Question 1

Use the following data, taken from the adjusted trial balance, for 70 and 71. 
-What amount will be reflected for Retained Earnings in the Statement of Financial Position columns of the worksheet?

Accepted Answer

A)   €996
B)   €760
C)   €696
D)   €1,060E) C) and D)
F) B) and D)

Question 2

The following data (in thousands)  is available for Chang Company.  The subtotal of the last equity and liabilities classification on the 2014 Statement of Financial Position is:

Accepted Answer

A)   ¥3,850.
B)   ¥2,622.
C)   ¥26,126.
D)   ¥2,888.E) A) and D)
F) A) and C)

Question 3

Which of the following would not be classified as a non-current liability?

Accepted Answer

A)   Current maturities of long-term debt
B)   Bonds payable
C)   Mortgage payable
D)   Lease liabilitiesE) B) and D)
F) None of the above

Question 4

The process of transferring net income (or loss) for the period to Retained Earnings is accomplished by making ______________ entries.

Accepted Answer

The answer of The process of transferring net income (or...

Question 5

Vanguard Company had the following adjusted trial balance at December 31, 2014.  Instructions
(a) Journalize the entries required to close the accounts.
(b) Prepare a retained earnings statement for the year ended December 31, 2014.

Accepted Answer

The answer of Vanguard Company had the following adjusted trial...

Question 6

In preparing closing entries

Accepted Answer

A)   each revenue account will be credited.
B)   each expense account will be credited.
C)   the retained earnings account will be debited if there is net income for the period.
D)   the dividends account will be debited.E) A) and D)
F) A) and B)

Question 7

The two optional steps in the accounting cycle are preparing

Accepted Answer

A)   a post-closing trial balance and reversing entries.
B)   a worksheet and post-closing trial balances.
C)   reversing entries and a worksheet.
D)   an adjusted trial balance and a post-closing trial balance.E) A) and B)
F) A) and C)

Question 8

Use the following data, taken from the adjusted trial balance, for 70 and 71. 
-Which of the following permanent account is changed during the closing process?

Accepted Answer

A)   Share Capital-Ordinary.
B)   Retained Earnings.
C)   Unearned Service Revenue.
D)   None of these answer choices are correct.E) C) and D)
F) None of the above

Question 9

Which one of the following is an optional step in the accounting cycle of a business enterprise?

Accepted Answer

A)   Analyze business transactions
B)   Prepare a worksheet
C)   Prepare a trial balance
D)   Post to the ledger accountsE) A) and B)
F) All of the above

Question 10

The income statement for the year 2014 of Poole Co. contains the following information:  The entry to close the expense accounts includes a

Accepted Answer

A)   debit to Income Summary for $2,500.
B)   credit to Income Summary for $2,500.
C)   debit to Income Summary for $77,500.
D)   debit to Salaries and Wages Expense for $45,000.E) All of the above
F) B) and C)

Question 11

Closing entries

Accepted Answer

A)   are prepared before the financial statements.
B)   reduce the number of permanent accounts.
C)   cause the revenue and expense accounts to have zero balances.
D)   summarize the activity in every account.E) A) and C)
F) A) and B)

Question 12

The following information (in thousands) is available for Wang Company for the year ended December 31, 2014:  Instructions
Use the above information to prepare a classified statement of financial position for the year ended December 31, 2014.

Accepted Answer

The answer of The following information (in thousands) is available...

Question 13

The permanent accounts appear on which financial statement?

Accepted Answer

A)   Statement of Financial Position.
B)   Income Statement.
C)   Retained Earnings Statement.
D)   Statement of Cash Flows.E) A) and D)
F) B) and C)

Question 14

Statement of financial position accounts are considered to be

Accepted Answer

A)   temporary owner's equity accounts.
B)   permanent accounts.
C)   capital accounts.
D)   nominal accounts.E) All of the above
F) A) and D)

Question 15

Intangible assets are

Accepted Answer

A)   listed under current assets on the statement of financial position.
B)   not listed on the statement of financial position because they do not have physical substance.
C)   non-current resources.
D)   listed as a long-term investment on the statement of financial position.E) C) and D)
F) A) and B)

Question 16

Reversing entries will always affect statement of financial position accounts.

Accepted Answer

A) True 
 B)False

Question 17

Closing entries are necessary for

Accepted Answer

A)   permanent accounts only.
B)   temporary accounts only.
C)   both permanent and temporary accounts.
D)   permanent or real accounts only.E) A) and B)
F) C) and D)

Question 18

Scot Company prepared the following adjusting entries at year end on December 31, 2013:
(a) Interest Expense 100
Interest Payable 100
(b) Interest Receivable 150
Interest Revenue 150
(c) Salaries and Wages Expense 4,000
Salaries and Wages Payable 4,000
In an effort to minimize errors in recording transactions, F. Scot Company utilizes reversing entries. Prepare reversing entries on January 1, 2014.

