Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Chapter 04 - The Accounting Cycle
Copyright Cengage Learning. Powered by Cognero.
Page 11
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-03 - LO: 04-03
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.08 - Closing Entries
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
DATE MODIFIED:
10/16/2017 4:41 PM
29. The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-03 - LO: 04-03
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.ACBSP.APC.08 - Closing Entries
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
DATE MODIFIED:
10/16/2017 4:41 PM
30. Entries required to close the balances of the temporary accounts at the end of the period are called final entries.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-03 - LO: 04-03
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.08 - Closing Entries
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
DATE MODIFIED:
10/16/2017 4:41 PM
31. Journalizing and posting closing entries must be completed before financial statements can be prepared.
a.
True
b.
False
ANSWER:
False
Chapter 04 - The Accounting Cycle
Copyright Cengage Learning. Powered by Cognero.
Page 13
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-03 - LO: 04-03
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.ACBSP.APC.08 - Closing Entries
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
DATE MODIFIED:
10/16/2017 4:41 PM
35. A post-closing trial balance contains only asset and liability accounts.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-03 - LO: 04-03
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.ACBSP.APC.08 - Closing Entries
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
DATE MODIFIED:
10/16/2017 4:41 PM
36. A post-closing trial balance should be prepared before the financial statements are prepared.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-03 - LO: 04-03
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.ACBSP.APC.08 - Closing Entries
ACCT.AICPA.FN.03 - Measurement
Chapter 04 - The Accounting Cycle
Copyright Cengage Learning. Powered by Cognero.
Page 17
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Moderate
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-03 - LO: 04-03
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.08 - Closing Entries
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
DATE MODIFIED:
10/16/2017 4:41 PM
46. The income statement is prepared from the adjusted trial balance or the Income Statement columns of the end-of-
period spreadsheet.
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Bloom's: Remembering
Easy
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-04 - LO: 04-04
FNMN.WAJO.19.04-APP1 - LO: 04-APP1
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.09 - Financial Statements
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
DATE MODIFIED:
10/16/2017 4:41 PM
47. The last step of the accounting cycle is to prepare a post-closing trial balance.
a.
True
b.
False
ANSWER:
True
POINTS:
1
DIFFICULTY:
Easy
Bloom's: Remembering
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.04-04 - LO: 04-04
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED:
7/22/2017 6:18 PM
