11 Accounting - February 22, 2016
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- 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
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