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Exam 4: Completing the Accounting Cycle

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Question 71

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The work sheet and the financial statements both require dollar signs.

A) True
B) False

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Question 72

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Cash, Accounts Payable, and Capital Stock are real accounts and do not get closed at the end of the period.

A) True
B) False

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Question 73

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All companies must use a calendar year as their fiscal year.

Cash and other assets that may reasonably be expected to be realized in cash, sold, or consumed through the normal operations of a business, usually longer than one year, are called current assets.

The following is the adjusted trial balance for Nadia Company prepared at the end of Nadia's fiscal year. Prepare an income statement, retained earnings statement, and classified balance sheet.

Capital Stock and Dividends are reported in the stockholders' equity section of the balance sheet.

The work sheet

Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.

The majority of businesses end their fiscal year on December 31.

The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

The balance sheet should be prepared

Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. If it is not closed to Income Summary, mark as n/a. 1. Utilities Payable 2. Utilities Expense 3. Supplies 4. Supplies Expense 5. Fees Earned 6. Unearned Fees 7. Accounts Receivable 8. Dividends 9. Capital Stock 10. Accumulated Depreciation - Equipment 11. Depreciation Expense - Equipment 12. Equipment 13. Prepaid Insurance 14. Insurance Expense 15. Retained Earnings

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $38,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

Beachside Realty rents condominiums and furnishings. It's adjusted trial balance at December 31, 2011, is as follows: Prepare the entry required to close the dividends account at the end of the period.

Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

A post-closing trial balance should be prepared before the financial statements are prepared.

Which of the following accounts ordinarily appears in the post-closing trial balance?

The trial balance may be listed on the work sheet instead of being prepared separately.

Prepare an income statement and a retained earnings statement for the month ended August 31, 2014, from the following T accounts of Marley Company.

What is the major difference between the unadjusted trial balance and the adjusted trial balance?