Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Accounting Chapter 8
Test Description: Preparing Financial Statements
Instructions: Answer all questions to get your test result.
1) Adjustments are analyzed and planned
A
on a work sheet.
B
on the financial statements.
C
in the ledgers.
D
none of these
2) Which accounting concept applies when a work sheet is prepared at tehend of each fiscal cycle?
A
Accounting Period Cycle
B
Consistent Reporting
C
Adequate Disclosure
D
Business Entity
3) Income Summary is
A
a permanent account
B
an asset account.
C
a liability account
D
a temporary account
4) All accounts on a general ledger are listed on a post-closing trial balance.
A
I don't know
B
I don't know
C
True
D
False
5) The income summary account balance must be reduced to zero to prepare the account for the next fiscal period.
A
True
B
I don't know
C
I still don't know
D
False
6) Temporary accounts must start each fiscal period with a zero balance.
A
I don't know
B
I don't know
C
True
D
False
7) Permanent accounts must start each fiscal period with a zero balance.
A
True
B
False
C
I don't know
D
I don't know
8) When total expenses are greater than the total revenue
A
The income summary account has a credit balance
B
debits equals credits
C
none of these
D
The income summary account has a debit balance.
9) The last step in the accounting cycle is to
A
analyze transactions and journalize and post them
B
prepare a work sheet and financial statements
C
prepare a post-closing trial balance of the general ledger
D
journalize and post the closing entries
10) The journal entry to close the expense accounts is to
A
debit Income Summary; credit owner's capital
B
I don't know
C
debit Income Summary for the total expenses; credit each expense account.
D
debit each expense account; credit Income Summary.
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?