Question 1

Match the terms with the definitions.
-Assets that are expected to serve the business for many years.

Accepted Answer

A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts 
A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question 2

The journal entry to close the income summary account (showing a net loss)includes

Accepted Answer

A)  debiting the drawing account and crediting Income Summary. 
B)  debiting Income Summary and crediting the drawing account. 
C)  debiting the owner's capital account and crediting Income Summary. 
D)  debiting Income Summary and crediting the owner's capital account. 
A)  debiting the drawing account and crediting Income Summary. 
B)  debiting Income Summary and crediting the drawing account. 
C)  debiting the owner's capital account and crediting Income Summary. 
D)  debiting Income Summary and crediting the owner's capital account.

Question 3

A post-closing trial balance is used to prove the equality of debit and credit balances in the general ledger accounts after the closing entries have been posted.

Accepted Answer

A) True 
 B)False

Question 4

Long-term liabilities may also be called long-term debt.

Accepted Answer

A) True 
 B)False

Question 5

Match the terms with the definitions.
-Accounts that accumulate information across accounting periods; all accounts reported on the balance sheet.

Accepted Answer

A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts 
A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question 6

Match the terms with the definitions.
-Prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

Accepted Answer

A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts 
A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question 7

The account to which the drawing account is closed is called

Accepted Answer

A)  Revenue. 
B)  Income Summary. 
C)  Owner's Capital. 
D)  Cash. 
A)  Revenue. 
B)  Income Summary. 
C)  Owner's Capital. 
D)  Cash.

Question 8

Match the terms with the definitions.
-Cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business,whichever is longer.

Accepted Answer

A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts 
A) account form of balance sheet 
B) accounting cycle 
C) classified balance sheet 
D) closing process 
E) current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question 9

The ____________________ account is a temporary account used in the closing process to summarize the effects of all revenue and expense accounts.

Accepted Answer

The answer of The ____________________ account is a temporary account...

Question 10

A mortgage on an office building is an example of a property,plant,and equipment asset.

Accepted Answer

A) True 
 B)False

Question 11

The income summary account is an account used only during the closing process.

Accepted Answer

A) True 
 B)False

Question 12

The journal entry to close the income summary account (showing a profit)includes

Accepted Answer

A)  debiting the drawing account and crediting Income Summary. 
B)  debiting Income Summary and crediting the drawing account. 
C)  debiting the owner's capital account and crediting Income Summary. 
D)  debiting Income Summary and crediting the owner's capital account. 
A)  debiting the drawing account and crediting Income Summary. 
B)  debiting Income Summary and crediting the drawing account. 
C)  debiting the owner's capital account and crediting Income Summary. 
D)  debiting Income Summary and crediting the owner's capital account.

Question 13

The body of the income statement consists of an itemized list of

Accepted Answer

A)  assets and liabilities. 
B)  assets and owner's equity. 
C)  cash and revenues. 
D)  revenues and expenses. 
A)  assets and liabilities. 
B)  assets and owner's equity. 
C)  cash and revenues. 
D)  revenues and expenses.

Question 14

The order in which financial statements should be prepared is

Accepted Answer

A)  balance sheet,income statement,statement of owner's equity. 
B)  income statement,balance sheet,statement of owner's equity. 
C)  statement of owner's equity,balance sheet,income statement. 
D)  income statement,statement of owner's equity,balance sheet. 
A)  balance sheet,income statement,statement of owner's equity. 
B)  income statement,balance sheet,statement of owner's equity. 
C)  statement of owner's equity,balance sheet,income statement. 
D)  income statement,statement of owner's equity,balance sheet.

Question 15

The ____________________ is prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

Accepted Answer

post-closi

Question 16

Adjustments at the end of the period are not formally entered in the journal or posted to the accounts.

Accepted Answer

A) True 
 B)False

Question 17

The ____________________ process gives zero balances to the temporary accounts so that they can accumulate information for the next accounting period.

Accepted Answer

The answer of The ____________________ process gives zero balances to...

Question 18

The three types of business activities are operating activities,investing activities,and capital activities.

Accepted Answer

A) True 
 B)False

Question 19

The purpose and use of the income summary account is to summarize the difference between revenues and expenses.

Accepted Answer

A) True 
 B)False

Question 20

A balance sheet that classifies (or groups)items by similarities is called a unified balance sheet.

Accepted Answer

A) True 
 B)False

Match the terms with the definitions. -Assets that are expected to serve the business for many years.

The journal entry to close the income summary account (showing a net loss)includes

A post-closing trial balance is used to prove the equality of debit and credit balances in the general ledger accounts after the closing entries have been posted.

Long-term liabilities may also be called long-term debt.

Match the terms with the definitions. -Accounts that accumulate information across accounting periods; all accounts reported on the balance sheet.

Match the terms with the definitions. -Prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

The account to which the drawing account is closed is called

Match the terms with the definitions. -Cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business,whichever is longer.

The ____________________ account is a temporary account used in the closing process to summarize the effects of all revenue and expense accounts.

A mortgage on an office building is an example of a property,plant,and equipment asset.

The income summary account is an account used only during the closing process.

The journal entry to close the income summary account (showing a profit)includes

The body of the income statement consists of an itemized list of

The order in which financial statements should be prepared is

The ____________________ is prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

Adjustments at the end of the period are not formally entered in the journal or posted to the accounts.

The ____________________ process gives zero balances to the temporary accounts so that they can accumulate information for the next accounting period.

The three types of business activities are operating activities,investing activities,and capital activities.

The purpose and use of the income summary account is to summarize the difference between revenues and expenses.

A balance sheet that classifies (or groups)items by similarities is called a unified balance sheet.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

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Exam 6: Financial Statements and the Closing Process

Match the terms with the definitions. -Assets that are expected to serve the business for many years.

The journal entry to close the income summary account (showing a net loss)includes

A post-closing trial balance is used to prove the equality of debit and credit balances in the general ledger accounts after the closing entries have been posted.

Long-term liabilities may also be called long-term debt.

Match the terms with the definitions. -Accounts that accumulate information across accounting periods; all accounts reported on the balance sheet.

Match the terms with the definitions. -Prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

The account to which the drawing account is closed is called

Match the terms with the definitions. -Cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business,whichever is longer.

The ____________________ account is a temporary account used in the closing process to summarize the effects of all revenue and expense accounts.

A mortgage on an office building is an example of a property,plant,and equipment asset.

The income summary account is an account used only during the closing process.

The journal entry to close the income summary account (showing a profit)includes

The body of the income statement consists of an itemized list of

The order in which financial statements should be prepared is

The ____________________ is prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

Adjustments at the end of the period are not formally entered in the journal or posted to the accounts.

The ____________________ process gives zero balances to the temporary accounts so that they can accumulate information for the next accounting period.

The three types of business activities are operating activities,investing activities,and capital activities.

The purpose and use of the income summary account is to summarize the difference between revenues and expenses.

A balance sheet that classifies (or groups)items by similarities is called a unified balance sheet.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters