FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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ENGAGE
Name:
Time:
Instructions: Encircle the number of your choice. (2pts each)
1. Which of the following accounts could appear in an adjusting entry,
closing entry and reversing entry?
a. Interest Income
b. Salaries Payable
c. Depreciation Expense-Buildings
d. Accumulated Depreciation-Buildings
2. When an entity has earned a profit, the profit amount is entered on
the work sheet
a. debit side of the Income Statement columns and the credit side of
the Balance Sheet columns.
b. credit side of the Income Statement columns and the debit side of
the Balance Sheet columns.
c. debit side of both the Income Statement and the Balance Sheet
columns.
d. credit side of both the Income Statement and the Balance Sheet
columns.
3. Probably the last account to be listed on a post-closing trial
balance would be
a. Salaries Payable.
b. Salaries Expense.
c. Owner's Capital
d. Income Summary.
4. When there is a loss, the entry to close the Income Summary account
is
a. debit Loss and credit Income Summary.
b. debit Owner's Capital and credit Income Summary.
c. debit Income Summary and credit Loss.
d. debit Income Summary and credit Owner's Capital
5. On the completed work sheet, which set of columns usually should be
out of balance after the initial footing?
a. Balance Sheet columns only
b. Adjusted Trial Balance columns only
c. Income Statement columns only
d. Both Income Statement and Balance Sheet columns
6. The post-closing trial balance contains
a. real accounts only.
b. nominal accounts only.
c. both real accounts and nominal accounts.
d. neither real accounts nor nominal accounts.
7. In which financial statement does Income Summary appear?
a. Income statement
b. Statement of changes in equity
c. Balance sheet
d. It does not appear in any financial statement.
8. When an entity has suffered a loss, the loss amount is entered on the
work sheet on the
a. debit side of the Income Statement columns and the credit side ot
the Balance Sheet columns.
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Transcribed Image Text:ENGAGE Name: Time: Instructions: Encircle the number of your choice. (2pts each) 1. Which of the following accounts could appear in an adjusting entry, closing entry and reversing entry? a. Interest Income b. Salaries Payable c. Depreciation Expense-Buildings d. Accumulated Depreciation-Buildings 2. When an entity has earned a profit, the profit amount is entered on the work sheet a. debit side of the Income Statement columns and the credit side of the Balance Sheet columns. b. credit side of the Income Statement columns and the debit side of the Balance Sheet columns. c. debit side of both the Income Statement and the Balance Sheet columns. d. credit side of both the Income Statement and the Balance Sheet columns. 3. Probably the last account to be listed on a post-closing trial balance would be a. Salaries Payable. b. Salaries Expense. c. Owner's Capital d. Income Summary. 4. When there is a loss, the entry to close the Income Summary account is a. debit Loss and credit Income Summary. b. debit Owner's Capital and credit Income Summary. c. debit Income Summary and credit Loss. d. debit Income Summary and credit Owner's Capital 5. On the completed work sheet, which set of columns usually should be out of balance after the initial footing? a. Balance Sheet columns only b. Adjusted Trial Balance columns only c. Income Statement columns only d. Both Income Statement and Balance Sheet columns 6. The post-closing trial balance contains a. real accounts only. b. nominal accounts only. c. both real accounts and nominal accounts. d. neither real accounts nor nominal accounts. 7. In which financial statement does Income Summary appear? a. Income statement b. Statement of changes in equity c. Balance sheet d. It does not appear in any financial statement. 8. When an entity has suffered a loss, the loss amount is entered on the work sheet on the a. debit side of the Income Statement columns and the credit side ot the Balance Sheet columns.
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