Practice quiz Ch 4

Practice quiz Ch 4 - Review Assessment: PRACTICE QUIZ FOR...

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Review Assessment: PRACTICE QUIZ FOR CHAPTER 4A Question 1 0 out of 4 points What is the major difference between the Unadjusted Trial Balance and the Adjusted Trial Balance? Correct Answer: The Adjusted Trial Balance includes the postings of the adjustments for the period in the balance of the accounts. Question 2 0 out of 4 points Unearned Fees appear on the Correct Answer: balance sheet as a current liability Question 3 0 out of 4 points Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2010 Cash $ 6,030 Accounts Receivable 2,100
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Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,200 Bob Steely, Capital 12,940 Bob Steely, Withdrawals 790 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 Totals $28,890 $28,890 Determine the total liabilities for the period. Correct Answer: Question 4 0 out of 4 points The Balance Sheet should be prepared Correct Answer: after the income statement and the statement of owner’s equity Question 5 0 out of 4 points The Statement of Owner’s Equity begins with the beginning balance followed by
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Correct Answer: plus investments plus Net Income (loss) less withdrawals Question 6 0 out of 4 points The Income Statement will include the following accounts Correct Answer: Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last
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Practice quiz Ch 4 - Review Assessment: PRACTICE QUIZ FOR...

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