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Chapter 4 Learning Objective 5

Quiz by Tracy Weber

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18 questions
Show answers
  • Q1
    If total credits exceed total debits in the Balance Sheet columns of a work sheet,
    a net loss has occurred.
    assets exceed liabilities.
    a mistake has been made.
    a net income has occurred.
    30s
  • Q2
    If the amount of net income for the current period is less than the amount of the owner's withdrawals, there will be a(n)
    increase in the Cash account.
    decrease in the Cash account.
    decrease in the owner's Capital account.
    increase in the owner's Capital account.
    30s
  • Q3
    Net income for Susan's Treasures is $25,000 for the current year. The owner withdrew $3,000 per month for personal living expenses. The owner's Capital account will show a net
    decrease of $36,000.
    increase of $11,000.
    decrease of $11,000.
    increase of $61,000.
    30s
  • Q4
    Which of the following accounts is credited for a direct deduction from Equipment in the asset section of a balance sheet?
    Sunk Depreciation, Equipment
    Accumulated Depreciation, Equipment
    Accrued Cost, Equipment
    Opportunity Cost, Equipment
    30s
  • Q5
    Which of the following principles ensures that the expenses for one time period are matched up with the related revenues for the same time period?
    The matching principle
    The depreciation principle
    The mixed account principle
    The contra principle
    30s
  • Q6
    If a company has more than one revenue account, the company should
    prepare two separate Income Statements.
    combine the revenue accounts on the Income Statement.
    none of the answers listed
    show each revenue account separately on the Income Statement.
    30s
  • Q7
    Any additional investments by the owner should be shown as a(n)
    subtraction on the Statement of Owner’s Equity.
    addition on the Statement of Owner’s Equity.
    addition on the Income Statement.
    subtraction on the Income Statement.
    30s
  • Q8
    A net loss should be shown as a(n)
    addition on the Income Statement.
    addition on the Statement of Owner’s Equity.
    subtraction on the Statement of Owner’s Equity.
    addition on the Balance Sheet.
    30s
  • Q9
    Accumulated depreciation appears on the income statement.
    False
    True
    30s
  • Q10
    The work sheet is used to pull together up-to-date account balances needed to prepare the financial statements.
    True
    False
    30s
  • Q11
    Financial statements are prepared by taking the figures directly from the work sheet.
    False
    True
    30s
  • Q12
    Failure to record the adjusting entry for depreciation results in assets and owner's equity being overstated on the balance sheet.
    False
    True
    30s
  • Q13
    If the adjustment for accrued wages is omitted, liabilities and expenses will be overstated.
    False
    True
    30s
  • Q14
    Failure to record the adjusting entry for accrued wages results in the current year's net income being overstated.
    False
    True
    30s
  • Q15
    Failure to record the adjusting entry for depreciation will overstate assets on the balance sheet.
    False
    True
    30s

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