acc4 pre

The listing of expenses on the income statement is ordered
a. by size, beginning with the smallest item.
b. by account number in the general ledger.
c. by size, beginning with the largest item and putting miscellaneous expense as the last item.
d. alphabetically.

C

Using an end-of-period spreadsheet, the flow of accounting information moves from the
a. financial statements to the adjusted trial balance.
b. adjusted trial balance to the financial statements.
c. unadjusted trial balance to the financial statements.
d. adjusting entries straight to the financial statements.

B

The balance of the accumulated depreciation account on the adjusted trial balance of the end-of-period spreadsheet would flow into which of the following financial statements?
a. the income statement.
b. the statement of owner's equity.
c. the balance sheet.
d. All of these financial statements.

C

he clearing account used to close the temporary accounts and which will also be closed before the finish of the accounting cycle is
a. the owner's drawing account.
b. income summary.
c. the owner's capital account.
d. fees earned.

B

The annual accounting period (fiscal year) most commonly adopted by businesses is
a. December 1 to November 30.
b. January 1 to December 31.
c. April 1 to March 31.
d. June 1 to May 31.

B

Which of the following are examples of subsections found on a classified balance sheet?
a. Current Assets; Long-Term Liabilities; Property, Plant, and Equipment
b. Liabilities; Long-Term Liabilities; Owner's Equity
c. Assets; Current Assets; Long-Term Liabilities
d. Owner's Equity; Liabilities; Property, Plant, and Equipment

A

Which of the following is the last step of the posting process?
a. Entering the ledger account number in the Post. Ref. column of the journal.
b. Entering the journal page number in the Post. Ref. column of the ledger account.
c. Determining the new balance of the ledger account.
d. Entering the date of the transaction in the ledger account.

A

Which of the following is not an actual step in the accounting cycle?
a. Closing entries are journalized and posted to the ledger
b. Transactions are analyzed and recorded in the journal
c. Decisions are made after reviewing the financial statements
d. Financial statements are prepared

C

The natural business year ends
a. when business activities have reached the lowest point in a company's annual operating cycle.
b. when the business has achieved a profit.
c. when business activities have reached the highest point in a company's annual operating cycle.
d. six months after a company's fiscal year end.

A

A company's net income or net loss for a period is determined during which of the following steps of the accounting cycle?
a. When financial statements are prepared.
b. When a post-closing trial balance is prepared.
c. When an unadjusted trial balance is prepared.
d. When transactions are posted to the ledger.

A

A calendar year ends
a. on any day on the calendar the business decides is best for it.
b. at the end of the natural business cycle.
c. one year from the date the business began operations.
d. on December 31 of each year.

D

Which of the following accounts will not be closed at the end of the accounting cycle?
a. Income Summary
b. Nominal accounts
c. Temporary accounts
d. Real accounts

D

Which of the following steps is optional during the closing process?
a. An unadjusted trial balance is prepared.
b. A post-closing trial balance is prepared.
c. Adjusting entries are journalized and posted to the ledger.
d. An end-of-period spreadsheet is prepared.

D

The following are reasons to close the accounts at the end of the year except
a. to close all nominal accounts.
b. to prepare the accounts for the next accounting period.
c. to update the capital account.
d. to close all real accounts.

D

The ability to convert assets into cash is called
a. liquidity.
b. currency.
c. solvency.
d. capitalization.

A

The following are some of the steps in the accounting cycle. Which of the following reflects the steps in the correct order?
Financial statements are prepared.
An unadjusted trial balance is prepared.
Closing entries are journalized and posted to the ledger.
Journalized business transactions are posted to the ledger.
A post-closing trial balance is prepared.
a. D, B, A, C, E
b. C, B, A, E, D
c. A, D, E, B, C
d. E, A, D, B, C

A

Which of the following is not true regarding the flow of information from the adjusted trial balance on the end-of-period spreadsheet?
a. The asset and liability account balances flow into the balance sheet.
b. The owner's capital and drawing account balances flow into the statement of owner's equity.
c. The revenue and expense account balances flow into the income statement.
d. The income summary balance flows into the income statement.

