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Accounting 1 1. he most important output of the accounting

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Accounting 1

1. he most important output of the accounting cycle is the financial statements. (Points : 2)

2. Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements. (Points : 2)

3. Financial statements should be prepared after the closing entries are journalized and posted. (Points : 2)

4. Assets, liabilities, and stockholders’ equity are real accounts and do not get closed at the end of the period. (Points : 2)

5. All income statement accounts balances will be carried forward to the new year. (Points : 2)

6. In the accounting cycle, the last step is (Points : 2)
preparing the financial statements
journalizing and posting the adjusting entries
preparing a post-closing trial balance
journalizing and posting the closing entries

7. The Statement of Retained Earnings begins with the beginning balance followed by (Points : 2)
plus Net Income (loss) less dividends
plus Net Income (loss) plus investments
plus investments less dividends
plus investments plus Net Income (loss) less dividends

8. Balance sheet accounts (Points : 2)
represent amounts accumulated during a specific period of time
are called real accounts
have zero balances after the closing entries have been posted
are equal to assets and liabilities

9. All of the closing entries will adjust ____ to update that account. (Points : 2)
the dividends account
the retained earnings account
the cash account
the income summary account

10. The accounting cycle requires three trial balances be done. In what order should they be prepared? (Points : 2)
Post-closing, unadjusted, adjusted
Unadjusted, post-closing, adjusted
Unadjusted, adjusted, post-closing
Post-closing, adjusted, unadjusted

The largest expense for retail businessess is the cost of of inventory sold. (Points : 2)

2. Under the perpetual inventory system, the cost of merchandise sold is recorded when sales are made. (Points : 2)

3. Sales Discounts is a revenue account that increases net sales. (Points : 2)

4. The effect of a sales return and allowance is a reduction in sales revenue and a decrease in cash or accounts receivable. (Points : 2)

5. If the buyer bears the transportation costs related to a purchase, the terms are said to be FOB destination. (Points : 2)

6. Generally, the revenue account for a merchandising business is entitled (Points : 2)
net sales
gross sales

7. What is the term applied to the excess of net revenue from sales less the cost of merchandise sold? (Points : 2)
gross profit
income from operations
net income
gross sales

8. Merchandise inventory is classified on the balance sheet as a (Points : 2)
Current Liability
Current Asset
Long-Term Asset
Long-Term Liability

9. The primary difference between a periodic and perpetual inventory system is that a (Points : 2)
periodic system determines the inventory on hand only at the end of the accounting period
periodic system keeps a record showing the inventory on hand at all times
periodic system provides an easy means to determine inventory shrinkage
periodic system records the cost of the sale on the date the sale is made

10. In credit terms of 1/10, n/30, the "1" represents the (Points : 2)
number of days in the discount period
full amount of the invoice
number of days when the entire amount is due
percent of the cash discount
Submitted: 2 years ago.
Category: Business and Finance Homework
Expert:  Bizhelp replied 2 years ago.

Thanks for the questions.

Please click here to download the answers.

Hope this helps!

If you would like to request me for future posts, please put 'For Bizhelp' at the beginning of them.
Bizhelp, Accountant
Satisfied Customers: 5852
Experience: BA degree and Certified Public Accountant
Bizhelp and other Business and Finance Homework Specialists are ready to help you
Customer: replied 2 years ago.

hi, i will ike to know if you can write a 2 1/2 page paper?

Expert:  Bizhelp replied 2 years ago.

Sorry, I do not write essays/papers. If you have not already posted the question yet, you can open a new post at and another expert will probably be able to help you. Thanks!
Customer: replied 2 years ago.

are u able now i nedd help in accounting

Expert:  Bizhelp replied 2 years ago.
Yes, I'm available but am not always at my computer. Please post question in a new post. Thanks.
Customer: replied 2 years ago.

hey are u able to help me ?

Expert:  Bizhelp replied 2 years ago.
It depends. What is your question?
Customer: replied 2 years ago.

is about true table math

Expert:  Bizhelp replied 2 years ago.

I'm sorry but I am not a math expert and not familiar with that subject. If you post your question in the math category, a qualified expert should be able to assist you.

Customer: replied 2 years ago.

are you able to help me now?

Customer: replied 1 year ago.

i want to know if u are able to help me

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