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Strayer ACC557 week 4 quiz

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Question;1. A correcting;entry;A). is another;name for a closing entry.;B).;may involve any combination of accounts.;C). is a required;step in the accounting cycle.;D). must involve;one balance sheet account and one income statement account;2. A double rule;applied to accounts in the ledger during the closing process implies that;A). the account;balance is not zero.;B). a mistake has;been made, since double ruling is prescribed.;C).;the account is a temporary account.;D). the account is;a balance sheet account;3. The first;required step in the accounting cycle is;A). posting;transactions.;B). reversing;entries.;C). journalizing;transactions in the book of original entry.;D).;analyzing transactions.;4. Which of the;following steps in the accounting cycle would not generally be performed daily?;A). Analyze;business transactions.;B).;Prepare adjusting entries.;C). Journalize;transactions.;D). Post to ledger;accounts;5. All of the;following statements about the post-closing trial balance are correct except it;A). contains only;permanent accounts.;B). shows that the;accounting equation is in balance.;C). provides;evidence that the journalizing and posting of closing entries have been;properly completed.;D).;proves that all transactions have been recorded;6. IFRS requires;the use of;A). neither;balance sheet nor statement of financial position, but recommends use of the;term balance sheet.;B). the term;statement of financial position.;C).;neither balance sheet nor statement of financial position, but recommends use;of the term statement of financial position.;D). the term;balance sheet.;7. Under IFRS and;under GAAP, current assets are listed in;IFRS GAAP;A). reverse order;of liquidity reverse order of liquidity;B).;reverse order of liquidity order of;liquidity;C). order of;liquidity reverse;order of liquidity;D). order of;liquidity order;of liquidity;8. post-closing;trial balance should be prepared;A).;after closing entries are posted to the ledger accounts.;B). before;adjusting entries are posted to the ledger accounts.;C). before closing;entries are posted to the ledger accounts.;D). only if an;error in the accounts is detected;9). In preparing;closing entries;A).;each expense account will be credited.;B). each revenue;account will be credited.;C). the dividends;account will be debited.;D). the dividends;account will be debited if there is net income for the period;10. Intangible;assets are;A). listed as a;long-term investment on the balance sheet.;B). listed under;current assets on the balance sheet.;C). not listed on;the balance sheet because they do not have physical substance.;D).;long-lived assets that are often very valuable;11. Correcting;entries are made;A). after closing;entries.;B). at the;beginning of an accounting period.;C). at the end of;an accounting period.;D).;whenever an error is discovered;12. Income Summary;has a credit balance of $17,000 after closing revenues and expenses. The entry;to close Income Summary is;A). credit Income;Summary $17,000, debit Retained Earnings $17,000.;B). debit Income;Summary $17,000, credit Dividends $17,000.;C). credit Income;Summary $17,000, debit Dividends $17,000.;D).;debit Income Summary $17,000, credit Retained Earnings $17,000;13. IFRS;A). requires a;specific format for the balance sheet (statement of financial position) that is;identical to U.S. GAAP.;B). requires a;specific format for the balance sheet (statement of financial position) that is;different from U.S. GAAP.;C).;requires no specific format for the balance sheet (statement of financial;position) but most companies that follow IFRS prepare the statement in a;different format from U.S. GAAP.;D). requires no;specific format for the balance sheet (statement of financial position) but;most companies that follow IFRS prepare the statement identical to U.S. GAAP.;14. Each of the;following accounts is closed to Income Summary except;A). All of these;are closed to Income Summary.;B). Expenses.;C).;Dividends.;D). Revenue;15. The account;Supplies, will appear in the following debit columns of the worksheet.;A). Trial balance.;B). Adjusted trial;balance.;C). Balance;D). All of the above

 

Paper#39889 | Written in 18-Jul-2015

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