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Exam 4: Completing the Accounting Cycle

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Question 1

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On the work sheet, the capital and drawing account balances are extended to the Balance Sheet columns.

A) True
B) False

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Question 2

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Real accounts are permanent accounts.

A) True
B) False

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Office Equipment is an example of a current asset account.

When a work sheet is complete, the adjustment columns should have

After the accounts have been adjusted at January 31, 2014, the end of the fiscal year, the following balances are taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine total assets.

Which of the statements below indicates that a company earned a net income for the period?

A post-closing trial balance contains only asset and liability accounts.

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet, the difference between the initial totals of the Balance Sheet debit and credit columns is Net Income or Net Loss.

Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.

The Income Statement will include the following accounts

Which of the items below does not appear on the work sheet?

Which one of the steps below is not aided by the preparation of the work sheet?

There is really benefit in preparing financial statements in any particular order.

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Use the following worksheet to answer the following questions. The journal entry to close revenues would be:

Once an account has been closed for the period, inserting a line in the balance columns zeros out the account, making it ready for the following period.

The following is the adjusted trial balance for Nadia Company. Prepare an Income Statement, Balance Sheet, and Statement of Owner's Equity. Assume that the capital account started with a beginning balance of $10,000.

You have just accepted your first job out of college, which requires you to evaluate loan requests at Beach Front National Bank. The first loan request you receive is from Surfer Dude Enterprises, a small proprietorship. Marty Monroe, the owner, is requesting $75,000 and brings you the following trial balance (or Statement of Accounts) for his first year of operations ended December 31, 2010. Which of the following accounts do you think might need to be adjusted before an accurate set of financial statements could be prepared?

The accounting cycle begins with preparing an unadjusted trial balance.