ACC 211 Principles of Accounting I Chapters 4.docx - ACC...

ACC 211 Principles of Accounting I Chapters 4, 5, & 6 Quizzes
Chapter 4
1. In the accounting cycle, the last step is
preparing the financial statements
journalizing and posting the adjusting entries
journalizing and posting the closing entries
preparing a post-closing trial balance
2. The income statement is prepared from
either the adjusted trial balance or the Income Statement columns of the end-of-period
spreadsheet
both the adjusted trial balance and the Income Statement columns of the end-of-period
spreadsheet
the Income Statement columns of the end-of-period spreadsheet
the adjusted trial balance
3. Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?
posting to the general ledger
preparing the adjusted trial balance

preparing the closing entries
preparing the financial statements
4. The income statement will present
revenues less expenses (ordered in alphabetical order)
revenues less expenses (ordered largest to smallest amount) with miscellaneous expense
listed last
revenues less expenses (order is not important)
revenues less expenses (ordered smallest to largest amounts) with miscellaneous expense
listed last