11 Accounting - February 22, 2016

11 Questions | Total Attempts: 234

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Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
    Which of the following accounts does NOT get closed?
    • A. 

      Capital

    • B. 

      Drawings

    • C. 

      Sales

    • D. 

      Salaries expense

  • 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. 
    Which of the following accounts gets closed?
    • A. 

      Prepaid Insurance

    • B. 

      Accumulated Depreciation - equipment

    • C. 

      Supplies

    • D. 

      Rent Expense

  • 4. 
    • A. 

      103

    • B. 

      203

    • C. 

      303

    • D. 

      403

  • 5. 
    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

  • 6. 
    • A. 

      1

    • B. 

      2

    • C. 

      3

    • D. 

      4

  • 7. 
    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.

  • 8. 
    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

  • 9. 
    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

  • 10. 
    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

  • 11. 
    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