Accounting 1 CH4 Test REVIEW(from CH4 quiz)

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Notes Receivable due in 350 days appear on the

balance sheet in the current assets section

The Statement of Owner’s Equity should be prepared

after the income statement and before the balance sheet

The Balance Sheet should be prepared

after the income statement and the statement of owner’s equity

Balance sheet accounts

are called real accounts

The Income Statement will include the following accounts

Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last

Which of the accounts below would be closed by posting a debit to the account?
-Unearned Revenue
-Fees Earned
-Josh Morton, Drawing
-Miscellaneous Expense

Fees Earned

When preparing the statement of owner’s equity, the beginning capital balance can always be found

in the general ledger

The natural business year

is a fiscal year that ends when business activities are at its lowest point.

What is the last account that should be listed in the Post Closing Trial Balance?

Capital account

What is the major difference between the Unadjusted Trial Balance and the Adjusted Trial Balance?

The Adjusted Trial Balance includes the postings of the adjustments for the period in the balance of the accounts

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?
-Rent Expense
-Fees Earned
-Income Summary
-Depreciation Expense

-Income Summary

Closing entries are dated in the journal as of

the last day of the accounting period, although they are actually journalized after the end of the accounting period

Owner’s Equity is

added to liabilities and the two are equal to assets

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

Unadjusted, adjusted, post-closing

The post-closing trial balance differs from the adjusted trial balance in that it

does not include income statement accounts

On which financial statement will Income Summary be shown?

No financial statement

The Income Statement is prepared form:

either the adjusted trial balance or the income statement columns of the work sheet

In the accounting cycle, the last step is

preparing a post-closing trial balance

The fiscal year

Ordinarily begins on the first day of a month and ends on the last day of the following twelfth month

The Journal entry to close the Fees Earned, $750, and Rent Revenue,$175, accounts on December 31st during the closing process would be:

Dec, 31 Fees Earned 750 Rent Revenue 175 Income Summary 925

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