Acct. II Ch. 22 Test Review
Authored by ANGELA MELTON
Business
12th Grade
Used 2+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company does not use reversing entries, the last step in its accounting cycle is to prepare a post-closing trial balance.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dividends decrease the earnings retained by a corporation.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company has a net income, the entry to close the Income Summary account includes a debit to Income Summary.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Paying cash for office equipment is an example of a financing activity.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The net income of a corporation increases retained earnings.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The issuance of bonds payable is an example of an investing activity.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The adjusted trial balance is used to prepare financial statements.
True
False
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