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Exam 4: Completing the Accounting Cycle

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Question 101

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The Service Revenue account is a temporary account.

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Question 102

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Which of the following statements is true of the worksheet?

A) The worksheet is a tool that takes the place of financial statement preparation.
B) The worksheet is a document used to summarize data to prepare financial statements.
C) The worksheet is a financial statement issued to the public to communicate the financial results of a company.
D) The worksheet is a type of journal.

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Question 103

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The worksheet helps accountants to ________.

Assets are listed in the order of their ________ on the balance sheet.

The time span during which cash is paid for goods and services,which are then sold to customers from whom the business collects cash,is called the ________.

Reversing entries are special journal entries that ease the burden of accounting for transactions in a later period.

Preparing the worksheet is a required step of the accounting cycle.

In a balance sheet,prepared under IFRS guidelines,cash is often shown as one of the last assets listed.

Which of the following are NOT included in a post-closing trial balance?

List the steps of the accounting cycle that take place during the period.

The Common Stock account is a temporary account.

Griffen Service Company had the following unadjusted balances at December 31,2018: Salaries Payable,$0;Salaries Expense,$12,000.The following transactions took place on December 31,2018: Accrued Salaries Expense,$5,000 Closed the Salaries Expense account. The following transaction took place on January 4,2019: Paid salaries of $6,000.This payment included $5,000 that was accrued on December 31,2018 and $1,000 for the first few days in January 2019. Prepare the journal entries for January 1,2019 and January 4,2019,assuming that reversing entries were made.Omit explanations.

The following information is provided for Journey Inc.and Mastery Inc.Both corporations provide training materials for electricians. Current Ratio a.Which company has the stronger current ratio for 2018 and 2019? Defend your answer. b.Discuss the change in current ratio for each company.

Only temporary accounts appear on the post-closing trial balance.

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

A current ratio that has increased from the prior period indicates an improvement in the company's ability to pay its current debts.

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

The beginning balance in the Retained Earnings account of a company was $11,000.The revenues and expenses were $240,000 and $160,000,respectively.During the year,the company paid dividends of $6,000.The ending balance in Retained Earnings was $91,000.

A worksheet can be used to help prepare the financial statements.

Which of the following statements regarding intangible assets is incorrect?