Advanced Accounting Chapter 4

A list of vendor accounts, account balances, and the total amount due all vendors is a

• schedule of accounts receivable

• schedule of accounts payable

• customer ledger

• vendor ledger

Assigning control of revenues, costs, and expenses to a specific manager is

• responsibility accounting

• segment accounting

• departmental accounting

• management control

A statement showing departmental margin for each department is the

• departmental statement of gross profit

• departmental margin statement

• income statement

• balance sheet

An amount earned by a corporation and not yet distributed to stockholders is

• capital stock

• dividends

• retained earnings

• undivided earnings

The percentage relationship between one financial statement item and the total that includes

that item is a

• ratio

• constant percentage

• vertical analysis ratio

• declining percentage

The portion of a plant asset’s cost that is transferred to an expense account in each fiscal period during that asset’s useful life is

• accumulated depreciation

• depreciation expense

• plant asset expense

• salvage value

A schedule that shows the balances in all general ledger accounts prior to the posting of adjusting entries is the

• trial balance

• unadjusted trial balance

• pre-adjustment schedule

• unadjusted balance sheet

The length of time for which a business summarizes and reports financial information is a(n)

• month

• year

• fiscal period

• accounting cycle

A trial balance prepared after the closing entries are posted is a(n)

• closing trial balance

• post-closing trial balance

• opening trial balance

• balance sheet trial balance

A financial statement that shows changes in a corporation’s ownership for a fiscal period is the

• balance sheet

• income statement

• trial balance

• statement of stockholders’ equity