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Exam 4: Completing the Accounting Cycle

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Question 1

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The steps of the accounting cycle are followed throughout the accounting period.

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Question 2

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Assets are listed in the order of their ________ on the balance sheet.

A) magnitude
B) dates of purchase
C) liquidity
D) durability

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Question 3

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The adjusted trial balance of Shutterbug Photography at December 31,2017 is as follows: Using the information above,prepare a post-closing trial balance for Shutterbug Photography (dated December 31,2017).

Refer to the following adjusted trial balance. What will the final ending balance in the Owner,Capital account be after posting the closing entries?

GAAP requires publicly traded companies to prepare a post-closing trial balance and publish it in their annual report.

To which of the following accounts should the balance in the Income Summary account be closed?

The following is the adjusted trial balance as of December 31,2016 of Aims Photography: Provide the closing entry for expenses.

Under which of the following categories would bonds held as an investment for less than a year appear?

Assets that are expected to be converted to cash,sold,or used up during the next 12 months,or within the business's normal operating cycle if the cycle is longer than a year,are called ________ assets.

Revenues and expenses are transferred to the ________ account before their final transfer into the Retained Earnings account.

The balances of select accounts of Janet Company as of December 31,2016 are given below: The Unearned Revenue is the amount of cash received for services to be rendered in January,2017.The Interest Payable is due on February 15,2017.What are the total current liabilities shown on the balance sheet?

Which of the following statements is true of the accounting cycle?

Which of the following is a permanent account?

Reversing entries are special journal entries that ease the burden of accounting for transactions in a later period.

Notes Payable due within two years are classified as ________.

Which of the following would be considered the weakest current ratio?

Rosewood earned revenues of $19,000 and incurred expenses of $4,500.The owner made withdrawals of $2,500.What is the balance in the Income Summary account after closing net income or loss to the Owner,Capital account?

A balance sheet prepared in the account form lists the assets at the top and the liabilities and stockholders' equity below.

The Salaries Expense account is a temporary account.

The operating cycle is the time span required for a business to repay its long-term liabilities.