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Exam 13: Financial Statements and Closing Procedures

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Question 21

Multiple Choice

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Which of the following is not a section on a Classified Balance Sheet:

A) Plant and Equipment
B) Current Assets
C) Long-Term Liabilities
D) Selling Expenses

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

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Question 22

Multiple Choice

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Which of the following is not a current asset?

A) Accounts Receivable
B) Prepaid Insurance
C) Merchandise Inventory
D) Equipment

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

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Question 23

Multiple Choice

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Which of the following statements is not correct?

The balance of the Sales Returns and Allowances account is reported as a selling expense in Operating Expenses section of a multiple-step income statement.

Which of the following accounts will NOT appear on the post-closing trial balance?

Which of the following accounts would be closed at the end of the accounting period?

Use the following account balances from the adjusted trial balance columns of RB Auto's Worksheet to answer below question. - Select the correct closing entry that RB Auto would make to close the owner's withdrawal account at the end of the accounting period.

Which of the following accounts is not closed at the end of the accounting period?

For the current fiscal year, Purchases were $680,000, Purchase Returns and Allowances were $21,640, Purchase Discounts were $5,800 and Freight In was $41,500. If the beginning merchandise inventory was $240,000 and the ending merchandise inventory was $215,000, the Cost of Goods Sold is:

If the Income Summary account has a credit balance after revenues, and expenses are closed, the firm had a net income for the fiscal period.

The statement of owner's equity is prepared before the balance sheet so that the ending owner's capital balance is available for the balance sheet.

Brianna Graham is the owner of a dress shop. The firm had a net loss of $9,000 for the year. What accounts are debited and credited to transfer the net loss to the owner's capital account during the closing process?

At the end of the period, the balance of the Accounts Receivable account is closed to the Income Summary account.

Which of the following accounts will appear on the post-closing trial balance?

Teresa Davis is the owner of a convenience shop. The firm had a net income of $4,500 for the year. What accounts are debited and credited to transfer the net income to the owner's capital account during the closing process?

Which of the following statements is correct?

The beginning capital balance shown on a statement of owner's equity is $80,000. Net income for the period is $37,000. The owner made no additional investments during the period. The owner's capital balance at the end of the period is $96,000. The amount the owner withdrew for personal use during the period is

Each reversing entry is the exact opposite of the related________ entry.

Which of the following groups of accounts will have zero balances after the closing process is completed?

Current assets are usually listed on a balance sheet in order of liquidity.