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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 the financial statements.
B
in the ledgers.
C
none of these
D
on a work sheet.
2) Which accounting concept applies when a work sheet is prepared at tehend of each fiscal cycle?
A
Consistent Reporting
B
Business Entity
C
Accounting Period Cycle
D
Adequate Disclosure
3) Income Summary is
A
a permanent account
B
a liability account
C
an asset account.
D
a temporary account
4) All accounts on a general ledger are listed on a post-closing trial balance.
A
False
B
I don't know
C
True
D
I don't know
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
False
D
I still don't know
6) Temporary accounts must start each fiscal period with a zero balance.
A
I don't know
B
False
C
True
D
I don't know
7) Permanent accounts must start each fiscal period with a zero balance.
A
False
B
I don't know
C
True
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
journalize and post the closing entries
B
prepare a post-closing trial balance of the general ledger
C
prepare a work sheet and financial statements
D
analyze transactions and journalize and post them
10) The journal entry to close the expense accounts is to
A
debit Income Summary; credit owner's capital
B
debit Income Summary for the total expenses; credit each expense account.
C
debit each expense account; credit Income Summary.
D
I don't know
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