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CHAPTER 13 QUIZ

Quiz by Margot Mendoza

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10 questions
Show answers
  • Q1

    Which of the following is not presented in the Balance Sheet or Statement of Financial Position?

    Liabilities

    Assets

    Equities

    Expenses

    30s
  • Q2

    Which of the following is an optional entry to be prepared at the end of the year?

    Reversing Entries

    Closing Entries

    Adjusting Entries

    None of the Above

    30s
  • Q3

    The Balance Sheet is listed according to?

    Account number

    Liquidity 

    chronological order

    Chart of Accounts

    30s
  • Q4

    A summary statement of the firm's financial position at a given point in time?

    Statement of Owner's Equity 

    Income Statement

    Balance Sheet

    Trial Balance

    30s
  • Q5

    Which of the following accounts are not closed at the end of the period?

    Sales

    Prepaid Expense

    Purchase Returns and Allowances

    Salaries Expense

    30s
  • Q6

    This is a financial statement that shows the profitability of the business at a specific period of time:

    Income Statement

    Statement of Changes in Equity

    Statement of Cash Flows

    Statement of Financial Position

    30s
  • Q7

    Reports the changes that occurred in the owner's financial interest in the business:

    Statement of Cash Flows

    Income Statement

    Statement of Financial Position

    Statement of Changes in Equity 

    30s
  • Q8

    What type of account needs to be closed at the end of the accounting period?

    Permanent Accounts

    Real Accounts

    Adjunct Accounts

    Temporary Accounts

    30s
  • Q9

    The following are considered normal business activities, except?

    None of the Above

    General and Administrative Expenses

    Selling Expenses

    Miscellaneous Income

    30s
  • Q10

    The following are accounts under Prepayments except?

    Prepaid Rent

    Office Suppliees

    Prepaid Insurance

    Unearned Income

    30s

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