Question 1

Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
  ​
-Determine the current assets.

Accepted Answer

A)   $23,030
B)   $10,330
C)   $21,930
D)   $8,630E) B) and C)
F) All of the above

Question 2

Describe a classified balance sheet.

Accepted Answer

A classified balance sheet shows subsect...

Question 3

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

Accepted Answer

A)   Fees Earned
B)   Supplies Expense
C)   Dividends
D)   Unearned RentE) A) and B)
F) A) and C)

Question 4

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end.  ​ The balance in retained earnings that will appear on the financial statements is

Accepted Answer

A)   $62,000
B)   $57,000
C)   $205,500
D)   $85,500E) A) and C)
F) A) and B)

Question 5

On the end-of-period spreadsheet, the common stock and dividends account balances are extended to the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 6

In the accounting cycle, the last step is

Accepted Answer

A)   ​preparing the financial statements
B)   ​journalizing and posting the adjusting entries
C)   ​preparing a post-closing trial balance
D)   ​journalizing and posting the closing entiresE) B) and C)
F) All of the above

Question 7

After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must

Accepted Answer

A)   be the same amount as the total amount of the Income Statement Debit and Credit columns
B)   equal each other
C)   be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns
D)   not be equal to each other and need not be the same total amounts as any other pair of columns on the end-of-period spreadsheetE) A) and D)
F) A) and C)

Question 8

The natural business year is a

Accepted Answer

A)   fiscal year that ends when business activities are at their lowest point
B)   calendar year that ends when business activities are at their lowest point
C)   fiscal year that ends when business activities are at their highest point
D)   calendar year that ends when business activities are at their highest pointE) C) and D)
F) All of the above

Question 9

The accumulated depreciation account is closed to the income summary account.

Accepted Answer

A) True 
 B)False

Question 10

Cross-referencing is useful in assuring that the debits and credits are in balance.

Accepted Answer

A) True 
 B)False

Question 11

A net loss appears on the end-of-period spreadsheet in the

Accepted Answer

A)   debit column of the Balance Sheet columns
B)   credit column of the Balance Sheet columns
C)   debit column of the Income Statement columns
D)   credit column of the Adjustments columnsE) A) and B)
F) All of the above

Question 12

The totals of the Adjusted Trial Balance columns on an end-of-period spreadsheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Accepted Answer

A) True 
 B)False

Question 13

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

Accepted Answer

A)   the word "Total" written at the bottom of each pair of columns
B)   the double rule under each pair of columns
C)   the circles around each total
D)   the final figures written in inkE) C) and D)
F) All of the above

Exam 4: The Accounting Cycle

In the accounting cycle, the last step is

Correct Answer
verified

Cross-referencing is useful in assuring that the debits and credits are in balance.

Correct Answer
verified

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. The balance in retained earnings that will appear on the financial statements is

Correct Answer
verified

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. -Determine the current assets.

Correct Answer
verified

Describe a classified balance sheet.

Correct Answer
verified
A classified balance sheet shows subsect...
View Answer

On the end-of-period spreadsheet, the common stock and dividends account balances are extended to the Balance Sheet columns.

Correct Answer
verified

The totals of the Adjusted Trial Balance columns on an end-of-period spreadsheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Correct Answer
verified

The accumulated depreciation account is closed to the income summary account.

Correct Answer
verified

The natural business year is a

Correct Answer
verified

After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must

Correct Answer
verified

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

Correct Answer
verified

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

Correct Answer
verified

A net loss appears on the end-of-period spreadsheet in the

Correct Answer
verified

Exam 4: The Accounting Cycle

In the accounting cycle, the last step is

Correct AnswerverifiedShow Answer

Cross-referencing is useful in assuring that the debits and credits are in balance.

Correct AnswerverifiedShow Answer

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. ​ The balance in retained earnings that will appear on the financial statements is

Correct AnswerverifiedShow Answer

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. ​ -Determine the current assets.

Correct AnswerverifiedShow Answer

Describe a classified balance sheet.

Correct AnswerverifiedA classified balance sheet shows subsect...View AnswerShow Answer

On the end-of-period spreadsheet, the common stock and dividends account balances are extended to the Balance Sheet columns.

Correct AnswerverifiedShow Answer

The totals of the Adjusted Trial Balance columns on an end-of-period spreadsheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Correct AnswerverifiedShow Answer

The accumulated depreciation account is closed to the income summary account.

Correct AnswerverifiedShow Answer

The natural business year is a

Correct AnswerverifiedShow Answer

After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An indication that the end-of-period spreadsheet columns are in balance and the spreadsheet is complete is

Correct AnswerverifiedShow Answer

A net loss appears on the end-of-period spreadsheet in the

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. The balance in retained earnings that will appear on the financial statements is

Correct Answer
verified

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. -Determine the current assets.

Correct Answer
verified

Correct Answer
verified
A classified balance sheet shows subsect...
View Answer

Correct Answer
verified

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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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