Chapter 4 Quiz example #64837

On which financial statement will Income Summary be shown? A. No financial statement B. Balance Sheet C. Retained Earnings Statement D. Income Statement

Notes Receivable due in 345 days appears on the: A. balance sheet in the long-term assets section B. balance sheet in the current assets section C. balance sheet in the current liabilities section D. income statement as a revenue

In the accounting cycle, the last step is: A. preparing a post-closing trial balance B. preparing the financial statements C. journalizing and posting the adjusting entries D. journalizing and posting the closing entries

A fiscal year: A. always begins on January 1 and ends on December 31 of the same year B. for a business is determined by the federal government C. ordinarily begins on the first day of a month and ends on the last day of the following twelfth month D. should end at the height of the business's annual operating cycle

Which one of the fixed asset accounts listed below will not have a related contra asset account? A. Land B. Office Equipment C. Building D. Delivery Equipment

Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year? A. Unearned Fees B. Supplies Expense C. Rent Revenue D. Dividends

Which of the accounts below would be closed by making a credit to the account? A. Supplies Expense B. Accumulated Depreciation C. Rent Revenue D. Unearned Revenue

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? A. Salaries Expense B. Depreciation Expense C. Fees Earned D. Unearned Rent

Which of the following accounts ordinarily appears in the post-closing trial balance? A. Dividends B. Utilities Expense C. Salaries Payable D. Interest Revenue

The entry to close the income summary account when there is net income at the end of the accounting period is: A. Debit Income Summary; credit Retained Earnings B. Debit Dividends; credit Income Summary C. Debit Income Summary; credit Dividends D. Debit Retained Earnings; credit Income Summary