FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: Completing the Accounting Cycle

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 61

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following accounts will be included in a post-closing trial balance?

A) Service Revenue
B) Interest Payable
C) Interest Expense
D) Utilities Expense

Correct Answer

verified

Show Answer

Question 62

True/False

Review LaterAdd Note

Review Later

The current ratio shows the profitability of a firm.

Correct Answer

verified

Show Answer

Question 63

Multiple Choice

Review LaterAdd Note

Under which of the following categories would bonds held as an investment for less than a year appear?

Under which of the following categories would bonds held as an investment for more than a year appear?

Permanent accounts are not closed at the end of the accounting period.

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

An income statement includes ________.

James Service Company earned revenues of $100,000 and incurred expenses of $107,000. Prepare the entry to close the Income Summary account.

The Owner, Capital account is a permanent account.

Reversing entries are dated on the first day of the new accounting period.

Which of the following is the most liquid asset?

The following is the adjusted trial balance as of December 31, 2017 of Piedmont Exteriors: Provide the closing entry for the Income Summary account.

Answer the following questions regarding the current ratio:

The balance sheet section of the worksheet includes the asset and liability accounts and all equity accounts except revenues and expenses.

Which of the following accounts would appear in the income statement debit column?

Use the Adjusted Trial Balance for Anderson Service Company to prepare the classified balance sheet at September 30, 2016. Use the report form. You must compute the ending balance of Owner's Equity. Anderson Service Company Adjusted Trial Balance September 30, 2016 Balance

The worksheet helps accountants to ________.

Under which of the following categories would Accounts Receivable appear?

Net income is entered as the balancing amount on the debit side of the income statement columns and the credit side of the balance sheet columns of the worksheet.

The post-closing trial balance shows the net income for the period just ended.