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Exam 4: Completing the Accounting Cycle

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Question 21

True/False

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Common stock and dividends are reported in the stockholders' equity section of the balance sheet.

A) True
B) False

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Question 22

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On the income statement, miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

A) True
B) False

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Question 23

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Financial statements should be prepared before the closing entries are journalized and posted.

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

All income statement accounts will be closed at the end of the period.

A fiscal year for a business

Daniel Corporation's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What was the amount of the depreciation expense adjustment for the month of August?

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to a) the Income Statement columns or b) the Balance Sheet columns.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

The accounting cycle begins with preparing an unadjusted trial balance.

Office Equipment is an example of a current asset account.

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Net income for the period is

When accounts do not appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the account title column.

A fiscal year that ends when business activities have reached their lowest point is called the natural business year.

Which of the following is not true about closing entries?

Indicate whether each of the following would be reported in the financial statements as a a) current asset, b) property, plant, and equipment, c) current liability, d) revenue, or e) expense:

On January 1, Hannah's Pool Service Company had a retained earnings balance of $252,000. During the year Hannah's stockholders bought an additional $32,000 in common stock and received dividends of $52,200. For the year ended December 31 Hannah's Pool Service Company reported a net income of $73,200. Prepare a statement of retained earnings for the year ended December 31.

There is really no benefit in preparing financial statements in any particular order.

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

Match each journal entry that follows as one of the types of journal entries a-c) below. -​Unearned Revenue 985 Fees Earned 985