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WorksheetsAccounting Ch. 8
Total questions: 28
Worksheet time: 23mins
A worksheet, including a trial balance, is prepared from the general ledger at this stage: (a) .
Transactions, from information on source documents, are recorded in a journal at this stage: (a) .
Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts at this stage: (a) .
Adjusting entries are journalized and posted to the general ledger at this stage: (a) .
Financial statements are prepared from the work sheet at this stage: (a) .
Closing entries are journalized and posted to the general ledger at this stage: (a) .
A post-closing trial balance of the general ledger is prepared at this stage: (a) .
Journal entries are posted to the general ledger at this stage: (a) .
Label the 8 steps to the Accounting Cycle below.
Accounts used to accumulate information from one fiscal period to the next.
Accounting Cycle
Permanent Accounts
Temporary Accounts
Closing Entries
Accounts used to accumulate information until it is transferred to the owner's capital account.
Accounting Cycle
Permanent Accounts
Temporary Accounts
Closing Entries
Journal entries used to prepare temporary accounts for a new fiscal period.
Accounting Cycle
Post-closing Trial Balance
Temporary Accounts
Closing Entries
A trial balance prepared after the closing entries are posted.
Accounting Cycle
Post-closing Trial Balance
Temporary Accounts
Closing Entries
A series of accounting activities included in recording financial information for a fiscal period.
Accounting Cycle
Post-closing Trial Balance
Temporary Accounts
Closing Entries
Permanent accounts are also referred to as (a) accounts.
(a) accounts are also referred to as nominal accounts.
Nominal, or temporary accounts, include _______, revenue, owner's drawing, and _______ summary accounts.
(a)
Real, or permanent, accounts include __________, _________, and owner's capital.
(a)
Which accounting concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements?
Business Entity
Accounting Period Cycle
Going Concern
Full Disclosure
The ending account balances of permanent accounts for one fiscal period are:
the same as the prior period's ending balance
equal to the account balance
all equal to zero
the beginning account balances for the next fiscal period
Which of the following accounts is a temporary account?
Cash
Accounts Payable
Clyde Sullivan, Capital
Rent Expense
Which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce revenue? (Bonus: think about the terms in the question to help you.)
Business entity
Going concern
Matching expenses and revenue
Full disclosure
When revenue is greater than total expenses, resulting in net income, the Income Summary has a
debit balance
credit balance
normal debit balance
normal credit balance
Information needed for recording the closing entries is obtained from the
general ledger accounts' Debit Balance columns
work sheet's Income Statement and Balance Sheet columns
balance sheet
income statement
Income Summary is
an asset account
a liability account
a temporary account
a permanent account
After the closing entries are posted, the Sales account balance should be
equal to the Sales account balance on the adjusted trial balance.
equal to the Sales account balance on the unadjusted trial balance.
zero
same as the beginning balance for the same fiscal period
After the closing entries are posted, the owner’s capital account balances should be the same as shown
on the balance sheet for the fiscal period
in the work sheet’s Balance Sheet Debit column
in the work sheet’s Balance Sheet Credit column
in the work sheet’s Income Statement Debit column.
The accounts listed on a post-closing trial balance are
general ledger accounts with balances after the closing entries are posted
all general ledger accounts
those that have no balances after adjusting and closing entries
those that appear in the work sheet’s Trial Balance columns
