| Question 1 of 20 |
0.0/ 5.0 Points |
Bringing account balances up to date before preparing financial reports is called
| [removed]
A. posting. |
|
| [removed]
B. adjusting. |
|
| [removed]
C. journalizing. |
|
| [removed]
D. analyzing. |
|
|
| Question 2 of 20 |
0.0/ 5.0 Points |
The entry to record the expiration of part of the prepaid rent will _______ at the end of the month.
| [removed]
A. decrease total assets and increase total expenses |
|
| [removed]
B. decrease total assets and decrease total expenses |
|
| [removed]
C. increase total assets and increase total expenses |
|
| [removed]
D. increase total assets and decrease total expenses |
|
|
| Question 3 of 20 |
5.0/ 5.0 Points |
Income Summary
| [removed]
A. is a temporary account. |
|
| [removed]
B. is a permanent account. |
|
| [removed]
C. summarizes revenue and expenses and transfers the balance to Capital. |
|
| [removed]
D. Both A and C |
|
|
| Question 4 of 20 |
0.0/ 5.0 Points |
At the start of this year, 18 months’ rent was paid. At the year’s end, how will this affect the balance sheet?
| [removed]
A. Assets will be decreased. |
|
| [removed]
B. Liabilities will be increased. |
|
| [removed]
C. Owner’s equity will be increased. |
|
| [removed]
D. This has no effect on the period-end balance sheet. |
|
|
| Question 5 of 20 |
5.0/ 5.0 Points |
Not recording the Prepaid Rent used causes
| [removed]
A. assets to be too high. |
|
| [removed]
B. assets to be too low. |
|
| [removed]
C. expenses to be too high. |
|
| [removed]
D. revenue to be too high. |
|
|
| Question 6 of 20 |
0.0/ 5.0 Points |
The depreciation of equipment will require an adjustment that results in
| [removed]
A. total assets increasing and total expenses increasing. |
|
| [removed]
B. total assets increasing and total expenses decreasing. |
|
| [removed]
C. total assets and expenses decreasing. |
|
| [removed]
D. total assets decreasing and total expenses increasing. |
|
|
| Question 7 of 20 |
0.0/ 5.0 Points |
As Prepaid Rent is used, the asset becomes a/an
| [removed]
A. liability. |
|
| [removed]
B. expense. |
|
| [removed]
C. contra-asset. |
|
| [removed]
D. revenue. |
|
|
| Question 8 of 20 |
5.0/ 5.0 Points |
Closing entries are prepared
| [removed]
A. to clear all temporary accounts to zero. |
|
| [removed]
B. to update the Capital balance. |
|
| [removed]
C. at the end of the accounting period. |
|
| [removed]
D. All of the above |
|
|
| Question 9 of 20 |
0.0/ 5.0 Points |
If the adjustment for Supplies used during the period wasn’t made,
| [removed]
A. expenses would be too low. |
|
| [removed]
B. assets would be too low. |
|
| [removed]
C. expenses would be too high. |
|
| [removed]
D. revenue would be too high. |
|
|
| Question 10 of 20 |
5.0/ 5.0 Points |
It is the end of the year but not the end of the pay period. How will this affect the balance sheet?
| [removed]
A. Assets will be increased. |
|
| [removed]
B. Liabilities will be increased. |
|
| [removed]
C. Owner’s equity will be increased. |
|
| [removed]
D. This has no effect on the period-end balance sheet. |
|
|
| Question 11 of 20 |
0.0/ 5.0 Points |
The income statement debit column of the worksheet showed the following expenses:
| Supplies Expense |
$600 |
| Depreciation Expense |
400 |
| Salaries Expense |
300 |
| [removed]
A.
| Income Summary |
1,300 |
| Supplies Expense |
600 |
| Depreciation Expense |
400 |
| Salaries Expense |
300 |
|
|
| [removed]
B.
| Income Summary |
1,200 |
| Capital |
1,200 |
|
|
| [removed]
C.
| Supplies Expense |
500 |
| Depreciation Expense |
400 |
| Salaries Expense |
300 |
| Income Summary |
1,200 |
|
|
| [removed]
D.
| Capital |
1,200 |
| Income Summary |
1,200 |
|
|
|
| Question 12 of 20 |
0.0/ 5.0 Points |
If the balance of supplies at the start of the month was $900 and at the end of the month there was $450 on hand, the adjustment for Supplies would be
| [removed]
A. $450. |
|
| [removed]
B. $550. |
|
| [removed]
C. $350. |
|
| [removed]
D. $900. |
|
|
| Question 13 of 20 |
0.0/ 5.0 Points |
The adjustment to record supplies used during the period would be which of the following?
| [removed]
A. Debit Supplies; credit Supplies Expense |
|
| [removed]
B. Debit Supplies Expense; credit Cash |
|
| [removed]
C. Debit Supplies Expense; credit Supplies |
|
| [removed]
D. Debit Supplies; credit Cash |
|
|
| Question 14 of 20 |
0.0/ 5.0 Points |
Which of the following would cause a contra-asset to be credited and an expense debited?
| [removed]
A. Recording an accrued expense |
|
| [removed]
B. Recording the consumption of supplies |
|
| [removed]
C. Recording the building depreciation |
|
| [removed]
D. All of the above |
|
|
| Question 15 of 20 |
5.0/ 5.0 Points |
Assets that aren’t expected to provide benefits for a number of accounting periods are called
| [removed]
A. current assets. |
|
| [removed]
B. fixed assets. |
|
| [removed]
C. long-term assets. |
|
| [removed]
D. property, plant, and equipment. |
|
|
| Question 16 of 20 |
5.0/ 5.0 Points |
An account in which the balance isn’t carried over from one accounting period to the next is called a _______ account.
| [removed]
A. permanent |
|
| [removed]
B. real |
|
| [removed]
C. temporary |
|
| [removed]
D. zero |
|
|
| Question 17 of 20 |
0.0/ 5.0 Points |
Closing entries
| [removed]
A. need not be journalized since they appear on the worksheet. |
|
| [removed]
B. need not be posted if the financial statements are prepared from the worksheet. |
|
| [removed]
C. aren’t needed if adjusting entries are prepared. |
|
| [removed]
D. must be journalized and posted. |
|
|
| Question 18 of 20 |
5.0/ 5.0 Points |
Which of the following would cause total assets to decrease and total expense to increase?
| [removed]
A. Recording the depreciation of equipment |
|
| [removed]
B. Recording the consumption of supplies |
|
| [removed]
C. Recording the expiration of prepaid rent |
|
| [removed]
D. All of the above |
|
|
| Question 19 of 20 |
0.0/ 5.0 Points |
It’s the end of the accounting period, and no electric bill has been received (but the expense has been incurred); you should record an entry that
| [removed]
A. increases the total assets and increases the total expenses. |
|
| [removed]
B. decreases the total assets and increases the total expenses. |
|
| [removed]
C. increases the total liabilities and increases the total expenses. |
|
| [removed]
D. decreases the total liabilities and increases the total expenses. |
|
|
| Question 20 of 20 |
0.0/ 5.0 Points |
Which of the following would cause a liability to be credited and an expense to be debited?
| [removed]
A. Recording the adjustment for the expiration of rent |
|
| [removed]
B. Recording the depreciation of equipment |
|
| [removed]
C. Recording the accrual of salaries incurred |
|
| [removed]
D. Purchasing equipment |
|
