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the year ended March 31 for Banes Domino's Corporation, journalize the four closing entries.

When the end-of-period spreadsheet is complete, the adjustment columns should have

The post-closing trial balance will generally have fewer accounts than the trial balance.

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. ​ Prepare the entry required to close the expense accounts at the end of the period.

Closing entries

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. ​ Prepare the entry required to close the Dividends account at the end of the period.

The current ratio is more useful than working capital in comparing across companies or with industry averages.

Use this end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -The entry to close Income Summary would be

The entry to close the appropriate insurance account at the end of the accounting period is

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31: ​ Prepare an income statement.

Balance sheet accounts

Debts listed as current liabilities are those that

The balances of the equity accounts from the Adjusted Trial Balance of the end-of-period spreadsheet are extended to the Retained Earnings Statement columns.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -​Income Summary 650 Retained Earnings 650

The classified balance sheet will show which asset subsections?

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

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Prepare the entry required to close the expense accounts at the end of the period.

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Prepare the entry required to close the Dividends account at the end of the period.

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

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31: Prepare an income statement.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -Income Summary 650 Retained Earnings 650