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- Q1
What is "FS"?
Further Statistics
Financial Statement
Forsome Simple
Formore Simplify
30s - Q2
Which of the items below does not appear on the work sheet?
Drawing Account
Closing Entries
Adjusting Entries
Unadjusted trial balance
30sABM_FABM11-IVa-d-33 - Q3
After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are 87,500 and 98,300, respectively. What is the amount of the net income or net loss for the period?
10,800 net income
98,300 net income
87,500 net loss
10,800 net loss
30s - Q4
Which of the items below would appear in the Income Statement columns of the work sheet?
Unearned Fees
Equipment
Net Loss
Prepaid Expense
30s - Q5
In the worksheet, salaries payable credit balance is extended to the A. credit side of the income statement B. debit side of the income statement C. credit side of the balance sheet D. debit side of the income statement
debit side of the income statement
debit side of the balance sheet
credit side of the balance sheet
credit side of the income statement
30s - Q6
On August 1, a company collects revenue in advance for the next twelve months and credits a liability account. The adjusting entry at year end on the work sheet would A. increase a liability account B. decrease an asset account C. decrease a revenue account D. decrease a liability account
Decrease an asset account
Decrease liability account
Increase liability account
Decrease revenue account
30s - Q7
An indication that the work sheet columns are in balance and the work sheet is completed is A. the word "Total" is written at the bottom of each pair of columns B. each pair of columns is double underlined C. each pair of columns has the totals encircled D. the final figures are written in ink
The final figures are written in ink
Total is written at the bottom of each pair of columns
Each pair of columns has the totals encircled
Each pair of columns is double underlined
30s - Q8
Reversing entries are made at the start of the ______________.
Next semester
Next accounting period
Next financial statement
Next school year
30s - Q9
Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? A. Salaries Expense B. Fees Earned C. Unearned Rent D. Depreciation Expense
Unearned Rent
Salaries Expense
Depreciation Expense
Fees Earned
30s - Q10
Accumulated Depreciation appears on the A. balance sheet in the current assets section B. balance sheet in the non-current assets section C. balance sheet in the long-term liabilities section D. income statement as an operating expense
Balance sheet in the non-current asset
Balance sheet in the current asset
Income statement as an operating expense
Balance sheet in the long-term liabilities
30s - Q11
Unearned Fees appear on the A. balance sheet in the current assets section B. balance sheet as a current liability C. balance sheet in the owner's equity section D. income statement as revenue
Balance sheet as a current liability
Balance sheet in the owner's equity
Income statement as revenue
Balance sheet in the current assets
30s - Q12
Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? A. Salaries Expense B. Fees Earned C. Unearned Rent D. Depreciation Expense
Depreciation Expense
Unearned Rent
Salaries Expense
Fees Earned
30s - Q13
The post-closing trial balance differs from the adjusted trial balance in that it A. does not take into account closing entries B. does not take into account adjusting entries C. does not include balance sheet accounts D. does not include income statement accounts
Does not include balance sheet account
Does not take into account adjusting entries
Does not include income statement accounts
Does not take into account closing entries
30s - Q14
Cash appear on the
Balance sheet on the non-current account
Income statement credit column
Balance sheet on the current asset account
Income statement debit column
30s