Accounting Semester Review

The last step in the posting procedure is writing

• the entry date in the Date column of the account

• the journal page number in the post ref column of the account

• the entry amount in the debit or credit column of the account

• none of these

An account number in the journal's Post Ref column shows

• the account to which an amount is posted

• the date of the entry

• that work on that journal page is completed

• none of these

Posting references in a journal are

• not necessary

• the first item recorded when posting

• always placed in an account's Post Ref column

• 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. There are outstanding checks totaling $600.00 and an outstanding deposit of $400.00. The adjusted bank balance should be

• $5,300

• $5,700

• $5,285

• none of these

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

• Balance Sheet Debit column

• Balance Sheet Credit column

• Income Statement Debit column

• Income Statement Credit column

A net loss is entered in the work sheet's

• Income Statement Debit and Balance Sheet Credit columns

• Income Statement Credit and Balance Sheet Debit columns

• Balance Sheet Debit and Trial Balance Credit columns

• 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

• Adequate Disclosure

• Going Concern

• Objective Evidence

• Accounting Period Cycle

After the adjusting entry for Supplies has been posted, Supplies Expense has an up-to-date balance that is the

• same as the beginning balance for Supplies

• same as the ending balance for Supplies

• value of supplies bought during the fiscal period

• value of supplies used during the fiscal period

The journal entry to adjust Supplies is

• debit Supplies; credit Supplies Expense

• debit Supplies Expense; credit Supplies

• debit Income Summary; credit Supplies

• debit Supplies Expense; credit Income Summary