Accounting mcq 24 | Accounting homework help

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July 13th, 2020

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

1 Question: Adjusting entries can be classified as

Postponements and advances

Accruals and deferrals

Deferrals and postponements

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

$0 because Prepaid Insurance is reported on the Income Statement

$1,400

$2,200

$3,600

$60,000

$100,000

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

Sales in producing revenues

Cash in producing revenues

Inventory in producing revenues

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

The entry to close Income Summary to Ramirez, Capital includes

A debit to Revenue for $7,000

Credits to Expenses totaling $3,600

A credit to Income Summary for $3,400

A credit to Ramirez, Capital for $3,400

8 Question: All of the following statements about the post-closing trial balance are correct except it

Shows that the accounting equation is in balance

Provides evidence that the journalizing and posting of closing entries have been properly completed

Contains only permanent accounts

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:

What is the company’s net income for the year ending December 31, 2010?

$133,000

$42,000

$28,000

$12,000

$6,300

$8,400

$2,010

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