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The first step in preparing a worksheet is to prepare a ______________ from the general ledger accounts.

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The Dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period.

A) True
B) False

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The following data (in thousands) is available for Chang Company. The following data (in thousands) is available for Chang Company. Total assets on the Statement of Financial Position for 2014 are: A) ¥43,908. B) ¥32,598. C) ¥55,218. D) ¥30,838. Total assets on the Statement of Financial Position for 2014 are:


A) ¥43,908.
B) ¥32,598.
C) ¥55,218.
D) ¥30,838.

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

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Which classification of assets will appear first in the Statement of Financial Position?


A) Current Assets.
B) Long-term investments.
C) Property,Plant and Equipment.
D) Intangible Assets.

E) All of the above
F) C) and D)

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The net income (or loss) for the period


A) is found by computing the difference between the income statement credit column and the statement of financial position credit column on the worksheet.
B) cannot be found on the worksheet.
C) is found by computing the difference between the income statement columns of the worksheet.
D) is found by computing the difference between the trial balance totals and the adjusted trial balance totals.

E) None of the above
F) A) and B)

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Reversing entries are an optional bookkeeping procedure.

A) True
B) False

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No permanent account balances are changed in the closing process.

A) True
B) False

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Instructions Prepare the end of the period closing entries for the Quick-E Delivery Service.

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The following selected account balances appear on the December 31, 2014 statement of financial position of Chen Co. The following selected account balances appear on the December 31, 2014 statement of financial position of Chen Co. What is the total amount of property, plant, and equipment that will be reported on the statement of financial position? A) $3,900,000 B) $3,300,000 C) $4,800,000 D) $2,850,000 What is the total amount of property, plant, and equipment that will be reported on the statement of financial position?


A) $3,900,000
B) $3,300,000
C) $4,800,000
D) $2,850,000

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

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The ______________ of a company is the average time that it takes to purchase inventory, selll it on account, and then collect cash from customers.

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The term you're looking for is the "cash...

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The post-closing trial balance will contain only statement of equity accounts and statement of financial position accounts.

A) True
B) False

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What is the order in which assets are generally listed on a classified statement of financial position?


A) Current and long-term.
B) Intangible assets; long-term investments; property, plant, and equipment; current.
C) Long-term investments; property, plant, and equipment; intangible assets; current
D) Intangible assets; property, plant, and equipment; long-term investments; current.

E) All of the above
F) C) and D)

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The income statement and statement of financial position columns of Reed Company's worksheet reflect the following totals: The income statement and statement of financial position columns of Reed Company's worksheet reflect the following totals: The net income (or loss) for the period is A) $45,000 income. B) $13,000 income. C) $13,000 loss. D) not determinable. The net income (or loss) for the period is


A) $45,000 income.
B) $13,000 income.
C) $13,000 loss.
D) not determinable.

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

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The purpose of the post-closing trial balance is to


A) prove that no mistakes were made.
B) prove the equality of the statement of financial position account balances that are carried forward into the next accounting period.
C) prove the equality of the income statement account balances that are carried forward into the next accounting period.
D) list all the statement of financial position accounts in alphabetical order for easy reference.

E) C) and D)
F) None of the above

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The income statement of Hall Marine Repairs is as follows: The income statement of Hall Marine Repairs is as follows: On April 1, the retained earnings account had a balance of ₤12,900. During April, the company paid ₤3,000 in dividends. Instructions (a) Prepare closing entries at April 30. (b) Prepare a retained earnings statement for the month of April. On April 1, the retained earnings account had a balance of ₤12,900. During April, the company paid ₤3,000 in dividends. Instructions (a) Prepare closing entries at April 30. (b) Prepare a retained earnings statement for the month of April.

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A liability is classified as a current liability if the company is to pay it within the forthcoming year.

A) True
B) False

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The temporary account balances ultimately wind up in what account?


A) Income Summary.
B) Retained Earnings.
C) Share Capital-Ordinary.
D) Comprehensive Income.

E) B) and C)
F) None of the above

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The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: The income statement for the month of June, 2014 of Taylor Enterprises contains the following information: At June 1, 2014, Taylor reported Retained Earnings of ₤35,000. The company paid no dividends during June. At June 30, 2014, the company will report Retained Earnings of A) ₤35,000. B) ₤43,000. C) ₤38,900. D) ₤31,100. At June 1, 2014, Taylor reported Retained Earnings of ₤35,000. The company paid no dividends during June. At June 30, 2014, the company will report Retained Earnings of


A) ₤35,000.
B) ₤43,000.
C) ₤38,900.
D) ₤31,100.

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

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Which of the following statements is false?


A) Under GAAP, the statement of financial position is usually referred to as the statement of assets and equity.
B) The FASB and IASB are working on a joint conceptual framework project.
C) Under IFRS, companies sometimes net liabilities against assets to report "net assets".
D) Assets equals liabilities plus stockholders' equity.

E) B) and C)
F) All of the above

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A correcting entry


A) must involve one statement of financial position account and one income statement account.
B) is another name for a closing entry.
C) may involve any combination of accounts.
D) is a required step in the accounting cycle.

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

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Showing 161 - 180 of 262

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