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Q 1/10
Score 0
When adjusting Merchandise Inventory, what is the partner account when recording the adjustment?
20
Income Statement
Income Summary
Merchandise Inventory Expense
Q 2/10
Score 0
Why do companies need to perform adjusting entries at the end of the accounting period?
20
To update account balances at the end of the accounting period.
To close all of the permanent accounts.
To update all of the temporary accounts.
To close all of the temporary accounts.
10 questions
Q.
When adjusting Merchandise Inventory, what is the partner account when recording the adjustment?
1
20 sec
Q.
Why do companies need to perform adjusting entries at the end of the accounting period?
2
20 sec
Q.
Sept. 1, 2015 our company purchased a 6-month insurance policy for $4,800. What would be the amount of the adjustment on Dec. 31, 2015, the end of our accounting period?
3
20 sec
Q.
As required by law, all merchandising businesses, must do this at least once a year. It involves employees counting every item of inventory available in the store. This process of counting is called:
4
20 sec
Q.
What is a key word in the FCIT Expense adjustment that will help you to decide, if you are given the adjustment amount or the amount AFTER the adjustment?
5
20 sec
Q.
What type of accounts are included in the Income Statement section of the Work Sheet?
6
20 sec
Q.
After completing the formal Income Statement, what should the final number match?
7
20 sec
Q.
The total of the Credit column in the Income Statement section of the Work Sheet represents the company's ______.
8
30 sec
Q.
If a company has Net Sales of $252,000, and a Gross Profit on Sales of $192,500, what would be their Cost of Merchandise Sold?
9
45 sec
Q.
If Income Summary has a credit balance prior to closing it, did the company have a Net Income or a Net Loss?
