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Exam 4: Completing the Accounting Cycle

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Question 51

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Once the adjusting entries are posted, the Adjusted Trial Balance is prepared to

A) verify that the debits and credits are in balance.
B) verify that the net income correctly flows into the statement of owner's equity from the income statement
C) verify that the net income (loss) is correct for the period.
D) verify the correct flow of accounts into the financial statements.

E) None of the above
F) A) and B)

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Question 52

Multiple Choice

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A net loss appears on the work sheet in the

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 columns

E) A) and B)
F) A) and C)

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Question 53

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The end-of-period spreadsheet (work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $630,430 and a credit total of $614,210. This is before the amount for net income or net loss has been included. In preparing the income statement from work sheet, what is the amount of net income or net loss?

Office Equipment is an example of a current asset account.

The work sheet at the end of July has $5,950 in the Balance Sheet credit column for Accumulated Depreciation. The work sheet 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?

A fiscal year

The following are steps to the accounting cycle. Of the following, which step should be done first?

Journalizing and posting closing entries must be completed before financial statements can be prepared.

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry required to close the expense accounts at the end of the period.

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

Which of the statements below indicates that a company earned a net income for the period?

After posting the second closing entry to the income summary account, the balance will be equal to

The following data were taken from the Balance Sheet columns of the work sheet for April 30, 2010 for Mackenzie Company: Prepare a classified balance sheet.

There is really benefit in preparing financial statements in any particular order.

The balances in the ledger of Good Landscape Services as of January 31, 2014 before adjustments, are as follows: Adjustment data are as follows: supplies on hand, January 31, $900; insurance expired for January, $1,100; depreciation on equipment for January, $1,600; salaries accrued, January 31, $1,650.

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine total assets.

Short-term liabilities are those liabilities that

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

The chart of accounts, the journal, and the ledger are essential parts of the accounting system.

The work sheet is considered a part of the formal accounting records.