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Exam 4: Completing the Accounting Cycle

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Question 31

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The Accumulated Depreciation account is a permanent account.

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Question 32

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Which of the following accounts would appear in the balance sheet credit column?

A) Prepaid Insurance
B) Buildings
C) Unearned Revenue
D) Service Revenue

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Question 33

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A list of the accounts and their balances at the end of the period,after journalizing and posting the closing entries,is called ________.

The current ratio shows the profitability of a firm.

The Salaries Expense account is a temporary account.

Revenue and expense accounts are closed to the Income Summary account.

Which of the following accounts would appear in the balance sheet debit column?

In which of the columns of a worksheet would a net loss be found?

Prepaid Rent in the worksheet's unadjusted trial balance column is $5,000.Prepaid Rent in the balance sheet column is $2,000.Which of the following entries would have caused this difference?

Which of the following is the most liquid asset?

The balances of select accounts of McCarthy,Inc.as of December 31,2016 are given below: $\begin{array} { | l | r | } \hline \text { Notes Payable-short-term } & \$ 1,500 \\\hline \text { Salaries Payable } & 6,000 \\\hline \text { Notes Payable-long-term } & 25,000 \\\hline \text { Accounts Payable } & 3,100 \\\hline \text { Unearned Revenue } & 2,000 \\\hline \text { Interest Payable } & 2,200 \\\hline\end{array}$ The Unearned Revenue is the amount of cash received for services to be rendered in January 2017.Interest Payable will be paid on February 5,2017.What are the total long-term liabilities shown on the balance sheet?

The following is the adjusted trial balance for Becker Photography. After the closing entries,what will the final balance in Retained Earnings be?

On December 31,2016,Axle Services,Inc.prepared the following accrual adjustment: $\begin{array} { | c | r | r | } \hline \text { Salaries Expense } & 1,000 & \\\hline \text { Salaries Payable } & & 1,000 \\\hline\end{array}$ Axle uses reversing entries.Prepare the reversing entry that would be prepared on January 1,2017.

The balances of select accounts of Janet,Inc.as of December 31,2016 are given below: $\begin{array} { | l | r | } \hline \text { Notes Payable-short-term } & \$ 1,200 \\\hline \text { Salaries Payable } & 6,000 \\\hline \text { Notes Payable-long-term } & 22,000 \\\hline \text { Accounts Payable } & 3,200 \\\hline \text { Unearned Revenue } & 1,000 \\\hline \text { Interest Payable } & 2,200 \\\hline\end{array}$ The Unearned Revenue is the amount of cash received for services to be rendered in January,2017.The Interest Payable is due on February 15,2017.What are the total current liabilities shown on the balance sheet?

Which of the following is a permanent account?

Under which of the following categories would Accounts Payable appear?

Closing entries are journalized and posted ________.

The process by which companies produce their financial statements for a specific period is called the ________.

The operating cycle is the time span required for a business to repay its long-term liabilities.

Which of the following statements is true of the accounting cycle?