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Question 1 of 20 |
0.0/ 5.0 Points |
Bringing account balances up to date before preparing financial reports is called
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[removed] A. posting. |
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[removed] B. adjusting. |
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[removed] C. journalizing. |
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[removed] D. analyzing. |
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Question 2 of 20 |
0.0/ 5.0 Points |
The entry to record the expiration of part of the prepaid rent will _______ at the end of the month.
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[removed] A. decrease total assets and increase total expenses |
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[removed] B. decrease total assets and decrease total expenses |
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[removed] C. increase total assets and increase total expenses |
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[removed] D. increase total assets and decrease total expenses |
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Question 3 of 20 |
5.0/ 5.0 Points |
Income Summary
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[removed] A. is a temporary account. |
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[removed] B. is a permanent account. |
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[removed] C. summarizes revenue and expenses and transfers the balance to Capital. |
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[removed] D. Both A and C |
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Question 4 of 20 |
0.0/ 5.0 Points |
At the start of this year, 18 months’ rent was paid. At the year’s end, how will this affect the balance sheet?
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[removed] A. Assets will be decreased. |
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[removed] B. Liabilities will be increased. |
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[removed] C. Owner’s equity will be increased. |
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[removed] D. This has no effect on the period-end balance sheet. |
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Question 5 of 20 |
5.0/ 5.0 Points |
Not recording the Prepaid Rent used causes
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[removed] A. assets to be too high. |
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[removed] B. assets to be too low. |
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[removed] C. expenses to be too high. |
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[removed] D. revenue to be too high. |
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Question 6 of 20 |
0.0/ 5.0 Points |
The depreciation of equipment will require an adjustment that results in
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[removed] A. total assets increasing and total expenses increasing. |
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[removed] B. total assets increasing and total expenses decreasing. |
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[removed] C. total assets and expenses decreasing. |
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[removed] D. total assets decreasing and total expenses increasing. |
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Question 7 of 20 |
0.0/ 5.0 Points |
As Prepaid Rent is used, the asset becomes a/an
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[removed] A. liability. |
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[removed] B. expense. |
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[removed] C. contra-asset. |
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[removed] D. revenue. |
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Question 8 of 20 |
5.0/ 5.0 Points |
Closing entries are prepared
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[removed] A. to clear all temporary accounts to zero. |
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[removed] B. to update the Capital balance. |
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[removed] C. at the end of the accounting period. |
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[removed] D. All of the above |
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Question 9 of 20 |
0.0/ 5.0 Points |
If the adjustment for Supplies used during the period wasn’t made,
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[removed] A. expenses would be too low. |
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[removed] B. assets would be too low. |
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[removed] C. expenses would be too high. |
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[removed] D. revenue would be too high. |
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Question 10 of 20 |
5.0/ 5.0 Points |
It is the end of the year but not the end of the pay period. How will this affect the balance sheet?
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[removed] A. Assets will be increased. |
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[removed] B. Liabilities will be increased. |
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[removed] C. Owner’s equity will be increased. |
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[removed] D. This has no effect on the period-end balance sheet. |
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Question 11 of 20 |
0.0/ 5.0 Points |
The income statement debit column of the worksheet showed the following expenses:
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Supplies Expense |
$600 |
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Depreciation Expense |
400 |
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Salaries Expense |
300 |
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[removed] A.
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|||||||||
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[removed] B.
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[removed] C.
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[removed] D.
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Question 12 of 20 |
0.0/ 5.0 Points |
If the balance of supplies at the start of the month was $900 and at the end of the month there was $450 on hand, the adjustment for Supplies would be
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[removed] A. $450. |
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[removed] B. $550. |
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[removed] C. $350. |
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[removed] D. $900. |
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Question 13 of 20 |
0.0/ 5.0 Points |
The adjustment to record supplies used during the period would be which of the following?
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[removed] A. Debit Supplies; credit Supplies Expense |
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[removed] B. Debit Supplies Expense; credit Cash |
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[removed] C. Debit Supplies Expense; credit Supplies |
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[removed] D. Debit Supplies; credit Cash |
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Question 14 of 20 |
0.0/ 5.0 Points |
Which of the following would cause a contra-asset to be credited and an expense debited?
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[removed] A. Recording an accrued expense |
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[removed] B. Recording the consumption of supplies |
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[removed] C. Recording the building depreciation |
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[removed] D. All of the above |
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Question 15 of 20 |
5.0/ 5.0 Points |
Assets that aren’t expected to provide benefits for a number of accounting periods are called
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[removed] A. current assets. |
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[removed] B. fixed assets. |
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[removed] C. long-term assets. |
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[removed] D. property, plant, and equipment. |
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Question 16 of 20 |
5.0/ 5.0 Points |
An account in which the balance isn’t carried over from one accounting period to the next is called a _______ account.
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[removed] A. permanent |
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[removed] B. real |
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[removed] C. temporary |
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[removed] D. zero |
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Question 17 of 20 |
0.0/ 5.0 Points |
Closing entries
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[removed] A. need not be journalized since they appear on the worksheet. |
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[removed] B. need not be posted if the financial statements are prepared from the worksheet. |
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[removed] C. aren’t needed if adjusting entries are prepared. |
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[removed] D. must be journalized and posted. |
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Question 18 of 20 |
5.0/ 5.0 Points |
Which of the following would cause total assets to decrease and total expense to increase?
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[removed] A. Recording the depreciation of equipment |
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[removed] B. Recording the consumption of supplies |
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[removed] C. Recording the expiration of prepaid rent |
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[removed] D. All of the above |
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Question 19 of 20 |
0.0/ 5.0 Points |
It’s the end of the accounting period, and no electric bill has been received (but the expense has been incurred); you should record an entry that
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[removed] A. increases the total assets and increases the total expenses. |
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[removed] B. decreases the total assets and increases the total expenses. |
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[removed] C. increases the total liabilities and increases the total expenses. |
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[removed] D. decreases the total liabilities and increases the total expenses. |
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Question 20 of 20 |
0.0/ 5.0 Points |
Which of the following would cause a liability to be credited and an expense to be debited?
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[removed] A. Recording the adjustment for the expiration of rent |
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[removed] B. Recording the depreciation of equipment |
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[removed] C. Recording the accrual of salaries incurred |
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[removed] D. Purchasing equipment |
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