会计循环1习题精选含答案

True / False Questions

1. Accounts that appear in the balance sheet are often called temporary (nominal) accounts. FALSE 2. Income Summary is a temporary account only used for the closing process. TRUE

3. Revenue accounts should begin each accounting period with zero balances. TRUE

4. Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense accounts ready for use in the next period. TRUE

5. The closing process takes place after financial statements have been prepared. TRUE

6. Revenue and expense accounts are permanent (real) accounts and should not be closed at the end of the accounting period. FALSE 7. Closing entries result in revenues and expenses being reflected in the owner's capital account. TRUE

8. The closing process is a step in the accounting cycle that prepares accounts for the next accounting period. TRUE

9. The closing process is a two-step process. First revenue, expense, and withdrawals are set to a zero balance. Second, the process summarizes a period's assets and expenses. FALSE

10. Closing entries are required at the end of each accounting period to close all ledger accounts. FALSE

11. Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to owner's capital. TRUE

12. The Income Summary account is a permanent account that will be carried forward period after period. FALSE

13. Closing entries are necessary so that owner's capital will begin each period with a zero balance. FALSE

14. Permanent accounts carry their balances into the next accounting period.

Moreover, asset, liability and revenue accounts are not closed as long as a company continues in business. FALSE

15. The first step in the accounting cycle is to analyze transactions and events to prepare for journalizing. TRUE

16. The accounting cycle refers to the sequence of steps in preparing the work sheet. FALSE

17. The first five steps in the accounting cycle include analyzing transactions,

journalizing, posting, preparing an unadjusted trial balance, and recording adjusting entries. TRUE

18. The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements and recording closing and adjusting entries. FALSE

19. A classified balance sheet organizes assets and liabilities into important subgroups that provide more information to decision makers. TRUE

20. An unclassified balance sheet provides more information to users than a classified balance sheet. FALSE

21. Current assets and current liabilities are expected to be used up or come due within one year or the company's operating cycle whichever is longer. TRUE 22. Intangible assets are long-term resources that benefit business operations that usually lack physical form and have uncertain benefits. TRUE

23. Assets are often classified into current assets, long-term investments, plant assets, and intangible assets. TRUE 24. Current liabilities are cash and other resources that are expected to be sold, collected or used within one year or the company's operating cycle whichever is longer. FALSE

25. Long-term investments can include land held for future expansion. TRUE

26. Plant assets and intangible assets are usually long-term assets used to produce or sell products and services. TRUE

27. Current liabilities include accounts receivable, unearned revenues, and salaries payable. FALSE

28. Cash and office supplies are both classified as current assets. TRUE

29. Plant assets are also called fixed assets or property, plant, and equipment. TRUE

30. The current ratio is used to help assess a company's ability to pay its debts in the near future. TRUE

Multiple Choice Questions

64. Another name for temporary accounts is: A. Real accounts. B. Contra accounts. C. Accrued accounts.

D. Balance column accounts. E. Nominal accounts. 65. When closing entries are made:

A. All ledger accounts are closed to start the new accounting period. B. All temporary accounts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts.

D. All permanent accounts are closed but not the nominal accounts. E. All balance sheet accounts are closed.

66. Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are: A. Real accounts.

B. Temporary accounts. C. Closing accounts. D. Permanent accounts. E. Balance sheet accounts.

67. Which of the following statements is incorrect?

A. Permanent accounts is another name for nominal accounts.

B. Temporary accounts carry a zero balance at the beginning of each accounting period.

C. The Income Summary account is a temporary account.

D. Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.

E. The closing process applies only to temporary accounts.

68. Assets, liabilities, and equity accounts are not closed; these accounts are called: A. Nominal accounts. B. Temporary accounts. C. Permanent accounts. D. Contra accounts. E. Accrued accounts.

69. Closing the temporary accounts at the end of each accounting period:

A. Serves to transfer the effects of these accounts to the owner's capital account on the balance sheet.

B. Prepares the withdrawals account for use in the next period. C. Gives the revenue and expense accounts zero balances.

D. Causes owner's capital to reflect increases from revenues and decreases from expenses and withdrawals. E. All of these.

70. Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as: A. Adjusting entries. B. Closing entries. C. Final entries.

D. Work sheet entries. E. Updating entries.

71. The closing process is necessary in order to:

A. calculate net income or net loss for an accounting period.

B. ensure that all permanent accounts are closed to zero at the end of each accounting period.

C. ensure that the company complies with state laws.

D. ensure that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.

E. ensure that management is aware of how well the company is operating.

72. Closing entries are required:

A. if management has decided to cease operating the business.

B. only if the company adheres to the accrual method of accounting. C. if a company's bookkeeper forgets to prepare reversing entries.

D. if the temporary accounts are to reflect correct amounts for each accounting period. E. in order to satisfy the Internal Revenue Service.

73. The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the: A. Accounting period. B. Operating cycle. C. Accounting cycle. D. Closing cycle.

E. Natural business year.

74. Which of the following is the usual final step in the accounting cycle? A. Journalizing transactions.

B. Preparing an adjusted trial balance. C. Preparing a post-closing trial balance. D. Preparing the financial statements. E. Preparing a work sheet.

75. A classified balance sheet:

A. Measures a company's ability to pay its bills on time. B. Organizes assets and liabilities into important subgroups. C. Presents revenues, expenses, and net income.

D. Reports operating, investing, and financing activities.

E. Reports the effect of profit and withdrawals on owner's capital.

76. The assets section of a classified balance sheet usually includes:

A. Current assets, long-term investments, plant assets, and intangible assets. B. Current assets, long-term assets, revenues, and intangible assets. C. Current assets, long-term investments, plant assets, and equity.

D. Current liabilities, long-term investments, plant assets, and intangible assets. E. Current assets, liabilities, plant assets, and intangible assets.

77. The usual order for the asset section of a classified balance sheet is:

A. Current assets, prepaid expenses, long-term investments, intangible assets. B. Long-term investments, current assets, plant assets, intangible assets. C. Current assets, long-term investments, plant assets, intangible assets. D. Intangible assets, current assets, long-term investments, plant assets. E. Plant assets, intangible assets, long-term investments, current assets.

78. A classified balance sheet differs from an unclassified balance sheet in that A. a unclassified balance sheet is never used by large companies. B. a classified balance sheet normally includes only three subgroups.

C. a classified balance sheet presents information in a manner that makes it easier to calculate a company's current ratio.

D. a classified balance sheet will include more accounts than an unclassified balance sheet for the same company on the same date.

E. a classified balance sheet cannot be provided to outside parties.

79. Two common subgroups for liabilities on a classified balance sheet are: A. current liabilities and intangible liabilities. B. present liabilities and operating liabilities. C. general liabilities and specific liabilities. D. intangible liabilities and long-term liabilities. E. current liabilities and long-term liabilities.

80. The current ratio:

A. Is used to measure a company's profitability.

B. Is used to measure the relation between assets and long-term debt. C. Measures the effect of operating income on profit.

D. Is used to help evaluate a company's ability to pay its debts in the near future. E. Is calculated by dividing current assets by equity.

81. The current ratio:

A. Is calculated by dividing current assets by current liabilities.

B. Helps to assess a company's ability to pay its debts in the near future. C. Can reveal problems in a company if it is less than 1.

D. Can affect a creditor's decision about whether to lend money to a company. E. All of these.

AACSB: Communications AICPA BB: Industry AICPA FN: Risk Analysis Difficulty: Hard Learning Objective: A1

82. The Unadjusted Trial Balance columns of a company's work sheet show the

balance in the Office Supplies account as $750. The Adjustments columns show that $425 of these supplies were used during the period. The amount shown as Office Supplies in the Balance Sheet columns of the work sheet is: A. $325 debit. B. $325 credit. C. $425 debit. D. $750 debit. E. $750 credit.

83. A 10-column spreadsheet used to draft a company's unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements, and which is an optional tool in the accounting process is a(n) : A. Adjusted trial balance. B. Work sheet.

C. Post-closing trial balance. D. Unadjusted trial balance. E. General ledger.

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