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1) During the end-of-period processing which of the given best describes the logical Order of this process?

A. Preparation of adjustments, adjusted trial balance, financial statements
B. Preparation of Income Statement, adjusted trial balance, Balance Sheet
C. Preparation of adjusted trial balance, cross-referencing, journalizing
D. Preparation of adjustments, adjusted trial balance, posting

 

2) Accumulated Depredation appears on__________

A. balance sheet in the current assets section
B. balance sheet In the property, plant and equipment section
C. balance sheet In the long-term liabilities section
D. income statement as an operating expense

 

3) Unearned Fees appear on______________

A. balance sheet In the current assets section
B. balance sheet as a current liability
C. balance sheet In the owner's equity section
D. Income statement as revenue

 

4) Round-tripping is when __________

A. a selling company sells to a customer company with huge discounts
B. a selling company pretends to sell to a fictitious company with the intend of inflating revenues
C. a selling company lends money to a customer company to increase assets
D. a selling company lends money to a customer company to be used to purchase goods from the selling company

 

5) Statement of Owner's Equity must be prepared_______

A. before the income statement and after the balance sheet
B. before the Income statement and balance sheet
C. after the income statement and balance sheet
D. after the income statement and before the balance sheet

Accounting Basics, Accounting

  • Category:- Accounting Basics
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