Closing and Worksheet MCQs



MCQS 1 To 10

 

1. In preparing a worksheet, a net loss would be computed and entered in the?

Correct! Wrong!

2. When do revenues affect net income?

Correct! Wrong!

3. The accountant's worksheet?

Correct! Wrong!

4. A worksheet provides total information for preparing?

Correct! Wrong!

5. Which of the following is a financial asset?

Correct! Wrong!

6. Which of the following statements is true?

Correct! Wrong!

7. What is the final stage of the accounting process?

Correct! Wrong!

8. Retain earning increased when the corporation has a?

Correct! Wrong!

9. In general, the asset side of the balance sheet is designed to summarize balance sheet accounts with?

Correct! Wrong!

10. Which of the following accounts would not be closed at the end of an accounting period?

Correct! Wrong!

Closing and Worksheet (1-10)
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MCQs 11 To 20

 

11. Worksheet signifies?

Correct! Wrong!

12. Loss obtained by the business is written in worksheet on?

Correct! Wrong!

13. Which of the following accounts would not be included in a Post-closing Trial balance?

Correct! Wrong!

14. Summarizes the company permanent accounts at a specific point in time are called?

Correct! Wrong!

15. Which account would be listed on a Post-closing Trial balance?

Correct! Wrong!

16. Which of the following is not a long-term liability?

Correct! Wrong!

17. Which of the following is not a current asset?

Correct! Wrong!

18. Which of the following accounts would not be closed to the income summary account at the end of an accounting period?

Correct! Wrong!

19. Which of the following statements is false?

Correct! Wrong!

20. Which of the following entries closes the owner's drawing account at the end of the period?

Correct! Wrong!

Closing and Worksheet (11-20)
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Very Good **
Good *
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>>> Practice Closing and Worksheet Problems and Solutions.

References

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.

Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.

Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.

 

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