Chapter 4

Chapter 4

University

10 Qs

quiz-placeholder

Similar activities

Income Tax Vocab

Income Tax Vocab

University

12 Qs

Chapter 2

Chapter 2

University

10 Qs

4/14

4/14

8th Grade - University

12 Qs

Chapter 11

Chapter 11

University

10 Qs

Budgeting and Safety Skills Assessment

Budgeting and Safety Skills Assessment

8th Grade - University

11 Qs

Chapter 3

Chapter 3

University

10 Qs

comp. accounting quiz-10

comp. accounting quiz-10

University

10 Qs

Chapter 3

Chapter 3

University

10 Qs

Chapter 4

Chapter 4

Assessment

Quiz

Life Skills

University

Hard

Created by

Adriano Lima e Silva

Used 14+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the last step in the accounting cycle?

Prepare the financial statements.

Prepare the post-closing trial balance.

Journalize closing entries.

Prepare the adjusted trial balance.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which columns of the accounting worksheet show un-adjusted amounts?

Trial Balance

Adjustments

Balance Sheet

Income Statement

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Cash, Service Revenue, and Rent Expense

Cash, Accounts Receivable, and Rent Revenue

Cash, Accounts Receivable, and Prepaid Rent

Cash, Accounts Receivable, and Rent Expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which situation indicates a net income within the Income Statement columns of the worksheet?

Total debits exceed total credits.

Total debits equal total credits.

Total credits exceed total debits.

None of the above are correct.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Christopher’s Closet sells men’s clothing. At the end of the current year, Christopher’s Closet has Rent Expense of $1,500, and Supplies Expense of $829. What closing entry will Christopher’s Closet make for these expense accounts?

DR Rent expense 1,500 + DR Supplies expense 829 + CR Cash 2,329

CR Rent expense 1,500 + CR Supplies expense 829 + DR Cash 2,329

DR Rent expense 1,500 + DR Supplies expense 829 + CR Income Summary 2,329

CR Rent expense 1,500 + CR Supplies expense 829 + DR Income Summary 2,329

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts is closed at the end of the accounting cycle?

Cash

Owner Withdrawals

Salary Payable

Accumulated Depreciation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true?

Cash is a nominal account, and Service Revenue is a temporary account.

Equipment is a real account, and Salary Expense is a permanent account.

Accounts Receivable is a temporary account, and Owner Withdrawals is a real account.

Prepaid Rent is a permanent account, and Income Summary is a nominal account.

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?