Closing and Worksheet (11-20)

11. Worksheet signifies?

(a) A complete sketch of business activities

(b) Information about assets and liabilities

(c) Adjusting entries as closed of period

(d) None of above

Correct! Wrong!

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

(a) Assets side of Balance sheet

(b) Liability side of Balance Sheet

(c) Plus in Equity side of Balance sheet

(d) b and c

Correct! Wrong!

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

(a) Accumulated depreciation

(b) Cash

(c) Fees earned

(d) Owner's equity

Correct! Wrong!

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

(a) Cash flow

(b) Income statement

(c) Balance Sheet

(d) none of them

Correct! Wrong!

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

(a) A revenue

(b) The depreciation

(c) The retained earnings

(d) The income tax expense

Correct! Wrong!

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

(a) Accounts payable (for payables due in more than one year)

(b) Bank overdrafts

(c) Bank borrowings reimbursable in more than one year

(d) Bonds

Correct! Wrong!

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

(a) Accounts receivable

(b) Inventory of finished products

(c) Inventory of raw materials

(d) Land

Correct! Wrong!

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

(a) Accumulated depreciation

(b) Rent expense

(c) Fees earned

(d) Wages expense

Correct! Wrong!

19. Which of the following statements is false?

(a) If you increase an asset account, you could increase a liability account

(b) If you decrease an asset account, you could increase a shareholders’ equity account

(c) If you increase an asset account, you could decrease an asset account

(d) If you decrease an asset account, you could decrease a shareholders’ equity account

Correct! Wrong!

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

(a) Debit the drawing account, credit the owner's capital account

(b) Debit the income summary account, credit the drawing account

(c) Debit the owner's capital account, credit the drawing account

(d) Debit the drawing account, credit income summary account

Correct! Wrong!

11. Worksheet signifies?

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

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

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

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

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

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

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

19. Which of the following statements is false?

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

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