acct-tutorial.ch4-6 - Ch.4 Which of the following...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Ch.4 Which of the following statements is FALSE? a. The unadjusted trial balance serves as a control to verify that the total of the debit balances equals the total of the credit balances. b. The adjusting entries must be entered on the work sheet in a particular order. See page 144 c. The total of the adjustments column on the work sheet is a control to verify the debits equal the credits for the adjustment data and adjusting entries. d. All statements are true. Two common classifications of assets are: a. current assets and current liabilities. b. current assets and property, plant, and equipment. See page 149 c. current liabilities and long-term liabilities. d. property, plant, and equipment and long-term liabilities. Two common classifications of liabilities are: a. current assets and current liabilities. b. current assets and property, plant, and equipment. c. current liabilities and long-term liabilities. See page 149 d. property, plant, and equipment and long-term liabilities. Which if the following is FALSE about closing entries? a. Closing entries move the balances of nominal accounts to the owner's capital account. b. Closing entries are an unnecessary part of the accounting cycle. See page 150-151 c. Closing entries are made after adjusting entries. d. Closing entries are made before the post-closing trial balance is prepared. Which of the following accounts ordinarily appears in the post-closing trial balance? a. Accrued Salaries b. Supplies Expense c. Depreciation Expense d. Fees Earned The entry to close the income summary account when there is a net loss at the end of the accounting period is: a. debit Capital; credit Income Summary . b. debit Income Summary; credit Capital. c. debit Income Summary; credit Drawing. d. debit Drawing; credit Income Summary. The process that begins with analyzing and journalizing transactions is called the: a. accounting cycle . b. working papers. c. trial balance. d. operating cycle.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
A(n) ________ is useful in showing the flow of accounting information from the unadjusted trial balance to the financial statements. a. balance sheet b. trial balance c. work sheet see page 161 d. adjusted trial balance Which of the following appears in the income statement columns of the work sheet? a. Accounts Receivable b. Supplies c. Accumulated Depreciation d. Fees Earned see page 162 Depreciation expense appears on the: a. balance sheet. b. owner's equity statement. c. income statement. See page 164 d. balance sheet and income statement. Ch.5 The second step in the development of a company's accounting system is: a. design. b. analysis. c. implementation. d. evaluation. correct: a The balances of the accounts in a subsidiary ledger must equal: a. the special journal. b.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/22/2009 for the course ACCOUNTING 1A taught by Professor Seyedin during the Fall '08 term at Foothill College.

Page1 / 36

acct-tutorial.ch4-6 - Ch.4 Which of the following...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online