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Topic: Relationships among the Financial Statements
50.
In the notes to financial statements, adequate disclosure would typically
not
include:
51.
The adequacy of a company's disclosure is based on:
52.
The concept of adequate disclosure:
53.
The concept of adequate disclosure requires a company to inform financial statement
users of each of the following,
except
:
54.
Closing entries would be prepared before:
55.
The closing entry for an expense account would consist of a:
56.
The Income Summary account has debits of $85,000 and credits of $75,000. The company
had which of the following:
57.
During the closing process:
58.
A debit balance in the income summary account indicates:
59.
If Income Summary has a net credit balance, it signifies:
60.
The balance in Income Summary:
61.
After preparing the financial statements for the current year, the accountant for Exquisite
Gems closed the Dividends account at year-end by debiting Income Summary and
crediting the Dividends account. What is the effect of this entry on current-year net
income and the balance in the Retained Earnings account at year-end?
62.
Income Summary appears on which financial statement:
63.
The purpose of making closing entries is to:
64.
When closing the accounts at the end of the period, which of the following is closed
directly into the Retained Earnings account?
65.
Closing entries never involve posting a credit to the:
66.
Which of the following account titles would
not
be debited in the process of preparing
closing entries for Andrew's Auto Shop?
67.
If a business closes its accounts only at year-end:
68.
Closing entries should be made:
69.
Which of the following accounts should
not
be closed?
70.
Which of the following accounts will be closed to Income Summary?
71.
If sales are $270,000, expenses are $220,000 and dividends are $30,000, Income
Summary:
Shown below is a trial balance for Novelty Toys Inc., on December 31, after adjusting
entries:
72.
Refer to the information above. The entry to close the Fees Earned account will:
73.
Refer to the information above. The entry to close Salaries Expense account will:
74.
Refer to the information above. Net income for the period equals:
75.
Refer to the information above. After closing the accounts, Retained Earnings at December
31 equals:
76.
Refer to the information above. The total debits in the After-Closing Trial Balance will
equal:
77.
Refer to the information above. Income Summary will have what balance before it is
closed?
Shown below is the adjusted Trial Balance for Simon Inc., on December 31, after the first
year of operations, after adjusting entries:
78.
Refer to the information above. The entry to close the Service Fees Earned account will:
79.
Refer to the information above. The entry to close Depreciation Expense account will:
80.
Refer to the information above. Net income for the period equals:
81.
Refer to the information above. After closing the accounts, Retained Earnings at December
31 equals:
82.
Refer to the information above. The total debits in the After Closing-Trial Balance will
equal:
83.
Refer to the information above. Income Summary will have what balance before it is
closed?
84.
If sales are $540,000, expenses are $440,000 and dividends are $50,000, Income
Summary:
Shown below is a trial balance for Cornell Products Inc., on December 31, after adjusting
entries:
85.
Refer to the information above. Net income for the period equals:
