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Exam 5: The Accounting Cycle: Reporting Financial Results

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Question 31

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The worksheet:

A) Is one of the basic financial statements.
B) Is prepared throughout the year.
C) Is not a formal step in the accounting cycle.
D) Starts with the first column being the adjusted trial balance.

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Question 32

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Accountants refer to the period of time from October 1 - December 31 as "busy season."

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Question 33

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A revenue account is closed by debiting Income Summary and crediting Service Revenue.

Completion of worksheet--missing data Certain data are given on the worksheet below,and certain missing data are indicated by the blank boxes.Sufficient information is included to fill in the missing data.Each account has a debit or credit balance characteristically normal for that kind of account.Note that the dollar amounts have been reduced to figures of not more than three digits to simplify the arithmetic. Insert the figures necessary to complete the worksheet in the blanks indicated by an underline.The boxes cover both debit and credit columns; be sure to insert the missing figures in the correct column of the box.

Retained Earnings at the end of a period:

Adjustments and closing process--basic entries Selected ledger accounts used by Goldstone Advertising Inc.,are listed along with identifying numbers.Following this list of account numbers and titles in a series of transactions,you are required to indicate the proper accounts to be debited and credited for each transaction.

Publicly owned companies must file their audited financial statements and detailed supporting schedules with the Financial Accounting Standards Board.

The normal order in which the financial statements are prepared is:

The following information is available: What is the return on equity? (round to the nearest number)

A worksheet should be viewed as:

After all the closing entries have been posted,the Income Summary account has a zero balance.

If current assets are $110,000 and current liabilities are $50,000,working capital will be:

The dividends account should be:

The current ratio equals current assets plus current liabilities.

The concept of adequate disclosure requires a company to inform financial statement users of each of the following,except:

Assets are considered current assets if they are cash or will usually be converted into cash:

If Income Summary has a net credit balance,it signifies:

The income statement,statement of retained earnings,and the statement of cash flows can all be prepared directly from the adjusted trial balance.

Which account will not appear on an After-Closing Trial Balance?

The December 31,2014 worksheet for Albertville Grill showed the following amounts related to the Depreciation Expense account: (a) .In the Trial Balance debit column: $1,745 (b) ) In the Adjustments debit column: $1,125 (c) ) In the Adjusted Trial Balance debit column: $1,870 What is the proper balance in the Depreciation Expense account on January 1,2015,after all closing entries for 2014 have been posted,but before any 2015 transactions are recorded?