Question 1

The financial statement that reports assets,liabilities,and stockholders' equity as of the last day of the period is called the ________.

Accepted Answer

A)  income statement
B)  statement of retained earnings
C)  balance sheet
D)  unadjusted trial balanceE) B) and C)
F) A) and D)

Question 2

Which of the following accounts will be closed by debiting the Income Summary account?

Accepted Answer

A)  Depreciation Expense
B)  Accounts Payable
C)  Service Revenue
D)  Accumulated DepreciationE) A) and D)
F) All of the above

Question 3

Refer to the following adjusted trial balance after the first year of operations.

What will the balance of the Retained Earnings account be after the closing entries are posted?

Accepted Answer

A)  $25,450
B)  $28,450
C)  $32,050
D)  $31,450E) All of the above
F) A) and B)

Question 4

The Office Supplies account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 5

List the steps of the accounting cycle that take place at the end of the period.

Accepted Answer

The answer of List the steps of the accounting cycle...

Question 6

For each account listed,identify the category in which it would appear on a classified balance sheet.

Accepted Answer

The answer of For each account listed,identify the category in...

Question 7

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

Accepted Answer

The revenues,expenses,and Dividends acco...

Question 8

Woods,Inc.earned revenues of $11,000 and incurred expenses of $4,000.The company declared and paid cash dividends of $3,000.What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

Accepted Answer

A)  debit balance of $11,000
B)  credit balance of $4,000
C)  credit balance of $7,000
D)  balance of $0E) A) and C)
F) A) and B)

Question 9

The Depreciation Expense account is a temporary account.

Accepted Answer

A) True 
 B)False

Question 10

What is the net result if the amount of net income for the year is less than the amount of the Dividends?

Accepted Answer

A)  Retained Earnings increases
B)  Cash balance decreases
C)  Cash balance increases
D)  Retained Earnings decreasesE) A) and D)
F) None of the above

Question 11

Answer the following questions regarding the current ratio:

Accepted Answer

The answer of Answer the following questions regarding the current...

Question 12

Closing entries are journalized and posted ________.

Accepted Answer

A)  throughout the accounting period
B)  before posting the adjusting entries
C)  after preparing the post-closing trial balance
D)  after preparing the financial statementsE) A) and C)
F) None of the above

Question 13

Which financial statement is prepared last?

Accepted Answer

A)  income statement
B)  balance sheet
C)  statement of retained earnings
D)  The financial statements can be prepared in any order.E) A) and B)
F) A) and C)

Question 14

The beginning balance in the Common Stock account of a company was $10,000.The revenues and expenses were $200,000 and $140,000,respectively.During the year,the company declared and paid dividends of $5,000.The ending balance in the Retained Earnings was $55,000.(Assume that the beginning balance of Retained Earnings was zero. )

Accepted Answer

A) True 
 B)False

Question 15

The adjusted trial balance of Williams Landscaping at December 31,2019 is as follows:
  
Using the information above,prepare a post-closing trial balance for Williams Landscaping (dated December 31,2019).

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> <br>Notes:<br> ...

Question 16

Which of the following entries is necessary to close the appropriate depreciation account at the end of the year?

Accepted Answer

A)  debit Accumulated Depreciation and credit Income Summary
B)  debit Depreciation Expense and credit Income Summary
C)  debit Income Summary and credit Accumulated Depreciation
D)  debit Income Summary and credit Depreciation ExpenseE) C) and D)
F) A) and B)

Question 17

In the worksheet,the adjusted balance of the Service Revenue account appears in the credit column of the income statement.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is the most liquid asset?

Accepted Answer

A)  Building
B)  Prepaid Expenses
C)  Accounts Receivable
D)  CashE) A) and D)
F) None of the above

Question 19

Which of the following would be considered the weakest current ratio?

Accepted Answer

A)  0) 55
B)  0) 90
C)  1) 25
D)  2) 30E) A) and D)
F) None of the above

Question 20

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

Correct Answer
verified
The revenues,expenses,and Dividends acco...
View Answer

The adjusted trial balance of Williams Landscaping at December 31,2019 is as follows: Using the information above,prepare a post-closing trial balance for Williams Landscaping (dated December 31,2019).

