2.02 Accounting Review
Quiz by Jeff Langer
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14 questions
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- Q1On 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 $4,550Net loss of $250Net income of $250Net loss of $4,55045s
- Q2When 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 columns45s
- Q3Mary is preparing a Balance Sheet. What must she do after she completes the Assets section?Double rule across the left and right columnsPrepare the Expense sectionPrepare the Owner's Equity sectionPrepare the Liability section45s
- Q4If 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 $2,200Insurance Expense and credit Prepaid Insurance $2,200Prepaid Insurance and credit Insurance Expense $1,200Insurance Expense and credit Prepaid Insurance $1,20045s
- Q5John 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 lossRecord the balance of the revenue accountWrite the balance of each expense accountDouble rule across both amount columns45s
- Q6If 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 $800Prepaid Insurance and credit Insurance Expense $1,20Insurance Expense and credit Prepaid Insurance $800.Insurance Expense and credit Prepaid Insurance $1,200.45s
- Q7Mary 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 EquityThe Total Assets are less than the Owner's EquityThe Total Assets should equal Total Liabilities plus Owner's EquityThe Total Assets are greater than the Total Liabilities45s
- Q8If 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 $1,500Supplies and credit Supplies Expense $700Supplies Expense and credit Supplies $700Supplies Expense and credit Supplies $1,50045s
- Q9If 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 $500Supplies Expense and credit Supplies $1,500Supplies Expense and credit Supplies $500Supplies and credit Supplies Expense $1,00045s
- Q10When 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 companyCalculate the total of the liabilitiesDouble rule across the left and right columnsPrepare the Assets Section45s
- Q11The 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 $150Net loss of $1,350Net income of $1,35Net loss of $15045s
- 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 lossCalculate the component percentagesWrite the name of the company.Prepare the Revenue Section45s
- Q13On 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 $400Net Loss of $400Net loss of $2,000Net income of $2,00045s
- Q14Mary is preparing a Balance Sheet. What must she do after she completes the heading information?Double rule across the left and right columnsWrite the titles of all the liability accountsPrepare the Owner's Equity sectionPrepare the Asset section45s