Question 1 of 20 0.0/ 5.0 points bringing account balances up to date

Question 1 of 20

0.0/ 5.0 Points

Bringing account balances up to date before preparing financial reports is called

 

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A. posting.

 

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B. adjusting.

 

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C. journalizing.

 

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D. analyzing.

 

Question 2 of 20

0.0/ 5.0 Points

The entry to record the expiration of part of the prepaid rent will _______ at the end of the month.

 

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A. decrease total assets and increase total expenses

 

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B. decrease total assets and decrease total expenses

 

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C. increase total assets and increase total expenses

 

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D. increase total assets and decrease total expenses

 

Question 3 of 20

5.0/ 5.0 Points

Income Summary

 

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A. is a temporary account.

 

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B. is a permanent account.

 

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C. summarizes revenue and expenses and transfers the balance to Capital.

 

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D. Both A and C

 

Question 4 of 20

0.0/ 5.0 Points

At the start of this year, 18 months’ rent was paid. At the year’s end, how will this affect the balance sheet?

 

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A. Assets will be decreased.

 

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B. Liabilities will be increased.

 

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C. Owner’s equity will be increased.

 

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D. This has no effect on the period-end balance sheet.

 

Question 5 of 20

5.0/ 5.0 Points

Not recording the Prepaid Rent used causes

 

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A. assets to be too high.

 

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B. assets to be too low.

 

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C. expenses to be too high.

 

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D. revenue to be too high.

 

Question 6 of 20

0.0/ 5.0 Points

The depreciation of equipment will require an adjustment that results in

 

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A. total assets increasing and total expenses increasing.

 

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B. total assets increasing and total expenses decreasing.

 

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C. total assets and expenses decreasing.

 

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D. total assets decreasing and total expenses increasing.

 

Question 7 of 20

0.0/ 5.0 Points

As Prepaid Rent is used, the asset becomes a/an

 

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A. liability.

 

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B. expense.

 

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C. contra-asset.

 

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D. revenue.

 

Question 8 of 20

5.0/ 5.0 Points

Closing entries are prepared

 

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A. to clear all temporary accounts to zero.

 

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B. to update the Capital balance.

 

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C. at the end of the accounting period.

 

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D. All of the above

 

Question 9 of 20

0.0/ 5.0 Points

If the adjustment for Supplies used during the period wasn’t made,

 

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A. expenses would be too low.

 

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B. assets would be too low.

 

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C. expenses would be too high.

 

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D. revenue would be too high.

 

Question 10 of 20

5.0/ 5.0 Points

It is the end of the year but not the end of the pay period. How will this affect the balance sheet?

 

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A. Assets will be increased.

 

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B. Liabilities will be increased.

 

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C. Owner’s equity will be increased.

 

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D. This has no effect on the period-end balance sheet.

 

Question 11 of 20

0.0/ 5.0 Points

The income statement debit column of the worksheet showed the following expenses: 

Supplies Expense

$600

Depreciation Expense

400

Salaries Expense

300

 

 

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A.  

Income Summary

1,300

Supplies Expense

600

Depreciation Expense

400

Salaries Expense

300

 

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B.  

Income Summary

1,200

Capital

1,200

 

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C.

Supplies Expense

500

Depreciation Expense

400

Salaries Expense

300

Income Summary

1,200

 

 

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D.  

Capital

1,200

Income Summary

1,200

 

Question 12 of 20

0.0/ 5.0 Points

If the balance of supplies at the start of the month was $900 and at the end of the month there was $450 on hand, the adjustment for Supplies would be

 

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A. $450.

 

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B. $550.

 

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C. $350.

 

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D. $900.

 

Question 13 of 20

0.0/ 5.0 Points

The adjustment to record supplies used during the period would be which of the following?

 

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A. Debit Supplies; credit Supplies Expense

 

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B. Debit Supplies Expense; credit Cash

 

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C. Debit Supplies Expense; credit Supplies

 

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D. Debit Supplies; credit Cash

 

Question 14 of 20

0.0/ 5.0 Points

Which of the following would cause a contra-asset to be credited and an expense debited?

 

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A. Recording an accrued expense

 

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B. Recording the consumption of supplies

 

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C. Recording the building depreciation

 

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D. All of the above

 

Question 15 of 20

5.0/ 5.0 Points

Assets that aren’t expected to provide benefits for a number of accounting periods are called

 

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A. current assets.

 

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B. fixed assets.

 

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C. long-term assets.

 

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D. property, plant, and equipment.

 

Question 16 of 20

5.0/ 5.0 Points

An account in which the balance isn’t carried over from one accounting period to the next is called a _______ account.

 

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A. permanent

 

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B. real

 

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C. temporary

 

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D. zero

 

Question 17 of 20

0.0/ 5.0 Points

Closing entries

 

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A. need not be journalized since they appear on the worksheet.

 

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B. need not be posted if the financial statements are prepared from the worksheet.

 

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C. aren’t needed if adjusting entries are prepared.

 

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D. must be journalized and posted.

 

Question 18 of 20

5.0/ 5.0 Points

Which of the following would cause total assets to decrease and total expense to increase?

 

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A. Recording the depreciation of equipment

 

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B. Recording the consumption of supplies

 

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C. Recording the expiration of prepaid rent

 

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D. All of the above

 

Question 19 of 20

0.0/ 5.0 Points

It’s the end of the accounting period, and no electric bill has been received (but the expense has been incurred); you should record an entry that

 

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A. increases the total assets and increases the total expenses.

 

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B. decreases the total assets and increases the total expenses.

 

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C. increases the total liabilities and increases the total expenses.

 

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D. decreases the total liabilities and increases the total expenses.

 

Question 20 of 20

0.0/ 5.0 Points

Which of the following would cause a liability to be credited and an expense to be debited?

 

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A. Recording the adjustment for the expiration of rent

 

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B. Recording the depreciation of equipment

 

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C. Recording the accrual of salaries incurred

 

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D. Purchasing equipment

 
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