Q.1.
On which financial stement will income summary be shown?
Q.2.
fees payable would appear on the balance sheet as a (n)
Q.3.
Generally accepted accounting principles require that companies use the ______ of accounting.
Q.4.
Which of the following is NOT true about closing entries?
Q.5.
Which of the following accounts would likely be included in a deferral adjusting entry?
Q.6.
Of the following steps of the accounting cycle, which step should be completed last?
Q.7.
which of the following is considered to be unearned revenue?
Q.8.
which of the accounts below would NOT appear in the balance sheet columns of the end-of-period spreadsheet?
Q.9.
The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the income statement by having
Q.10.
the end-of-period spreadsheet
Q.11.
The income statement should be prepared
Q.12.
What is the purpose of the adjusted trial balance?
Q.13.
The general term used to indicate delaying the recognition of an expense already paid or of a revenue already received is
Q.14.
For the year ending December 31, Orion, Inc. mistakenly omitted adjusting entries for $1,500 of supplies that were used, (2) unearned revenue of $4,200 that was earned, and (3) insurance of $5,000 that expired. For the year ending December 31, what is the effect of these errors on revenues, expense, and net income?
Q.15.
prepaid advertising, representing payment for the next quarter, would be reported on the balance sheet as a (n)
Q.16.
the income statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credit are $77,What does this information mean to the accountant?
Q.17.
which of the following has steps of the accounting cycle in proper sequence (come steps may be missing)?
Q.18.
Accumulated depreciation and depreciation expense are classified, respectively, as
Q.19.
adjusting entries affect at least one
Q.20.
The account type and normal balance of prepaid expense is
Q.21.
the accounting concepts upon which deferrals and accruals are based is
Q.22.
during the end-of-period processing, which of the following best describes the logical order of steps?
Q.23.
The unexpired insurance at the end of the fiscal period represents
Q.24.
During the end-of-period processing, which of the following best describes the logical order of steps?
Q.25.
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 show debits of $37, 686 and the credit of $41,This indicates that
Q.26.
if there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a (n)
Q.27.
Notes receivable due in 390 days appear on the
Q.28.
The account type and normal balance of unearned revenue is
Q.29.
closing entries
Q.30.
which of these accounts would appear in the balance sheet columns of the end-of-period spreadsheet?
Q.31.
the income summary account is also called
Q.32.
the income statement is prepared from
Q.33.
Which of the following is NOT an essential part of the accounting records?
Q.34.
prepaid insurance is reported on the balance sheet as a
Q.35.
in the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry?