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Question 1 After the adjusting entries are journalized
After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the
adjusted trial balance.
adjustments columns of the worksheet.
post-closing trial balance.
the general journal.
The net income (or loss) for the period
cannot be found on the worksheet.
is found by computing the difference between the income statement credit column and the balance sheet credit column on the worksheet.
is found by computing the difference between the trial balance totals and the adjusted trial balance totals.
is found by computing the difference between the income statement columns of the worksheet.
If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a
credit to the owner’s dividends account.
credit to the retained earnings account.
debit to the retained earnings account.
debit to the owner’s dividends account.
The income statement for the year 2008 of Nova Co. contains the following information:
After the revenue and expense accounts have been closed, the balance in Income Summary will be
a credit balance of $3,500.
a debit balance of $3,500.
a credit balance of $70,000.
A post-closing trial balance will show
zero balances for all accounts.
zero balances for balance sheet accounts.
only balance sheet accounts.
only income statement accounts.
Which of the following steps in the accounting cycle would not generally be performed daily?
Prepare adjusting entries
Analyze business transactions
Post to ledger accounts
The two optional steps in the accounting cycle are preparing
a worksheet and post-closing trial balances.
an adjusted trial balance and a post-closing trial balance.
reversing entries and a worksheet.
a post-closing trial balance and reversing entries.
Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is
debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.
debit Cash, $940; credit Accounts Receivable, $940.
debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.
debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940.
The first item listed under current liabilities is usually
The operating cycle of a company is the average time that is required to go from cash to
inventory in producing revenues.
cash in producing revenues.
accounts receivable in producing revenues.
sales in producing revenues.
On a classified balance sheet, current assets are customarily listed
in the order of acquisition.
in alphabetical order.
in the order of liquidity.
with the largest dollar amounts first.
The most important information needed to determine if companies can pay their current obligations is the
net income for this year.
relationship between short-term and long-term liabilities.
relationship between current assets and current liabilities.
projected net income for next year.
Balance sheet accounts are considered to be
temporary owner's equity accounts.
Correcting entries are made
whenever an error is discovered.
at the beginning of an accounting period.
after closing entries.
at the end of an accounting period.
Goodwill would be reported in the ______________ section of a classified balance sheet.
6 years ago.
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