Accounting Cycle quiz

Accounting Cycle

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In a classif ed balance sheet, assets are usually classifed using the following categories :

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 Which types of accounts will appear in the post-closing trial balance?

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When a net loss has occurred, Income Summary is :

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Current assets are listed :

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When  the Company purchased supplies worth $100, it incorrectly recorded a credit to Supplies for $1,000 and a debit to Cash for $1,000. Before correcting this error :

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An account that will have a zero balance after closing entries have been journalized and posted is :

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The correct order of presentation in a classifed balance sheet for the following current assets is :

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The proper order of the following steps in the accounting cycle is :

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In a worksheet, net income is entered in the following columns :

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Cash of $100 received at the time the service was performed was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not reversed, the correcting entry is :

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A company has purchased a tract of land. It expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. The land should be reported as:

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Which of the following statements is incorrect concerning the worksheet ?

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All of the following are required steps in the accounting cycle except :


Classified balance sheet

Prepare a worksheet

Preparing adjusting entries

Preparing closing entries

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