Question 1

Any twelve-month accounting period adopted by a company is known as its fiscal year.

Accepted Answer

A) True 
 B)False

Question 2

What is the first account that should be listed in the post closing trial balance?

Accepted Answer

A)   Income Summary
B)   Common Stock
C)   Cash
D)   Fees Earned

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

The closing process is sometimes referred to as closing the books.

Accepted Answer

A) True 
 B)False  True

Question 5

Balance sheet accounts are not considered real accounts.

Accepted Answer

A) True 
 B)False

Question 6

Debts listed as current liabilities are those that

Accepted Answer

A)   will be paid in less than one year
B)   are due to be paid in 5 to 10 years
C)   are due to be paid in more than one year
D)   are owed to the stockholders and will never be paid

Question 7

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 entries

Question 8

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

Accepted Answer

A) True 
 B)False

Question 9

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.:
​
  Prepare an income statement.

Accepted Answer

The answer of The following accounts were taken from the...

Question 10

Real accounts are not permanent accounts.

Accepted Answer

A) True 
 B)False

Question 11

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co.for December 31:
​
  Prepare an income statement.

Accepted Answer

The answer of The following revenue and expense account balances...

Question 12

The accounting cycle begins with preparing an unadjusted trial balance.

Accepted Answer

A) True 
 B)False

Question 13

The accounting cycle requires three trial balances be done.In what order should they be prepared?

Accepted Answer

A)   post-closing,unadjusted,adjusted
B)   unadjusted,post-closing,adjusted
C)   unadjusted,adjusted,post-closing
D)   post-closing,adjusted,unadjusted

Question 14

Determine the total assets.

Accepted Answer

A)   $25,130
B)   $16,830
C)   $22,930
D)   $24,030

Question 15

After the accounts have been adjusted at January 31,the end of the fiscal year,the following balances are taken from the ledger of Harrison's Dog Walking Service Company:
​
  Journalize the four entries required to close the accounts

Accepted Answer

The answer of After the accounts have been adjusted at...

Question 16

Examples of temporary accounts are Supplies and Prepaid Expenses,which are in the ledger for just a short time before they expire.

Accepted Answer

A) True 
 B)False

Question 17

A net loss is shown on the end-of-period spreadsheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 18

The trial balance may be listed on the end-of-period spreadsheet instead of being prepared separately.

Accepted Answer

A) True 
 B)False

Question 19

It is not necessary to post the closing entries to the general ledger.

Accepted Answer

A) True 
 B)False

Question 20

An end-of-period spreadsheet includes columns for

Accepted Answer

A)   adjusting entries
B)   closing entries
C)   reversing entries
D)   adjusting and closing entries A

Exam 4: Completing the Accounting Cycle

Any twelve-month accounting period adopted by a company is known as its fiscal year.

Correct AnswerverifiedShow Answer

What is the first account that should be listed in the post closing trial balance?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The closing process is sometimes referred to as closing the books.

Correct AnswerverifiedTrue

Balance sheet accounts are not considered real accounts.

Correct AnswerverifiedShow Answer

Debts listed as current liabilities are those that

Correct AnswerverifiedShow Answer

In the accounting cycle,the last step is

Correct AnswerverifiedShow Answer

Liabilities that will be due within one year or less and that are to be paid out of current assets are called current liabilities.

Correct AnswerverifiedShow Answer

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.: ​ Prepare an income statement.

Correct AnswerverifiedShow Answer

Real accounts are not permanent accounts.

Correct AnswerverifiedShow Answer

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co.for December 31: ​ Prepare an income statement.

Correct AnswerverifiedShow Answer

The accounting cycle begins with preparing an unadjusted trial balance.

Correct AnswerverifiedShow Answer

The accounting cycle requires three trial balances be done.In what order should they be prepared?

Correct AnswerverifiedShow Answer

Determine the total assets.

Correct AnswerverifiedShow Answer

After the accounts have been adjusted at January 31,the end of the fiscal year,the following balances are taken from the ledger of Harrison's Dog Walking Service Company: ​ Journalize the four entries required to close the accounts

Correct Answerverified11ea8952_b5ab_576f_861b_ff882bff0c20_TB6238_00

Examples of temporary accounts are Supplies and Prepaid Expenses,which are in the ledger for just a short time before they expire.

Correct AnswerverifiedShow Answer

A net loss is shown on the end-of-period spreadsheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Correct AnswerverifiedShow Answer

The trial balance may be listed on the end-of-period spreadsheet instead of being prepared separately.

Correct AnswerverifiedShow Answer

It is not necessary to post the closing entries to the general ledger.

Correct AnswerverifiedShow Answer

An end-of-period spreadsheet includes columns for

Correct AnswerverifiedA

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
True

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.: Prepare an income statement.

Correct Answer
verified

Correct Answer
verified

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co.for December 31: Prepare an income statement.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

After the accounts have been adjusted at January 31,the end of the fiscal year,the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Journalize the four entries required to close the accounts

Correct Answer
verified
11ea8952_b5ab_576f_861b_ff882bff0c20_TB6238_00

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A