11 Accounting - February 22, 2016

11 Questions | By Educonomist | Updated: Mar 20, 2022 | Attempts: 284

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11 Accounting - February 22, 2016 - Quiz

Questions and Answers

1.

Which of the following is the correct order for the accounting cycle?
- A.
  
  Journal, ledger, adjusted worksheet, financial statements, closing entries
- B.
  
  Journal, ledger, adjusted worksheet, closing entries, financial statements
- C.
  
  Ledger, journal, adjusted worksheet, financial statements, closing entries
- D.
  
  Journal, ledger, closing entries, financial statements, adjusted worksheet
2.

Which of the following is the correct order for the accounting cycle?
- A.
  
  Journal, ledger, trial balance, adjustments, closing entries, financial statements
- B.
  
  Journal, ledger, adjustments, closing entries, trial balance, financial statements
- C.
  
  Journal, ledger, trial balance, financial statements, adjustments, closing entries
- D.
  
  Journal, ledger, trial balance, adjustments, financial statements, closing entries
3.

On the worksheet, in which columns does a net income appear?
- A.
  
  Income statement debit and balance sheet credit
- B.
  
  Income statement credit and balance sheet debit
- C.
  
  Income statement debit and balance sheet debit
- D.
  
  Income statement credit and balance sheet credit
4.

Which of the following accounts gets closed?
- A.
  
  Prepaid Insurance
- B.
  
  Accumulated Depreciation - equipment
- C.
  
  Supplies
- D.
  
  Rent Expense
5.

Which of the following accounts does NOT get closed?
- A.
  
  Capital
- B.
  
  Drawings
- C.
  
  Sales
- D.
  
  Salaries expense
6.

In the event of a net loss, what would happen to the Income Summary Account during the closing entries?
- A.
  
  It would be debited.
- B.
  
  It would be credited.
- C.
  
  It would not be used.
7.

What would be a suitable account # for the Income Summary account?
- A.
  
  103
- B.
  
  203
- C.
  
  303
- D.
  
  403
8.

On which financial statement does the Income Summary account appear?
- A.
  
  Income statement
- B.
  
  Statement of owner's equity
- C.
  
  Balance sheet
- D.
  
  None of the above
9.

How many closing journal entries do you have to make?
- A.
  
  1
- B.
  
  2
- C.
  
  3
- D.
  
  4
10.

In which column of the worksheet do we show the drawings account?
- A.
  
  Income statement debit
- B.
  
  Income statement credit
- C.
  
  Balance sheet debit
- D.
  
  Balance sheet credit
11.

On the worksheet, when you subtract balance sheet debits from balance sheet credits, what should the result be equal to?
- A.
  
  Capital
- B.
  
  Net income
- C.
  
  Total assets
- D.
  
  Total liabilities