Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Financial Accounting Expert

problem: Which of the following steps in the accounting cycle is performed immediately before preparing adjusting entries?

a) Analyzing transactions
b) Preparing a trial balance
c) Preparing the financial statements
d) Recording and posting closing entries

problem: The accounting cycle step that involves summarizing the ledger accounts to prove the equality of debits and credits is called:

a) Preparing a trial balance.
b) Posting adjusting entries.
c) Preparing the financial statements.
d) Analyzing transactions.

problem: Which of the following serves as the link between the income statement and the balance sheet?

a) The statement of owners' equity.
b) The post-closing trial balance.
c) The adjusted trial balance.
d) The statement of cash flows.

problem: Trish is preparing a financial statement for which she needs the balances of the owners' capital and drawing accounts. Which statement is Trish most likely preparing?

a) An income statement.
b) An adjusted trial balance.
c) A statement of owners' equity.
d) A statement of cash flows.

problem: Ivan is making several entries into the general journal at the restaurant where he serves as an accountant. The main difference between entries for routine business transactions and adjusting entries is that:

a) Entries for business transactions usually affect fewer kinds of accounts than adjusting entries.
b) Entries for business transactions are made more often than adjusting entries.
c) Adjusting entries are usually higher than entries for routine business transactions.
d) Adjusting entries are usually lower than entries for routine business transactions.

problem: Why do accountants close accounts?

a) To consolidate revenues and expenses into one net figure.
b) To test the balance of debits and credits.
c) To ensure that the general ledger is the only remaining ledger account.
d) To obtain more detailed information on revenues and expenses.

problem: Closing the Interest Income account usually involves:

a) Crediting an expense account.
b) Crediting an asset account.
c) Debiting a liabilities account.
d) Crediting the Owners' Equity account.

problem: All of the following are exs of accounts that would be listed on a worksheet except:

a) Depreciation Expense.
b) Interest Expense.
c) Income Summary.
d) Rooms Revenue.

problem: Which of the following items do accountants neither publish nor give to managers?

a) The income statement.
b) The worksheet
c) The statement of owner's equity
d) The balance of the owner's capital account

problem: Accountants should not reverse the adjustment of prepaid insurance to recognize insurance expense at the end of the accounting period because:

a) Doing so results in a change from accrual basis accounting to cash basis accounting.
b) Prepaid Insurance is a liability account.
c) Prepaid Insurance should never be adjusted.
d) There is no transaction in the following accounting period to offset a reversing entry as there is for the accrual of assets and liabilities.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9119

Have any Question? 


Related Questions in Financial Accounting

Assessment task 1question no 1assessment taskbilby cos

Assessment Task 1 Question no. 1 Assessment Task: Bilby Co's income statement for the year ended 31 December 2015 and statements of financial position at 31 December 2014 and 31 December 2015 were as follows: Bilby co's ...

Chelsea is expected to pay an annual dividend of 126 a

Chelsea is expected to pay an annual dividend of $1.26 a share next year. The market price of the stock is $24.09 and the growth 2.6 percent. What is the cost of equity?

Comprehensive problem - lou barlow a divisional manager for

Comprehensive Problem - Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his division's ...

Sweet treats common stock is currently priced at 3672 a

Sweet treats common stock is currently priced at $36.72 a share. The company just paid $2.18 per share as its annual dividend. The dividends have been increasing by 2,2 percent annually and are expected to continue doing ...

Scenario assume that a manufacturing company usually pays a

Scenario: Assume that a manufacturing company usually pays a waste company (by the pound to haul away manufacturing waste. Recently, a landfill gas company offered to buy a small portion of the waste for cash, saving the ...

Part adbm financial solutionsyou are a financial consultant

Part A DBM Financial Solutions You are a financial consultant working with DBM Financial Solutions and have a portfolio of clients you work with in achieving financial management solutions. Client 1- Manhattan Limited Yo ...

Consider the following account starting balances and

Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Cash is ...

Company a is a calendar year company that depreciates all

Company A is a calendar year company that depreciates all its machinery on a straight-line basis. On January 1, 2016, the company purchased machinery costing $100,000, with an estimated useful life of 10 years and a zero ...

Excel quiz1 start excel 2016 and download and open the file

Excel Quiz 1. Start Excel 2016 and download and open the file Excel Quiz1F18. 2. Save the workbook as FirstName_LastName_Excel_Quiz1 where FirstName is your own First Name and LastName is your Surname (for example Roger_ ...

Assignment - problem questionsthis assessment task consists

Assignment - Problem questions This assessment task consists of five (5) questions. All workings, when appropriate, must be shown to substantiate your answers. Question 1 - Financial statement disclosures You are the fin ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As