D

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The listing of expenses on the income statement is ordered
a. by size, beginning with the smallest item.
b. by account number in the general ledger.
c. by size, beginning with the largest item and putting miscellaneous expense as the last item.
d. alphabetically.

C

Using an end-of-period spreadsheet, the flow of accounting information moves from the
a. financial statements to the adjusted trial balance.
b. adjusted trial balance to the financial statements.
c. unadjusted trial balance to the financial statements.
d. adjusting entries straight to the financial statements.

B

The balance of the accumulated depreciation account on the adjusted trial balance of the end-of-period spreadsheet would flow into which of the following financial statements?
a. the income statement.
b. the statement of owner’s equity.
c. the balance sheet.
d. All of these financial statements.

C

he clearing account used to close the temporary accounts and which will also be closed before the finish of the accounting cycle is
a. the owner’s drawing account.
b. income summary.
c. the owner’s capital account.
d. fees earned.

B

The annual accounting period (fiscal year) most commonly adopted by businesses is
a. December 1 to November 30.
b. January 1 to December 31.
c. April 1 to March 31.
d. June 1 to May 31.

B

Which of the following are examples of subsections found on a classified balance sheet?
a. Current Assets; Long-Term Liabilities; Property, Plant, and Equipment
b. Liabilities; Long-Term Liabilities; Owner’s Equity
c. Assets; Current Assets; Long-Term Liabilities
d. Owner’s Equity; Liabilities; Property, Plant, and Equipment

A

Which of the following is the last step of the posting process?
a. Entering the ledger account number in the Post. Ref. column of the journal.
b. Entering the journal page number in the Post. Ref. column of the ledger account.
c. Determining the new balance of the ledger account.
d. Entering the date of the transaction in the ledger account.

A

Which of the following is not an actual step in the accounting cycle?
a. Closing entries are journalized and posted to the ledger
b. Transactions are analyzed and recorded in the journal
c. Decisions are made after reviewing the financial statements
d. Financial statements are prepared

C

The natural business year ends
a. when business activities have reached the lowest point in a company’s annual operating cycle.
b. when the business has achieved a profit.
c. when business activities have reached the highest point in a company’s annual operating cycle.
d. six months after a company’s fiscal year end.

A

A company’s net income or net loss for a period is determined during which of the following steps of the accounting cycle?
a. When financial statements are prepared.
b. When a post-closing trial balance is prepared.
c. When an unadjusted trial balance is prepared.
d. When transactions are posted to the ledger.

A

A calendar year ends
a. on any day on the calendar the business decides is best for it.
b. at the end of the natural business cycle.
c. one year from the date the business began operations.
d. on December 31 of each year.

D

Which of the following accounts will not be closed at the end of the accounting cycle?
a. Income Summary
b. Nominal accounts
c. Temporary accounts
d. Real accounts

D

Which of the following steps is optional during the closing process?
a. An unadjusted trial balance is prepared.
b. A post-closing trial balance is prepared.
c. Adjusting entries are journalized and posted to the ledger.
d. An end-of-period spreadsheet is prepared.

D

The following are reasons to close the accounts at the end of the year except
a. to close all nominal accounts.
b. to prepare the accounts for the next accounting period.
c. to update the capital account.
d. to close all real accounts.

D

The ability to convert assets into cash is called
a. liquidity.
b. currency.
c. solvency.
d. capitalization.

A

The following are some of the steps in the accounting cycle. Which of the following reflects the steps in the correct order?
Financial statements are prepared.
An unadjusted trial balance is prepared.
Closing entries are journalized and posted to the ledger.
Journalized business transactions are posted to the ledger.
A post-closing trial balance is prepared.
a. D, B, A, C, E
b. C, B, A, E, D
c. A, D, E, B, C
d. E, A, D, B, C

A

Which of the following is not true regarding the flow of information from the adjusted trial balance on the end-of-period spreadsheet?
a. The asset and liability account balances flow into the balance sheet.
b. The owner’s capital and drawing account balances flow into the statement of owner’s equity.
c. The revenue and expense account balances flow into the income statement.
d. The income summary balance flows into the income statement.

D

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