Acct1100 Chapter 4 Quiz - f_f Question 1 10 out of 10...

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Unformatted text preview: f_________________#_f Question 1 10 out of 10 points , Plant assets are usually listed in order from most liquid to least liquid. at Selected Answer: a True Answers: 7 i True False ReSponse correct Feedback: TF Qu. 29 Plant assets are usually listed in order... AACSB: Communication Accessibility: Keyboard Navigation AICPA: BB Industry Ale’A: FN Reporting Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-63 Explain and prepare a classified balance sheet. Topic: Classified Balance Sheet Question 2 10 out of 10 points Cash and office supplies are both classified as current assets. v Review Test Submission: Chapter 4 Quiz — ACCT1100-... Page 2 of 6 Selected Answer: ___. True 3‘ Answers: L7. True False Response correct Feedback: TF Qu. 28 Cash and office supplies are both... AACSB: Communication Accessibility: Keyboard Navigation AlCPA: BB industry AlCPA: FN Reporting Btoems: Remember Difficulty: 1 Easy Learning Objective: 04~C3 Explain and prepare a classified balance sheet. Topic: Ciassitied Balance Sheet Question 3 ‘ 10 out of 10 points Closing entries result in the owner's capital account being transferred into net income ed 0r net loss for the period ending. I Selected Answer: ‘_. False Answers: True -fi False Response correct Feedback: TF Qu. 7 Closing entries result in the... AACSB: Communication Accessibility: Keyboard Navigation AlCPA: BB industry AiCPA: FN Decision Making Blooms: Understand ' Difficulty: 2 Medium Learning Objective: 04-01 Explain why temporary accounts are ctosed each period. Topic: Closing Process Question 4 10 out of 10 points After posting the entries to close all revenue and expense accounts, Marker 51 Company's Income Summary account has a credit balance of $6,000, and its Marker, Withdrawals account has a debit balance of $2,500. These balances indicate that net income for the current accounting period amounted to $3,500. Selected Answer: .1 False Answers: True gr False Response correct Feed back: TF Qu. 52 After posting the entries to close all... AACSB: Analytical Thinking Accessibility: Keyboard Navigation Review Test Submission: Chapter 4 Quiz — ACCT1100~... Page 3 of 6 AICPA: BB Industry AICPA: FN Decision Making Blooms: Understand Difficulty: 2 Medium Learning Objective: 04-P2 Describe and prepare closing entries. Topic: Recording Closing Entries Question 5 10 out of 1 0 points Reversing entries: will Selected Answer. 4 Are optional. Answers: 1 Are optional. Are mandatory. Correct errors in journal entries. Are required by GAAP. Are prepared on the worksheet. ~ Response correct Feedback: MC Qu. 122 Reversing entries: AACSB: Communication Accessibiiity: Keyboard Navigation AICPA: BB Industry AICPA: FN Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-P4 Appendix 4A-Prepare reversing entries and explain their purpose. Topic: Reversing Entries Qu'estion 6 10 out of 10 points Closing the temporary accounts at the end of each accounting period does all of the w foilowing except Selected Has no effect on the owner’s capital account. Answer: ‘ Answers: Serves to transfer the effects of these accounts to the owner‘s capital account on the balance sheet. Prepares the withdrawals account for use in the next period. Brings the revenue and expense accounts to zero balances. Has no effect on the owner’s capital account. Causes owner's capital to reflect increases from revenues and decreases from expenses and withdrawals. Review Test Submission: Chapter 4 Quiz — ACCT1100--.. Page 4 of 6 Response correct Feedback: MC Qu. 69 Closing the temporary accounts at the end of... AACSB: Communication Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Decision Making Blooms: Understand Difficulty: 2 Medium Learning Objective: 04—01 Explain why temporary accounts are closed each period. Topic: Closing Process Question 7 10 out of 10 points The work sheet is a required report made available to external decision makers. M Selected Answer: _4 False t Answers: True 71 False Response correct Feedback: ‘ TF Qu. 37 The work sheet is a required report made... AACSB: Technology Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Reporting Blooms: Remember Difficulty: 1 Easy Learning Objective: 04—P1 Prepare a work sheet and explain its usefulness. Topic: Benefits of a Work Sheet Question 8 10 out of 10 points The recurring steps performed each reporting period in preparing financial statements, of starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the: Selected Answer: “i Accounting cycle. Answers: Accounting period. Operating cycle. Accounting cycle. Closing cycle. Natural business year. Response correct Feedback: MC Qu. 73 The recurring steps performed each reporting... AACSB: Communication Review Test Submission: Chapter 4 Quiz — ACCT1100—.-. Page 5 of 6 Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-62 Identify steps in the accounting cycle. Topic: Accounting Cycle Question 9 10 out of 10 points The closing process is a step in the accounting cycle that prepares accounts for the 33 next accounting period. Selected Answer. True Answers: -1 True False Response correct Feedback: TF Qu. 8 The closing process is a step in the account... AACSB: Communication Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: O4~C1 Explain why temporary accounts are closed each period. Topic: Closing Process QUGStion 10 0 out of 10 points During the closing process, Owner's Capital is closed to the Owner's Withdrawals a account. Seiected Answer: True Answers: True .3 False Response incorrect Feedback: TF Go. 56 During the closing process... AACSB: Analytical Thinking Accessibility: Keyboard Navigation AICPA: BB Industry AICPA: FN Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-P2 Describe and prepare closing entries. Topic: Recording Closing Entries Wednesday, June 14, 2017 11:38:16 PM EDT ...
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