A worksheet is a multiple column form that facilitates the

c. preparation of financial statements.

The Supplies account appears in which of the following debit columns of the worksheet?

d. All of these answer choices are correct.

c. Statement of financial position

Assuming that there is a net loss for the period, debits equal credits in all but which section of the worksheet?

d. Adjusted trial balance columns

The net income (or loss) for the period

c. is found by computing the difference between the income statement columns of the worksheet.

a. is found by computing the difference between the income statement credit column and the statement of financial position credit column on the worksheet.

b. cannot be found on the worksheet.

d. is found by computing the difference between the trial balance totals and the adjusted trial balance totals.

The permanent accounts appear on which financial statement?

a. Statement of Financial Position.

c. Retained Earnings Statement.

Closing entries are necessary for

c. both permanent and temporary accounts.

d. permanent or real accounts only.

c. cause the revenue and expense accounts to have zero balances.

a. are prepared before the financial statements.

b. reduce the number of permanent accounts.

d. summarize the activity in every account.

In order to close the Withdrawals account, the

d. capital account should be debited.

a. income summary account should be debited.

b. income summary account should be credited.

c. capital account should be credited.

The steps in the preparation of a worksheet do not include

a. analyzing documentary evidence.

b. preparing a trial balance on the worksheet.

c. entering the adjustments in the adjustment columns.

d. entering adjusted balances in the adjusted trial balance columns.

Income Summary has a credit balance of $12,000 in J. Wenger Co. after closing revenues and expenses. The entry to close Income Summary is

d. debit Income Summary $12,000, credit Wenger, Capital $12,000.

a. credit Income Summary $12,000, debit Wenger, Capital $12,000.

b. credit Income Summary $12,000, debit Wenger, Withdrawal $12,000.

c. debit Income Summary $12,000, credit Wenger, Withdrawal $12,000.

Liabilities are generally classified on a statement of financial position as

d. current liabilities and non-current liabilities.

a. small liabilities and large liabilities.

b. present liabilities and future liabilities.

c. tangible liabilities and intangible liabilities.

AC41 Completing the Accounting Cycle Quiz

Authored by Ferdinand Llasos

Business

University

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AC41 Completing the Accounting Cycle Quiz

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33 questions

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REORDER QUESTION

2 mins • 5 pts

Arrange the Steps 1-5 of the Accounting cycle

Preparing an Unadjusted Trial Balance

Preparing Worksheet and Adjusting Journal Entries

Posting to the Ledger

Analyzing transactions/source documents

Journalizing Entries

REORDER QUESTION

2 mins • 5 pts

Arrange the Steps 6-10 of the Accounting Cycle

Preparing Closing Journal Entries

Preparation of Financial Statements

Preparing Reversing Entries

Preparing a Post-closing Trial Balance

Adjusting Journal Entries are Journalized

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A worksheet is a mandatory form that must be prepared along with an income statement and statement of financial position.

True

False

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.

True

False

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

No permanent account balances are changed in the closing process.

True

False

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.

True

False

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.

True

False

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AC41 Completing the Accounting Cycle Quiz

Arrange the Steps 1-5 of the Accounting cycle

Arrange the Steps 6-10 of the Accounting Cycle

A worksheet is a mandatory form that must be prepared along with an income statement and statement of financial position.

If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.

No permanent account balances are changed in the closing process.

The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.

After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.

Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure.

Closing entries are journalized after adjusting entries have been journalized.

The post-closing trial balance only contains Statement of Financial Position account balances.

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