Acc 557 Week 4 Quiz
FinanceAceAcc 557 Week 4 Quiz
Multiple Choice Question 114 |
The two optional steps in the accounting cycle are preparing
[removed] | reversing entries and a worksheet. |
[removed] | an adjusted trial balance and a post-closing trial balance. |
[removed] | a post-closing trial balance and reversing entries. |
[removed] | a worksheet and post-closing trial balances. |
Multiple Choice Question 48 |
A worksheet can be thought of as a(n)
[removed] | part of the journal. |
[removed] | permanent accounting record. |
[removed] | optional device used by accountants. |
[removed] | part of the general ledger. |
Multiple Choice Question 143 |
It is not true that current assets are assets that a company expects to
[removed] | realize in cash within one year. |
[removed] | use up within one year. |
[removed] | sell within one year. |
[removed] | acquire within one year. | |
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Multiple Choice Question 42 | ||
The adjustments entered in the adjustments columns of a worksheet are
[removed] | journalized before the worksheet is completed. |
[removed] | not journalized until after the financial statements are prepared. |
[removed] | not journalized. |
[removed] | posted to the ledger but not journalized. |
Multiple Choice Question 94 |
The income statement for the year 2013 of Fugazi Co. contains the following information:
Revenues | $70,000 | |||
Expenses: | ||||
Salaries and Wages Expense | $45,000 | |||
Rent Expense | 12,000 | |||
Advertising Expense | 8,000 | |||
Supplies Expense | 6,000 | |||
Utilities Expense | 2,500 | |||
Insurance Expense | 2,000 | |||
Total expenses | 75,500 | |||
Net income (loss) | ($5,500) | |||
At January 1, 2013, Fugazi reported retained earnings of $50,000. Dividends for the year totalled $10,000. At December 31, 2013, the company will report retained earning of
[removed] | $40,000. |
[removed] | $15,500. |
[removed] | $34,500. |
[removed] | $45,500. |
Multiple Choice Question 116 |
Correcting entries
[removed] | always affect at least one balance sheet account and one income statement account. |
[removed] | may involve any combination of accounts in need of correction. |
[removed] | affect balance sheet accounts only. |
[removed] | affect income statement accounts only. |
Multiple Choice Question 84 |
After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to
[removed] | the amount of the retained earnings reported on the balance sheet. |
[removed] | zero. |
[removed] | the net income for the period. |
[removed] | the beginning retained earnings reported on the retained earnings statement. |
Multiple Choice Question 154 |
The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013:
Accounts payable | $ 19,000 |
Accounts receivable | 11,000 |
Accumulated depreciation – equipment | 28,000 |
Advertising expense | 21,000 |
Cash | 11,000 |
Common stock | 40,000 |
Depreciation expense | 12,000 |
Dividends | 14,000 |
Insurance expense | 3,000 |
Note payable, due 6/30/14 | 70,000 |
Prepaid insurance (12-month policy) | 6,000 |
Rent expense | 17,000 |
Retained earnings (1/1/13) | 65,000 |
Salaries and wages expense | 32,000 |
Service revenue | 125,000 |
Supplies | 4,000 |
Supplies expense | 6,000 |
Equipment | 210,000 |
What are total long-term liabilities at December 31, 2013?
[removed] | $0 |
[removed] | $89,000 |
[removed] | $19,000 |
[removed] | $70,000 |
Multiple Choice Question 147 |
The relationship between current assets and current liabilities is important in evaluating a company's
[removed] | liquidity. |
[removed] | accounting cycle. |
[removed] | market value. |
[removed] | profitability. |
Multiple Choice Question 112 |
Which of the following steps in the accounting cycle may be performed most frequently?
[removed] | Journalize closing entries. |
[removed] | Prepare a post-closing trial balance. |
[removed] | Prepare a trial balance. |
[removed] | Post closing entries. |
Multiple Choice Question 45 |
If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has
[removed] | earned net income for the period. |
[removed] | suffered a net loss for the period. |
[removed] | to make an adjusting entry. |
[removed] | an error because debits do not equal credits. |
Multiple Choice Question 171 |
On September 23, Sebagoh Company received a $350 check from Surfer Rosa Inc. for services to be performed in the future. The bookkeeper for Sebadoh Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should
[removed] | debit Accounts Receivable $350 and credit Unearned Service Revenue $350. |
[removed] | debit Accounts Receivable $350 and credit Cash $350. |
[removed] | debit Accounts Receivable $350 and credit Service Revenue $350. |
[removed] | debit Cash $350 and credit Unearned Service Revenue $350. |
Which statement about long-term investments is not true?
[removed] | They can never include cash accounts. |
[removed] | They include investments in stock of other companies and land held for future use. |
[removed] | They are not currently used in the operation of the business. |
[removed] | They will be held for more than one year. |
Multiple Choice Question 72 |
Closing entries are journalized and posted
[removed] | at management's discretion. |
[removed] | at the end of each interim accounting period. |
[removed] | before the financial statements are prepared. |
[removed] | after the financial statements are prepared. |
Multiple Choice Question 151 |
The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013:
Accounts payable | $ 19,000 |
Accounts receivable | 11,000 |
Accumulated depreciation – equipment | 28,000 |
Advertising expense | 21,000 |
Cash | 11,000 |
Common stock | 40,000 |
Depreciation expense | 12,000 |
Dividends | 14,000 |
Insurance expense | 3,000 |
Note payable, due 6/30/14 | 70,000 |
Prepaid insurance (12-month policy) | 6,000 |
Rent expense | 17,000 |
Retained earnings (1/1/13) | 65,000 |
Salaries and wages expense | 32,000 |
Service revenue | 125,000 |
Supplies | 4,000 |
Supplies expense | 6,000 |
Equipment | 210,000 |
What are total current assets at December 31, 2013?
[removed] | $26,000 |
[removed] | $38,000 |
[removed] | $28,000 |
[removed] | $32,000 |
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