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WorksheetsAccounting Semester Exam Review
Total questions: 44
Worksheet time: 28mins
Name
Class
Date
1.
A list of accounts used by a business.
a)
accounting equation
b)
chart of accounts
c)
temporary accounts
d)
permanent accounts
2.
Accounts used to accumulate info. until it is transferred to the owner's capital account
a)
temporary accounts
b)
permanent accounts
c)
closing accounts
d)
trial balance accounts
3.
A business that performs an activity for a fee.
a)
service business
b)
goods producing business
c)
non profit business
d)
accountable business
4.
A column accounting form used to summarize the general ledger information needed to prepare financial statements.
a)
work sheet
b)
balance sheet
c)
general ledger
d)
journal
5.
An equation showing the relationship among assets, liabilities, and owner's equity.
a)
accounting equation
b)
balancing equation
c)
trial balance equation
d)
source equation
6.
Transferring information from a journal entry to a ledger account is known as
a)
posting
b)
writing
c)
journalizing
d)
entering
7.
A business paper from which information is obtained for a journal entry.
a)
source document
b)
post reference
c)
balance sheet
d)
income statement
8.
An accounting device used to analyze transactions.
a)
T account
b)
temporary account
c)
personal account
d)
permanent account
9.
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
a)
balance sheet
b)
income statement
c)
work sheet
d)
trial balance
10.
A proof of the equality of debits and credits in a general ledger.
a)
trial balance
b)
work sheet
c)
closing entries
d)
adjusting entries
11.
An increase in owner's equity resulting from the operation of a business.
a)
revenue
b)
debits
c)
expenses
d)
net income
12.
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
a)
adjusting entries
b)
closing entries
c)
post-closing entries
d)
accounting entries
13.
Journal entries used to prepare temporary accounts for a new fiscal period.
a)
closing entries
b)
adjusting entries
c)
accounting entries
d)
optional entries
14.
A business owned by one person.
a)
proprietorship
b)
partnership
c)
corporation
d)
limited liability proprietorship
15.
The only reason for the Post. Ref. columns of the journal and general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted.
a)
True
b)
False
16.
The current capital to be reported on a balance sheet is calculated as the capital account balance plus net income equals current capital.
a)
True
b)
False
17.
The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.
a)
True
b)
False
18.
The balance of the supplies account plus the value of the supplies on hand equals the up-to-date balance of the supplies account.
a)
True
b)
False
19.
Temporary accounts must start each fiscal period with a zero balance.
a)
True
b)
False
20.
When the petty cash fund is replenished, the balance of the petty cash account increases.
a)
True
b)
False
21.
A double line ruled across both Trial Balance columns shows that the two columns are to be totaled.
a)
True
b)
False
22.
Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.
a)
True
b)
False
23.
Net income on a work sheet is calculated by subtracting the Income Statement Credit column total from the Income Statement Debit column total.
a)
True
b)
False
24.
The formula for calculating the total expenses component percentage is
total expenses/total sales=total expenses componenet %
total expenses/total sales=total expenses componenet %
a)
True
b)
False
25.
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
26.
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
27.
The journal entry to adjust Supplies is
a)
debit supplies; credit supplies expense
b)
debit supplies expense; credit supplies
c)
debit Income summary; credit supplies
d)
debit supplies expense; credit income summary
28.
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
29.
A petty cash fund is always replenished
a)
daily
b)
weekly
c)
at the end of the month
d)
none of these
30.
The bank statement shows an account balance of $5,500. There are outstanding checks totaling $600 and an outstanding deposit of $400. The adjusted bank balance should be
a)
$5300
b)
$5700
c)
$5285
d)
none of these
31.
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
32.
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)
none of these
33.
After the adjusting entry for Supplies has been posted, Supplies Expense has an up-to-date balance that is the
a)
same as the beginning balance for supplies
b)
same as the ending balance for supplies
c)
value of supplies bought during the fiscal period
d)
value of supplies used during the fiscal period
34.
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)
none of these
35.
After the adjusting entry for Prepaid Insurance has been posted, Insurance Expense has an up-to-date balance that is the
a)
same as the beginning balance for Prepaid Insurance
b)
same as the ending balance for Prepaid Insurance
c)
value of insurance premiums used during the fiscal period
d)
value of insurance premiums bought during the fiscal period
36.
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"
only the person who endorsed the check
only the person who endorsed the check
c)
no one
37.
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
38.
The formula for calculating the net income component percentage is
a)
net income/total sales=net income component percentage
b)
total sales/total expenses=net income component percentage
c)
total sales - total expenses/net income=total net income percentage
d)
none of these
39.
The journal entry to close Sales is
a)
debit Income Summary; credit Sales
b)
debit Sales; credit Income Summary
c)
debit each expense account; credit Income Summary
d)
none of these
40.
The journal entry to close the Expense accounts is
a)
debit Income Summary; credit owner's capital
b)
debit Income Summary for the total expneses; credit each expense account
c)
debit each expense account; credit Income Summary
d)
none of these
41.
Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept
a)
Matching Expenses with Revenue
b)
Accounting Period Cycle
c)
Consistent Reporting
d)
Going Concern
42.
Blank endorsements should be used when sending checks through the mail.
a)
True
b)
False
43.
The value of the prepaid insurance coverage used during a fiscal period is an expense.
a)
True
b)
False
44.
the balances of the expense accounts must be reduced to zero to prepare the accounts for the next fiscal period.
a)
True
b)
False
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