Accounting Fall Final Review

A net loss is entered in the work sheet’s

• a. Income Statement Debit and Balance Sheet Credit columns.

• b. Income Statement Credit and Balance Sheet Debit columns.

• c. Balance Sheet Debit and Trial Balance Credit columns.

• d. Income Statement Debit and Trial Balance Credit columns.

Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept

• a. Adequate Disclosure.

• b. Going Concern.

• c. Objective Evidence.

• d. Accounting Period Cycle.

An account number in the journal’s Post. Ref. column shows

• a. the account to which an amount is posted.

• b. the date of the entry.

• c. that work on that journal page is completed.

• d. none of these.

A petty cash fund is always replenished

• daily

• weekly

• at the end of the month

• none of these

The bank statement shows an account balance of $5,500.00. There are outstanding checks totaling $600.00 and an outstanding deposit of $400.00. The adjusted bank balance should be

• a. $5,300.00.

• b. $5,700.00.

• c. $5,285.00.

On a work sheet, the balance of the Sales account is extended to the

• a. Balance Sheet Debit column.

• b. Balance Sheet Credit column

• c. Income Statement Debit column.

• d. Income Statement Credit column.

Posting references in a journal are

• a. not necessary.

• b. the first item recorded when posting.

• c. always placed in an account’s Post. Ref. column.

• d. the last step in the posting process

The last step in the posting procedure is writing

• a. the entry date in the Date column of the account.

• b. the journal page number in the Post. Ref. column of the account.

• c. the entry amount in the Debit or Credit column of the account.

• d. placing the account number in Post. Ref. column of journal.

A lost check with a blank endorsement on it can be cashed by

• a. anyone who has the check.

• b. only the person whose name follows the words “Pay to the order of.”

• c. only the person who endorsed the check.

• d. no one.

An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a

• a. blank endorsement.

• b. special endorsement.

• c. restrictive endorsement.

• d. deposit endorsement.