4/22/24, 10:34 AM Quiz 5.

Completing the Cycle: Attempt review

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Started on Monday, 22 April 2024, 10:20 AM

State Finished
Completed on Monday, 22 April 2024, 10:33 AM
Time taken 12 mins 33 secs
Grade 20.00 out of 20.00 (100%)

Question 1

Correct

Mark 1.00 out of 1.00

The purpose of adjusting entry is to

a. Properly match the expenses and revenues 

b. Detect and correct an erroneous recording of transactions

c. Prove that total debits and total credits are equal

d. Facilitate the preparation of financial statements

Your answer is correct.

The correct answer is:
Properly match the expenses and revenues

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4/22/24, 10:34 AM Quiz 5. Completing the Cycle: Attempt review

Question 2

Correct

Mark 1.00 out of 1.00

After posting all the closing entries

Select one:
a. All the accounts have zero balances.

b. The assets, liabilities and equity accounts have zero balances.

c. The revenues, expenses and income summary accounts have zero balances. 

d. The capital and drawing accounts have zero balances

Your answer is correct.

The correct answer is: The revenues, expenses and income summary accounts have zero balances.

Question 3

Correct

Mark 1.00 out of 1.00

Which of the following accounts would not appear in the post-closing trial balance?

Select one:
a. Unearned Service Revenue

b. Accrued Interest Payable

c. Accumulated Depreciation

d. Doubtful Accounts Expense 

Your answer is correct.

The correct answer is: Doubtful Accounts Expense

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Question 4

Correct

Mark 1.00 out of 1.00

The form of business organization owned by stockholders

a. Sole proprietorship

b. Corporation 

c. Non-profit organization

d. Partnership

Your answer is correct.

The correct answer is:

Corporation

Question 5

Correct

Mark 1.00 out of 1.00

Which are temporary accounts?

Select one:
a. Insurance expenses, Professional fees, Capital

b. Accounts Payable, Prepaid expenses, Rental expenses

c. Insurance expenses, Professional fees, Drawing 

d. Cash, Prepaid expenses, Drawing

Your answer is correct.

The correct answer is: Insurance expenses, Professional fees, Drawing

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Question 6

Correct

Mark 1.00 out of 1.00

To which account is the Drawing account closed to?

Select one:
a. Liability account

b. Expense account

c. Capital account 

d. Income and expense summary account

Your answer is correct.

The correct answer is: Capital account

Question 7

Correct

Mark 1.00 out of 1.00

In terms of debits and credits, which accounts have the same normal balances?

Select one:
a. Accounts receivable, Accounts payable, Capital

b. Rental expense, Professional fees, Drawing

c. Prepaid expenses, Insurance expense, Capital

d. Account payable, Rental revenue, Unearned rental revenue 

Your answer is correct.

The correct answer is: Account payable, Rental revenue, Unearned rental revenue

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Question 8

Correct

Mark 1.00 out of 1.00

Which document is issued for specific items or goods purchased by customers?

Select one:
a. Deposit slip

b. Purchase invoice

c. Sales invoice 

d. Order slip

Your answer is correct.

The correct answer is: Sales invoice

Question 9

Correct

Mark 1.00 out of 1.00

A claim from a customer for services rendered is an account reported as

Select one:
a. Service revenue in the statement of cash flows

b. Service revenue in the income statement

c. Account receivable in the balance sheet 

d. Accounts payable in the balance sheet

Your answer is correct.

The correct answer is: Account receivable in the balance sheet

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Question 10

Correct

Mark 1.00 out of 1.00

After posting the closing entries

Select one:
a. Income summary, revenue accounts and equity accounts have zero balances

b. Revenue accounts, expense accounts and income summary accounts have zero balances 

c. The balance of all accounts will become zero

d. Expense accounts, revenue accounts and equity accounts have zero balances

Your answer is correct.

The correct answer is: Revenue accounts, expense accounts and income summary accounts have zero balances

Question 11

Correct

Mark 1.00 out of 1.00

All of the following are sources of cash from operating activities, except

Select one:
a. Cash receipts from rendering services

b. Cash proceeds from bank borrowings 

c. Cash receipts from sale of goods

d. Cash collection from customers

Your answer is correct.

The correct answer is: Cash proceeds from bank borrowings

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Question 12

Correct

Mark 1.00 out of 1.00

Which of the following steps may be omitted in the completion of the accounting cycle?

Select one:
a. Entries are posted to the general ledger

b. Adjusting entries are journalized and then posted to the general ledger

c. Reversal of some adjustments are made 

d. Financial statements are prepared

Your answer is correct.

The correct answer is: Reversal of some adjustments are made

Question 13

Correct

Mark 1.00 out of 1.00

Which situation indicates a net loss in the income statement accounts?

Select one:
a. Total debits and total credits have zero balances

b. Total credits exceed total debits

c. Total debits equals total credits

d. Total debits exceed total credits 

Your answer is correct.

The correct answer is: Total debits exceed total credits

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Question 14

Correct

Mark 1.00 out of 1.00

Businesses must register in the following except

a. Securities and Exchange Commission

b. Cooperative Development Authority

c. Department of Trade and Industry

d. Department of Business and Management 

Your answer is correct.

The correct answer is:
Department of Business and Management

Question 15

Correct

Mark 1.00 out of 1.00

Which of the following accounts are not closed at the end of the accounting period?

Select one:
a. Capital accounts 

b. Revenue accounts

c. Expense accounts

d. Purchases accounts

Your answer is correct.

The correct answer is: Capital accounts

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Question 16

Correct

Mark 1.00 out of 1.00

Which transaction decreased both total assets and total liabilities by P10,000?

Select one:
a. Purchase of equipment for cash, P10,000

b. Payment of salaries, P10,000

c. Payment of accounts payable, P10,000 

d. Collection of accounts receivable, P10,000

Your answer is correct.

The correct answer is: Payment of accounts payable, P10,000

Question 17

Correct

Mark 1.00 out of 1.00

Which of the following would appear in an income statement?

Select one:
a. Cash payments for expenses

b. Expenses whether paid or not 

c. Expenses not yet paid

d. Expenses that are paid

Your answer is correct.

The correct answer is: Expenses whether paid or not

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Question 18

Correct

Mark 1.00 out of 1.00

Which of the following accounts are closed at the end of the accounting period?

Select one:
a. Equity accounts
b. Revenue accounts 

c. Liability accounts

d. Asset accounts

Your answer is correct.

The correct answer is: Revenue accounts

Question 19

Correct

Mark 1.00 out of 1.00

Which of the following are real or permanent accounts?

Select one:
a. Prepaid rent, accumulated depreciation and sales

b. Rent expense, capital and prepaid insurance

c. Notes payable, notes receivable and cash 

d. Accounts receivable, commission income and salaries

Your answer is correct.

The correct answer is: Notes payable, notes receivable and cash

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4/22/24, 10:34 AM Quiz 5. Completing the Cycle: Attempt review

Question 20

Correct

Mark 1.00 out of 1.00

Failure to record the adjusting entry for the expired portion of prepaid expenses will

a. Understate assets and net income

b. Overstate assets and net income 

c. Understate equity and overstate liability

d. Overstate equity and understate liability

Your answer is correct.

The correct answer is:

Overstate assets and net income

◄ Answers to the Assignment

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