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Accounting 1 1. he most important output of the accounting

Accounting 1 1. he most important output...
Accounting 1

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


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


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


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


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


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)
True
False


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


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


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)
True
False


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


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


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
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Answered in 39 minutes by:
9/13/2013
Bizhelp
Bizhelp, Accountant
Category: Business and Finance Homework
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Hi,

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Bizhelp
Bizhelp, Accountant
Category: Business and Finance Homework
Satisfied Customers: 5,884
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Customer reply replied 4 years ago

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

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Customer reply replied 4 years ago

are u able now i nedd help in accounting

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Customer reply replied 4 years ago

hey are u able to help me ?

It depends. What is your question?
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Customer reply replied 4 years ago

is about true table math

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.

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Customer reply replied 4 years ago

are you able to help me now?

Customer reply replied 4 years ago

i want to know if u are able to help me

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