ABM CUP AVERAGE

Closing entries are dated in the journal as of:

• the date they are actually journalized, although they are generally prepared after the end of

  the accounting period

• the last day of the accounting period, although they are actually journalized after the end

  of the accounting period

• the first day of the accounting period, although they are actually journalized after the end

  of the accounting period

• the first day of the subsequent accounting period

Which of the following accounts ordinarily appears in the post-closing trial balance?

• Dividends

• Supplies Expense

• Fees Earned

• Unearned Rent

The entry to close the appropriate insurance account at the end of the accounting period is debit:

• Income Summary; credit Prepaid Insurance

• Prepaid Insurance; credit Income Summary

• Insurance Expense; credit Income Summarye

• Income Summary; credit Insurance Expense

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

• Insurance Expense

• Prepaid Insurance

• Dividends

• Fees Earned

Which of the following accounts appears on a post-closing trial balance

• Insurance Expense

• Fees Earned

• Dividends

• Unearned Fees

After all of the account balances have been extended to the Balance Sheet columns of the worksheet, the totals of the Debit and Credit columns are P30,750 and P69,750, respectively. What is the amount of net income or net loss for the period?

• 39,000 net income

• 39,000 net loss

• 30,750 net income

• 69,750 net income

Prepaid insurance is reported on the balance sheet as a:

• current asset

• fixed asset

• current liability

• long-term liability

At the end of an accounting year, in what statement would a balance in the prepaid insurance account appear?

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• Retained Earning Statement

Adjusting entries are dated in the journal as of:

• the date they are actually journalized

• the last day of the accounting period

• the first day of the accounting period

• the middle of the accounting period

If assets total P700,000 and liabilities total P400,000, how much are the net assets?

• 300,000

• 400,000

• 700,000

• 1,100,000