chapter 4 quiz.docx - Chapter 4 Quiz 1.A net loss appears...

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Chapter 4 Quiz 1.A net loss appears on the end-of-period spreadsheet in the o Correct Answer: debit column of the Balance Sheet columns 2. Which of the statements below indicates that a company earned a net income for the period? o The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet. 3. Which of these accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet? o Prepaid Insurance 4. Which of these titles would appear in the Income Statement columns of the end-of-period spreadsheet? o Net Loss 5. Which one of the fixed asset accounts listed below will not have a related contra asset account? o Land 6. Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet? o posting to the general ledger 7. Which of the following is not an essential part of the accounting records? o the end-of-period spreadsheet 8. Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)? o analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance 9. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? o Prepaid Insurance 10. Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? o Income Summary 11. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? o Service Revenue 12. Which of the following accounts ordinarily appears in the post-closing trial balance? o Unearned Rent 13. Which of the following account groups are nominal accounts? o Rent Revenue, Fees Earned, Miscellaneous Expense 14. Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet? o Service Revenue 15. Which of the accounts below would be closed by posting a debit to the account? o Fees Earned 16. When the end-of-period spreadsheet is complete, the adjustment columns should have o total debits are equal to total credits 17.
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