Accepted Answer

(a) Reverse the entry to accrue interest...

Question 19

At Outersanctum Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following.
a. A payment of $5,000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash.
b. A purchase of supplies on account for $1,000 was recorded as a debit to Equipment and a credit to Accounts Payable.

Accepted Answer

The answer of At Outersanctum Company, the following errors were...

Question 20

After all closing entries have been journalized and posted, the final step in the accounting cycle is to prepare a ______________ trial balance.

Accepted Answer

The answer of After all closing entries have been journalized...

Exam 4: Completing the Accounting Cycle

Use the following data, taken from the adjusted trial balance, for 70 and 71. -Which of the following permanent account is changed during the closing process?

Correct Answer
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Correct Answer
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The income statement for the year 2014 of Poole Co. contains the following information: The entry to close the expense accounts includes a

Correct Answer
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Intangible assets are

Correct Answer
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The process of transferring net income (or loss) for the period to Retained Earnings is accomplished by making ______________ entries.

Correct Answer
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Statement of financial position accounts are considered to be

Correct Answer
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Use the following data, taken from the adjusted trial balance, for 70 and 71. -What amount will be reflected for Retained Earnings in the Statement of Financial Position columns of the worksheet?

Correct Answer
verified

The two optional steps in the accounting cycle are preparing

Correct Answer
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The following information (in thousands) is available for Wang Company for the year ended December 31, 2014: Instructions Use the above information to prepare a classified statement of financial position for the year ended December 31, 2014.

Correct Answer
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The following data (in thousands) is available for Chang Company. The subtotal of the last equity and liabilities classification on the 2014 Statement of Financial Position is:

Correct Answer
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In preparing closing entries

Correct Answer
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Vanguard Company had the following adjusted trial balance at December 31, 2014. Instructions (a) Journalize the entries required to close the accounts. (b) Prepare a retained earnings statement for the year ended December 31, 2014.

Correct Answer
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Closing entries are necessary for

Correct Answer
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The permanent accounts appear on which financial statement?

Correct Answer
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After all closing entries have been journalized and posted, the final step in the accounting cycle is to prepare a ______________ trial balance.

Correct Answer
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Correct Answer
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(a) Reverse the entry to accrue interest...
View Answer

Reversing entries will always affect statement of financial position accounts.

Correct Answer
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Closing entries

Correct Answer
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Which of the following would not be classified as a non-current liability?

Correct Answer
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Which one of the following is an optional step in the accounting cycle of a business enterprise?

Correct Answer
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Exam 4: Completing the Accounting Cycle

Use the following data, taken from the adjusted trial balance, for 70 and 71. -Which of the following permanent account is changed during the closing process?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The income statement for the year 2014 of Poole Co. contains the following information: The entry to close the expense accounts includes a

Correct AnswerverifiedShow Answer

Intangible assets are

Correct AnswerverifiedShow Answer

The process of transferring net income (or loss) for the period to Retained Earnings is accomplished by making ______________ entries.

Correct AnswerverifiedShow Answer

Statement of financial position accounts are considered to be

Correct AnswerverifiedShow Answer

Use the following data, taken from the adjusted trial balance, for 70 and 71. -What amount will be reflected for Retained Earnings in the Statement of Financial Position columns of the worksheet?

Correct AnswerverifiedShow Answer

The two optional steps in the accounting cycle are preparing

Correct AnswerverifiedShow Answer

The following information (in thousands) is available for Wang Company for the year ended December 31, 2014: Instructions Use the above information to prepare a classified statement of financial position for the year ended December 31, 2014.

Correct AnswerverifiedShow Answer

The following data (in thousands) is available for Chang Company. The subtotal of the last equity and liabilities classification on the 2014 Statement of Financial Position is:

Correct AnswerverifiedShow Answer

In preparing closing entries

Correct AnswerverifiedShow Answer

Vanguard Company had the following adjusted trial balance at December 31, 2014. Instructions (a) Journalize the entries required to close the accounts. (b) Prepare a retained earnings statement for the year ended December 31, 2014.

Correct AnswerverifiedShow Answer

Closing entries are necessary for

Correct AnswerverifiedShow Answer

The permanent accounts appear on which financial statement?

Correct AnswerverifiedShow Answer

After all closing entries have been journalized and posted, the final step in the accounting cycle is to prepare a ______________ trial balance.

Correct AnswerverifiedShow Answer

Correct Answerverified(a) Reverse the entry to accrue interest...View AnswerShow Answer

Reversing entries will always affect statement of financial position accounts.

Correct AnswerverifiedShow Answer

Closing entries

Correct AnswerverifiedShow Answer

Which of the following would not be classified as a non-current liability?

Correct AnswerverifiedShow Answer

Which one of the following is an optional step in the accounting cycle of a business enterprise?

Correct AnswerverifiedShow Answer

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(a) Reverse the entry to accrue interest...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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