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