Financial Accounting Test Questions

1. In the accounting cycle, the last step is

Student Response
Feedback
A. preparing the financial statements B. journalizing and posting the adjusting entries C. preparing a post-closing trial balance D. journalizing and posting the closing entries

Score:
1/1

2. During the end-of-period processing which of the following best describes the logical order of this process

Student Response
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A.
Preparation of adjustments, adjusted trial balance, financial statements B.
Preparation of Income Statement, adjusted trial balance, Balance Sheet C.
Preparation of adjusted trial balance, cross-referencing, journalizing D.
Preparation of adjustments, adjusted trial balance, posting

Score:
0/1

3. When preparing the statement of owner's equity, the beginning capital balance can always be found

Student Response
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A. in the Income Statement columns of the work sheet B. in the statement of cash flows C. in the general ledger D. in the Balance Sheet columns of the work sheet

Score:
1/1

4. Accumulated Depreciation appears on the

Student Response
Feedback
A. balance sheet in the current assets section B. balance sheet in the property, plant and equipment section C. balance sheet in the long-term liabilities section D. income statement as an operating expense

Score:
1/1

5. Notes Receivable due in 345 days appear on the

Student Response
Feedback
A. balance sheet in the current assets section B. balance sheet in the fixed assets section C. balance sheet in the current liabilities section D. income statement as an expense

Score:
1/1

6. Unearned Fees appear on the

Student Response
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A. balance sheet in the current assets section B. balance sheet as a current liability C. balance sheet in the owner's equity section D.