Accounting Chapter 4 Objectives 1 & 2

Which of the following refers to any period of time covering a complete accounting cycle?

• A time cycle

• A fiscal period

• A journal period

• A marching cycle

Which of the following would be considered a fiscal year?

• April 1, 20-- to March 31, 20--

• January 1, 20-- to March 31, 20--

• October 1, 20-- to May 31, 20--

• None of the above

True or false: A fiscal year must begin on January 1.

• True

• False

The sequence of steps in the accounting process completed during the fiscal period is represented by

• the accounting cycle

• the adjustment period

• the worksheet cycel

• the accrual period

Assuming a normal balance, which of the following is correct concerning the trial balance columns of the work sheet?

• Assets are shown as credits

• Liabilities are shown as debits

• The drawing account is shown as a debit

• Expenses are shown as credits

The adjusted trial balance debit column of the work sheet would include which of the following account(s)?

• assets, liabilities, expenses

• assets, drawing, expenses

• assets, revenue, accumulated depreciation

• accumulated depreciation, liabilities, capital

The Balance Sheet credit column of the work sheet would include which of the following account(s)?

• assets, drawing

• expenses

• accumulated depreciation, liabilities, capital

• revenue

The Income Statement credit column of the work sheet would include which of the following account(s)?

• assets, drawing, expenses

• expenses

• accumulated depreciation, liabilities, capital, revenue

• revenue

Assuming a normal balance, which of the following is correct concerning the income statement columns of the work sheet?

• Assets are shown as debit

• Liabilities are shown as debits

• The drawing account is shown as a credit

• Expenses are shown as debits

Which of the following is true concerning the worksheet?

• Assets are shown as credits in the adjusted trial balance columns

• Capital is shown as a credit in the balance sheet column

• Revenues are shown as credits in the balance sheet columns

• Liabilities are shown as credits in the income statement columns