ACCT Ch. 4 Req Presentations
statement of stockholders' equity.
On the work sheet, the Dividends balance in the Adjusted Trial Balance Debit column will flow into the
Balance Sheet
On the work sheet, the cash balance in the Adjusted Trial Balance Debit column will flow into the
depreciation expense.
All of the following accounts will appear on the post-closing trial balance EXCEPT
retained earnings
All of the following accounts/account types are closed at the end of the accounting period EXCEPT
analyze transactions and record them in the journal.
The first step of the accounting cycle is to
a debit to Retained Earnings and a credit to Dividends.
The journal entry required to close the dividends account includes
prepare a post-closing trial balance.
The last step of the accounting cycle is to
fees earned
Which of the following accounts will NOT appear on the post-closing trial balance?
Land
Which of the following is an example of a fixed asset?
fiscal year
A business's yearly accounting period is called the
$14,400 debit
During the accounting period, Cash was debited for $4,000, $3,000, and $1,000. Cash was also credited for $3,000, $500, and $100. The beginning balance of Cash was a $10,000 debit. What is the ending balance of Cash on the post-closing trial balance?
the income statement
Revenue accounts appear on
$1,500 credit
Supplies had a beginning balance of $4,000. A physical count at the end of the accounting period revealed $2,500 supplies on hand. What adjustment amount will appear for Supplies in the Adjustments section of the end-of-period spreadsheet?
It's at the low point in the operating cycle and provides time to analyze operations and prepare financial statements.
Why do companies base their fiscal year on a natural business cycle?
The operations of the companies vary significantly throughout the fiscal year
Why should investors and others be careful in interpreting partial-year reports for companies that use the natural business year for their fiscal year?
