Question 1

Which of the following statements is not correct?

Accepted Answer

A)   The difference between the total of the Income Statement Debit column and the total of the Income Statement Credit column of the worksheet represents either net income or net loss.
B)   Net income is recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column.
C)   Only the balances of accounts that are affected by adjustments must be recalculated before they are recorded in the Adjusted Trial Balance section of the worksheet.
D)   If an account has a debit balance in the Trial Balance section of the worksheet and there is a credit entry in the Adjustments section,the credit amount is added when computing the balance to be shown in the Adjusted Trial Balance section of the worksheet.E) B) and C)
F) B) and D)

Question 2

On a worksheet,the adjusted balance of Depreciation Expense is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column.

Accepted Answer

The answer of On a worksheet,the adjusted balance of Depreciation...

Question 3

On the worksheet,the Balance Sheet columns should balance

Accepted Answer

A)   before the net income amount is added to the Balance Sheet Debit column.
B)   after the net income amount is added to the Balance Sheet Debit column.
C)   after the net income amount is added to the Balance Sheet Credit column.
D)   before the net income amount is added to the Balance Sheet Credit column.E) A) and D)
F) All of the above

Question 4

If the prepaid expenses are not adjusted,assets on the balance sheet

Accepted Answer

A)   will be overstated.
B)   will be understated.
C)   will not be affected.
D)   may be either overstated or understated.E) B) and C)
F) C) and D)

Question 5

On June 1,Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building.Select the adjusting entry made on December 31,to record the amount of rent that had expired.

Accepted Answer

A)  
B)  
C)  
D)  E) A) and D)
F) B) and C)

Question 6

The adjusting entry to account for the expiration of prepaid advertising consists of

Accepted Answer

A)   a debit to Prepaid Advertising and a credit to Advertising Expense.
B)   a debit to Advertising Expense and a credit to Accumulated Depreciation.
C)   a debit to Prepaid Advertising and a credit to Accumulated Depreciation.
D)   a debit to Advertising Expense and a credit to Prepaid Advertising.E) A) and B)
F) A) and C)

Question 7

An accumulated depreciation account is often referred to as a(n)____________________ asset account.

Accepted Answer

The answer of An accumulated depreciation account is often referred...

Question 8

A consecutive,twelve-month accounting period is called a(n)

Accepted Answer

A)   accrual year.
B)   fiscal year.
C)   accounting year.
D)   adjusted year.E) A) and D)
F) B) and C)

Question 9

On a worksheet,the adjusted balance of the Accumulated Depreciation account is extended to:

Accepted Answer

A)   the Income Statement Debit column.
B)   the Income Statement Credit column.
C)   the Balance Sheet Debit column.
D)   the Balance Sheet Credit column.E) None of the above
F) C) and D)

Question 10

The balance of a liability account is extended to the Balance Sheet Credit column of the worksheet.

Accepted Answer

A) True 
 B)False

Question 11

The adjustments made on the worksheet

Accepted Answer

A)   are posted to the ledger but are not recorded in the journal.
B)   are recorded in the journal but are not posted to the ledger.
C)   need not be entered in the journal or the ledger.
D)   are recorded in the journal and then posted to the general ledger accounts.E) None of the above
F) All of the above

Question 12

On a worksheet,the adjusted balance of the Depreciation Expense account is extended to:

Accepted Answer

A)   the Income Statement Debit column.
B)   the Income Statement Credit column.
C)   the Balance Sheet Debit column.
D)   the Balance Sheet Credit column.E) None of the above
F) All of the above

Question 13

Which of the following statements is correct?

Accepted Answer

A)   The cost of supplies used is reported on the statement of owner's equity.
B)   The cost of supplies used represents an operating expense of the business.
C)   Accumulated Depreciation--Equipment is presented in the Liabilities section of a balance sheet.
D)   At the time of their acquisition,prepaid expenses are recorded in expense accounts.E) All of the above
F) A) and B)

Question 14

The balances of the revenue accounts are recorded in the Trial Balance Credit column,the Adjusted Trial Balance Credit column,and the Balance Sheet Credit column of the worksheet.

