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Exam 4: Completing the Accounting Cycle

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Question 81

Multiple Choice

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The Income Statement will include the following accounts

A) Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last
B) Revenues less Expenses (ordered smallest to largest amounts) with Miscellaneous Expense listed last
C) Revenues less Expenses (ordered in alphabetical order)
D) Revenues less Expenses (order is not important)

E) None of the above
F) A) and B)

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Question 82

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The worksheet and the financial statements both require dollar signs.

A) True
B) False

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Question 83

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It is necessary to post the closing entries to the general ledger.

A post-closing trial balance contains only asset and liability accounts.

Which one of the steps below is not aided by the preparation of the work sheet?

Hakik Enterprises offers rug cleaning services to business clients. Below is the trial balance for Hakik Enterprises, which was prepared on the end of period spreadsheet (work sheet) for the year ended July 31, 2010. REQUIRED: Enter the adjustment data in the work sheet for the transactions shown below and place the balances in the Adjusted Trial Balance columns.

You have just accepted your first job out of college, which requires you to evaluate loan requests at Beach Front National Bank. The first loan request you receive is from Surfer Dude Enterprises, a small proprietorship. Marty Monroe, the owner, is requesting $75,000 and brings you the following trial balance (or Statement of Accounts) for his first year of operations ended December 31, 2010. What three accounts do you think should be relabeled for greater clarity? ·

Balance Sheet accounts are considered real accounts.

Selected ledger accounts appear below for Fulton Surveying Services for 2014. Prepare a statement of owner's equity.

A work sheet heading is dated for a period of time.

Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.

Marcus Enterprises was started by Damien Marcus in 2010. During 2010, Damien Marcus invested $8,000 in the business. Based on the following worksheet, prepare an income statement, statement of owner's equity, and balance sheet for Marcus Enterprises for the year ended December 31, 2010. Marcus Enterprises Worksheet For the Year Ended December 31, 2010

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Land is an example of a plant asset.

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine the current assets.

Financial statements should be prepared before the closing entries are journalized and posted.

All companies must use a calendar year as their fiscal year.

Which of the accounts below would appear in the Balance Sheet columns of the work sheet?

Net income appears on the work sheet in the