ch4Quiz - 1. Which of the following statements is incorrect...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Sheet1 Page 1 1. Which of the following statements is incorrect concerning the worksheet? A. The worksheet is essentially a working tool of the accountant. *B. The worksheet is distributed to management and other interested parties. C. The worksheet cannot be used as a basis for posting to ledger accounts. D. Financial statements can be prepared directly from the worksheet before journalizing and posting the adjusting entries. _____________________________________________________ 2. In a worksheet, net income is entered in the following columns: A. income statement (Dr) and balance sheet (Dr). B. income statement (Cr) and balance sheet (Dr). *C. income statement (Dr) and balance sheet (Cr). D. income statement (Cr) and balance sheet (Cr). _____________________________________________________ 3. In the unadjusted trial balance of its worksheet for the year ended December 31, 2010, Taitum Company reported Office eq u A. A debit of $105,000 for Office Equipment in the balance sheet column. B. A credit of $15,000 for Depreciation Expense& Office Equipment in the income statement column. *C. A debit of $120,000 for Office Equipment in the balance sheet column. D. A debit of $15,000 for Accumulated DepreciationL Office Equipment in the balance sheet column. _____________________________________________________ 4. An account that will have a zero balance after closing entries have been journalized and posted is: *A. Service Revenue.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/13/2011 for the course ACCT 510 taught by Professor Tewes during the Spring '09 term at Davenport.

Page1 / 8

ch4Quiz - 1. Which of the following statements is incorrect...

This preview shows document pages 1 - 2. Sign up to view the full document.

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