a. formal statement issued to creditors
b. working paper often used by accountants to summarize adjusting entries
c. replacement for the ledger
d. replacement for a set of financial statements
2. The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on a work sheet:
a. is the amount of net income or loss
b. indicates there is an error on the work sheet
c. is not unusual for preparing the work sheet
d. is the net difference between revenue, expenses, and drawing
3. Net income appears on the work sheet in the:
b. debit column of the Adjustments columns
c. debit column of the Income Statement columns
d. credit column of the Income Statement columns
4. A net loss appears on the work sheet in the:
b. debit column of the Trial Balance columns
c. debit column of the Income Statement columns
d. credit column of the Adjustments columns
5. A net loss appears on the work sheet:
a. when revenue exceeds expenses
b. when expenses exceed revenues
c. every time the Adjusted Trial Balance columns do not balance on the initial totaling
d. every time the Income Statement columns do not balance on the initial totaling
6. After net income is entered on the work sheet, the Balance Sheet debit and credit columns must:
a. be the same amount as the total amount of the Income Statement debit and credit columns
b. equal each other
c. be the same amount as the total amount in the Adjusted Trial Balance debit and credit columns
d. not be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet
7. If the work sheet does not contain a pair of columns for the Retained Earnings Statement, the capital stock and dividends amounts are:
a. omitted
b. extended to the Balance Sheet columns
c. extended to the Income Statement columns
d. extended to the Adjustments columns
8. Which of the following appears in the Balance Sheet columns of the work sheet?
a. Equipment
b. Fees Earned
c. Depreciation Expense
d. Supplies Expense
9. Which of the following appears in the Balance Sheet columns of the work sheet?
a. Unearned Fees
b. Rent Expense
c. Salaries Expense
d. Service Revenue
10. Which of the following appears in the Balance Sheet columns of the work sheet?
a. Accounts Receivable
b. Rent expense
c. Supplies Expense
d. Service Revenue
11. Which of the following appears in the Balance Sheet columns of the work sheet?
a. Prepaid Insurance
b. Wages Expenses
c. Rent Revenue
d. Service Revenue
12. An indication that the work sheet columns are in balance and the work sheet is completed is:
a. the word "Total" is written at the bottom of each pair of columns
b. each pair of columns is double underlined
c. each pair of columns has the totals circled
d. the final figures are written in ink
13. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of
the Debit and Credit columns are P39,750 and P21,750, respectively. What is the amount of net income or net
loss for the period?
a. P18,000 net income
b. P18,000 net loss
c. P39,750 net income
d. P21,750 net income
14. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, 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?
a. P39,000 net income
b. P39,000 net loss
c. P30,750 net income
d. P69,750 net income
15. After all of the account balances have been extended to the Income Statement columns of the work sheet, the
totals of the debit and credit columns are P89,900 and P67,600, respectively. What is the amount of the net
income or net loss for the period?
a. P22,300 net income
b. P22,300 net loss
c. P89,900 net income
d. P67,600 net loss
16. After all of the account balances have been extended to the Income Statement columns of the work sheet, the
totals of the debit and credit columns are P92,300 and P67,600, respectively. What is the amount of the net
income or net loss for the period?
a. P24,700 net income
b. P24,700 net loss
c. P92,300 net income
d. P92,300 net loss
17. When preparing the Retained Earnings Statement, the beginning capital balance can always be found:
a. in the Income Statement columns of the work sheet
b. in the statement of cash flows
c. in the general ledger
d. in the general journal
18. Unearned Fees appears on the:
a. balance sheet
b. Retained Earnings Statement
c. income statement
d. statement of cash flows
19. Accumulated Depreciation appears on the:
a. balance sheet
b. Retained Earnings Statement
c. income statement
d. statement of cash flows
20. Salaries Payable appears on the:
a. balance sheet
b. Retained Earnings Statement
c. income statement
d. statement of cash flows
21. Depreciation Expense appears on the:
a. balance sheet
b. Retained Earnings Statement
c. income statement
d. statement of cash flows
22. Long-term Liabilities appears on the:
a. balance sheet
b. Retained Earnings Statement
c. income statement
d. statement of cash flows
23. Accounts Receivable appears on the:
a. balance sheet
b. Retained Earnings Statement
c. income statement
d. statement of cash flows
24. Accumulated Depreciation appears on the:
a. balance sheet in the current assets section
b. balance sheet in the fixed assets section
c. balance sheet in the long-term liabilities section
d. income statement as an operating expense
25. Notes Receivable due in 350 days appears on the:
a. balance sheet in the current assets section
b. balance sheet in the fixed assets section
c. balance sheet in the current liabilities section
d. income statement as an expense
26. Unearned Fees appears on the:
a. balance sheet in the current assets section
b. balance sheet as a current liability
c. balance sheet in the Stockholders' equity section
d. income statement as revenue
27. Which one of the fixed asset accounts listed below will not have a related contra asset account?
a. Office Equipment
b. Land
c. Delivery Equipment
d. Building
28. The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a:
a. fixed asset
b. current asset
c. contra asset
d. current liability
29. Prepaid insurance is reported on the balance sheet as a:
a. current asset
b. fixed asset
c. current liability
d. long-term liability
30. At the end of an accounting year, in what statement would a balance in the prepaid insurance account appear?
a. balance sheet
b. income statement
c. statement of cash flows
d. Retained Earnings Statement
31. Which of the following is reported on the Retained Earnings Statement for the current year?
a. Accumulated depreciation
b. Stockholders' additional investment made during the current period
c. Rent expense
d. Wages payable
32. Adjusting entries are dated in the journal as of:
a. the date they are actually journalized.
b. the last day of the accounting period.
c. the first day of the accounting period.
d. the middle of the accounting period.
33. Adjusting entries:
a. need not be journalized since they appear on the work sheet and the ledger accounts need
not be adjusted.
b. need not be posted if the financial statements are prepared from the work sheet
c. are not needed if reversing entries are prepared
d. must be journalized and posted
34. Closing entries:
a. need not be journalized if reversing entries are prepared
b. need not be posted if the financial statements are prepared from the work sheet
c. are not needed if adjusting entries are prepared
d. must be journalized and posted
35. Closing entries are dated in the journal as of:
a. the date they are actually journalized, although they are generally prepared after the end of
the accounting period
b. the last day of the accounting period, although they are actually journalized after the end
of the accounting period
c. the first day of the accounting period, although they are actually journalized after the end
of the accounting period
d. the first day of the subsequent accounting period
36. Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
a. Supplies Expense
b. Accumulated Depreciation
c. Prepaid Expenses
d. Unearned revenues
37. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?
a. Salaries Expense
b. Fees Earned
c. Unearned Rent
d. Depreciation Expense
38. Which of the following accounts will be closed to Retained Earnings at the end of the fiscal year?
a. Rent Expense
b. Fees Earned
c. Income Summary
d. Depreciation Expense
39. Which of the following accounts ordinarily appears in the post-closing trial balance?
a. Dividends
b. Supplies Expense
c. Fees Earned
d. Unearned Rent
40. The entry to close the appropriate insurance account at the end of the accounting period is debit:
a. Income Summary; credit Prepaid Insurance
b. Prepaid Insurance; credit Income Summary
c. Insurance Expense; credit Income Summary
d. Income Summary; credit Insurance Expense
41. Which of the following accounts appears on a post-closing trial balance?
a. Insurance Expense
b. Prepaid Insurance
c. Dividends
d. Fees Earned
42. Which of the following accounts appears on a post-closing trial balance?
a. Insurance Expense
b. Fees Earned
c. Dividends
d. Unearned Fees
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