Accepted Answer

A) True 
 B)False

Question 15

The process of updating accounts at the end of an accounting period for previously unrecorded items that belong to the period is referred to as making ____________________.

Accepted Answer

adjustment...

Question 16

The balance in the account Accumulated Depreciation,Equipment will

Accepted Answer

A)   be reported on the Income Statement.
B)   be reported on the Statement of Owner's Equity.
C)   will be reported on the Balance Sheet.
D)   not appear on any financial statement.E) All of the above
F) C) and D)

Exam 5: Adjustments and the Worksheet

On the worksheet,the Balance Sheet columns should balance

Correct Answer
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The balance in the account Accumulated Depreciation,Equipment will

Correct Answer
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On a worksheet,the adjusted balance of the Accumulated Depreciation account is extended to:

Correct Answer
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The adjusting entry to account for the expiration of prepaid advertising consists of

Correct Answer
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Which of the following statements is not correct?

Correct Answer
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The process of updating accounts at the end of an accounting period for previously unrecorded items that belong to the period is referred to as making ____________________.

Correct Answer
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adjustment...
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An accumulated depreciation account is often referred to as a(n)____________________ asset account.

Correct Answer
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On a worksheet,the adjusted balance of Depreciation Expense is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column.

Correct Answer
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The balances of the revenue accounts are recorded in the Trial Balance Credit column,the Adjusted Trial Balance Credit column,and the Balance Sheet Credit column of the worksheet.

Correct Answer
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If the prepaid expenses are not adjusted,assets on the balance sheet

Correct Answer
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Which of the following statements is correct?

Correct Answer
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On June 1,Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building.Select the adjusting entry made on December 31,to record the amount of rent that had expired.

Correct Answer
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The balance of a liability account is extended to the Balance Sheet Credit column of the worksheet.

Correct Answer
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The adjustments made on the worksheet

Correct Answer
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A consecutive,twelve-month accounting period is called a(n)

Correct Answer
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On a worksheet,the adjusted balance of the Depreciation Expense account is extended to:

Correct Answer
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Exam 5: Adjustments and the Worksheet

On the worksheet,the Balance Sheet columns should balance

Correct AnswerverifiedShow Answer

The balance in the account Accumulated Depreciation,Equipment will

Correct AnswerverifiedShow Answer

On a worksheet,the adjusted balance of the Accumulated Depreciation account is extended to:

Correct AnswerverifiedShow Answer

The adjusting entry to account for the expiration of prepaid advertising consists of

Correct AnswerverifiedShow Answer

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

The process of updating accounts at the end of an accounting period for previously unrecorded items that belong to the period is referred to as making ____________________.

Correct Answerverifiedadjustment...View AnswerShow Answer

An accumulated depreciation account is often referred to as a(n)____________________ asset account.

Correct AnswerverifiedShow Answer

On a worksheet,the adjusted balance of Depreciation Expense is extended from the Adjusted Trial Balance Debit column to the ____________________ Debit column.

Correct AnswerverifiedShow Answer

The balances of the revenue accounts are recorded in the Trial Balance Credit column,the Adjusted Trial Balance Credit column,and the Balance Sheet Credit column of the worksheet.

Correct AnswerverifiedShow Answer

If the prepaid expenses are not adjusted,assets on the balance sheet

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

On June 1,Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building.Select the adjusting entry made on December 31,to record the amount of rent that had expired.

Correct AnswerverifiedShow Answer

The balance of a liability account is extended to the Balance Sheet Credit column of the worksheet.

Correct AnswerverifiedShow Answer

The adjustments made on the worksheet

Correct AnswerverifiedShow Answer

A consecutive,twelve-month accounting period is called a(n)

Correct AnswerverifiedShow Answer

On a worksheet,the adjusted balance of the Depreciation Expense account is extended to:

Correct AnswerverifiedShow Answer

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adjustment...
View Answer

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