Accounting

Accounting

gr 11

Multiple Choice

Is the trial balance prepared before or after the work sheet?

• After

• Before

Chapter 20.2: Posting Closing entries

Pages 596-602

Objectives

• Analyze the source document

• Organize the steps of the accounting cycle

• Evaluate the capital stock account’s ending balance

Open Ended

Analyze the source document.

Multiple Choice

When does a business perform steps 1–5 of the accounting cycle?

• usually on a weekly basis throughout the accounting period

• usually on a daily basis throughout the accounting period

• usually on a monthly basis throughout the accounting period

Open Ended

Arrange the steps of accounting steps in order.

Multiple Choice

When does a business perform steps 6–10?

• at the end of the year

• at the end of the monthly period

• at the end of the accounting period

• at the end of the weekly period

Open Ended

Totals on the post-closing trial balance were assets, $156,000, and liabilities, $75,000. If the ending balance of Retained Earnings was $45,000, what was the capital stock account’s ending balance?

Multiple Choice

What is the formula for retained earnings?

• Ending retained earnings - Net income

• Net income - Retained earnings

• Beginning retained earnings - Net income

Open Ended

Give the main points of the lesson.