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

It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet.

Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.

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

An incorrect debit to Accounts Receivable instead of the correct account Notes Receivable does not require a correcting entry because total assets will not be misstated.

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.

A business entity has only one accounting cycle over its economic existence.

A liability is classified as a current liability if the company is to pay it within the forthcoming year.

The operating cycle of a company is determined by the number of years the company has been operating.

A company's liquidity is concerned with the relationship between long-term investments and long-term debt.

In a corporation, Retained Earnings is a part of owners' equity.

The operating cycle of a company is the average time required to collect the receivables resulting from producing revenues.

Current assets are listed in the order of liquidity.

Which of the following is an optional step in the accounting cycle?

The post-closing trial balance contains only

Balance sheet accounts are considered to be

The steps in the preparation of a worksheet do not include?

A reversing entry

The operating cycle of a company is the average time that is required to go from cash to

Which of the following liabilities are not related to the operating cycle?

Liabilities are generally classified on a balance sheet as

All of the following are property, plant, and equipment except

The first item listed under current liabilities is usually

A lawyer collected Php830 of legal fees in advance. He erroneously debited Cash for Php380 and credited Accounts Receivable for Php380. The correcting entry is

An unacceptable way to make a correcting entry is to

A correcting entry

If errors occur in the recording process, they

The first required step in the accounting cycle is

The income statement debit column exceeds the income statement credit column on a work sheet. This indicates:

Net income appears on the work sheet:

Net loss appears on the work sheet:

All of the following are listed on a work sheet except:

Revenues total $10,200, expenses total $7,300, and the owner’s withdrawals account has a balance of $2,600. What is the balance in the income summary account prior to closing net income or net loss?

What is the last step in the accounting cycle considering the following?

Which is done first in the accounting process?

The income summary account is closed to the:

Which of the following are all temporary accounts?

The accounts which appear on a post-closing trial balance are:

Revenues, expenses, and withdrawals would not appear on a(n):

Which of the following accounts will have a zero balance after the closing process is completed?

If the amount of net income for the current period exceeds the amount of the owner's withdrawals, there will be a(n):

After all the account balances have been extended to the balance sheet columns of the work sheet, the totals of the debit and credit columns are $25,350 and $28,750, respectively. It can be concluded the company has a:

If the unearned service revenue account had an unadjusted normal balance of $3,800, and an adjustment was made debiting the account for $500, the account would appear on the adjusted trial balance of the work sheet as a:

The prepaid rent account has a balance that is $200 less in the work sheet’s balance sheet debit column than in the work sheet’s trial balance debit column. This would be the result of a:

Salary expense has a balance of $55,400 in the trial balance debit column of a work sheet. The adjustments credit column contains a $500 credit to salary payable. The adjusted trial balance column will show:

Interest expense on a work sheet’s trial balance debit column has a $2,400 balance and a $3,000 balance on the work sheet’s income statement debit column. The difference is due to:

On a work sheet, the income statement debit column equals $90,800 and the income statement credit column equals $95,600. From this data, it can be determined that:

The following selected account balances appear on the December 31, 2020 balance sheet of Ming Co.

Land (location of the corporation’s office building) $150,000

Land (held for future use) 225,000

Corporate Office Building 900,000

Inventory 300,000

Equipment 675,000

Office Furniture 150,000

Accumulated Depreciation 450,000

What is the total amount of property, plant, and equipment that will be reported on the balance sheet?