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2.02 Accounting Review

Quiz by Jeff Langer

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14 questions
Show answers
  • Q1
    On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:
    Net income of $4,550
    Net loss of $250
    Net income of $250
    Net loss of $4,550
    45s
  • Q2
    When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?
    Write each column's total below the single line.
    Add each column to verify that debits equal credits.
    Single rule across both amount columns below the last amounts.
    Double rule across both amount columns
    45s
  • Q3
    Mary is preparing a Balance Sheet. What must she do after she completes the Assets section?
    Double rule across the left and right columns
    Prepare the Expense section
    Prepare the Owner's Equity section
    Prepare the Liability section
    45s
  • Q4
    If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the work sheet is to debit:
    Prepaid Insurance and credit Insurance Expense $2,200
    Insurance Expense and credit Prepaid Insurance $2,200
    Prepaid Insurance and credit Insurance Expense $1,200
    Insurance Expense and credit Prepaid Insurance $1,200
    45s
  • Q5
    John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT?
    Calculate the net income or net loss
    Record the balance of the revenue account
    Write the balance of each expense account
    Double rule across both amount columns
    45s
  • Q6
    If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the work sheet is to debit:
    Prepaid Insurance and credit Insurance Expense $800
    Prepaid Insurance and credit Insurance Expense $1,20
    Insurance Expense and credit Prepaid Insurance $800.
    Insurance Expense and credit Prepaid Insurance $1,200.
    45s
  • Q7
    Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?
    The Total Assets plus Total Liabilities equal Owner's Equity
    The Total Assets are less than the Owner's Equity
    The Total Assets should equal Total Liabilities plus Owner's Equity
    The Total Assets are greater than the Total Liabilities
    45s
  • Q8
    If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the work sheet is to debit:
    Supplies and credit Supplies Expense $1,500
    Supplies and credit Supplies Expense $700
    Supplies Expense and credit Supplies $700
    Supplies Expense and credit Supplies $1,500
    45s
  • Q9
    If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the work sheet is to debit:
    Supplies and credit Supplies Expense $500
    Supplies Expense and credit Supplies $1,500
    Supplies Expense and credit Supplies $500
    Supplies and credit Supplies Expense $1,000
    45s
  • Q10
    When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement?
    Write the name of the company
    Calculate the total of the liabilities
    Double rule across the left and right columns
    Prepare the Assets Section
    45s
  • Q11
    The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:
    Net income of $150
    Net loss of $1,350
    Net income of $1,35
    Net loss of $150
    45s
  • Q12
    . Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement?
    Calculate the net income or net loss
    Calculate the component percentages
    Write the name of the company.
    Prepare the Revenue Section
    45s
  • Q13
    On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a:
    Net income of $400
    Net Loss of $400
    Net loss of $2,000
    Net income of $2,000
    45s
  • Q14
    Mary is preparing a Balance Sheet. What must she do after she completes the heading information?
    Double rule across the left and right columns
    Write the titles of all the liability accounts
    Prepare the Owner's Equity section
    Prepare the Asset section
    45s

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