Correct Answer
verified

Notes:
...
View Answer

Refer to the following adjusted trial balance after the first year of operations. What will the balance of the Retained Earnings account be after the closing entries are posted?

Correct Answer
verified

Which of the following accounts will be closed by debiting the Income Summary account?

Correct Answer
verified

Which of the following would be considered the weakest current ratio?

Correct Answer
verified

Which financial statement is prepared last?

Correct Answer
verified

The financial statement that reports assets,liabilities,and stockholders' equity as of the last day of the period is called the ________.

Correct Answer
verified

Correct Answer
verified

The Office Supplies account is a temporary account.

Correct Answer
verified

Woods,Inc.earned revenues of $11,000 and incurred expenses of $4,000.The company declared and paid cash dividends of $3,000.What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

Correct Answer
verified

The Depreciation Expense account is a temporary account.

Correct Answer
verified

What is the net result if the amount of net income for the year is less than the amount of the Dividends?

Correct Answer
verified

Which of the following is the most liquid asset?

Correct Answer
verified

List the steps of the accounting cycle that take place at the end of the period.

Correct Answer
verified

Answer the following questions regarding the current ratio:

Correct Answer
verified

Closing entries are journalized and posted ________.

Correct Answer
verified

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements.

Correct Answer
verified

Which of the following entries is necessary to close the appropriate depreciation account at the end of the year?

Correct Answer
verified

In the worksheet,the adjusted balance of the Service Revenue account appears in the credit column of the income statement.

Correct Answer
verified

For each account listed,identify the category in which it would appear on a classified balance sheet.

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

Correct AnswerverifiedThe revenues,expenses,and Dividends acco...View AnswerShow Answer

The adjusted trial balance of Williams Landscaping at December 31,2019 is as follows: Using the information above,prepare a post-closing trial balance for Williams Landscaping (dated December 31,2019).

Correct Answerverified Notes: ...View AnswerShow Answer

Refer to the following adjusted trial balance after the first year of operations. What will the balance of the Retained Earnings account be after the closing entries are posted?

Correct AnswerverifiedShow Answer

Which of the following accounts will be closed by debiting the Income Summary account?

Correct AnswerverifiedShow Answer

Which of the following would be considered the weakest current ratio?

Correct AnswerverifiedShow Answer

Which financial statement is prepared last?

Correct AnswerverifiedShow Answer

The financial statement that reports assets,liabilities,and stockholders' equity as of the last day of the period is called the ________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The Office Supplies account is a temporary account.

Correct AnswerverifiedShow Answer

Woods,Inc.earned revenues of $11,000 and incurred expenses of $4,000.The company declared and paid cash dividends of $3,000.What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

Correct AnswerverifiedShow Answer

The Depreciation Expense account is a temporary account.

Correct AnswerverifiedShow Answer

What is the net result if the amount of net income for the year is less than the amount of the Dividends?

Correct AnswerverifiedShow Answer

Which of the following is the most liquid asset?

Correct AnswerverifiedShow Answer

List the steps of the accounting cycle that take place at the end of the period.

Correct AnswerverifiedShow Answer

Answer the following questions regarding the current ratio:

Correct AnswerverifiedShow Answer

Closing entries are journalized and posted ________.

Correct AnswerverifiedShow Answer

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements.

Correct AnswerverifiedShow Answer

Which of the following entries is necessary to close the appropriate depreciation account at the end of the year?

Correct AnswerverifiedShow Answer

In the worksheet,the adjusted balance of the Service Revenue account appears in the credit column of the income statement.

Correct AnswerverifiedShow Answer

For each account listed,identify the category in which it would appear on a classified balance sheet.

Correct AnswerverifiedShow Answer

Correct Answer
verified
The revenues,expenses,and Dividends acco...
View Answer

Correct Answer
verified

Notes:
...
View Answer

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