Accounting period Interim period 3. An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n): (Points : 1) Accrued expense Contra account Accrued revenue Intangible asset Adjunct account 4. Adjusting entries: (Points : 1) Affect only income statement accounts Affect only balance sheet accounts Affect both income statement and balance sheet accounts Affect only cash flow statement accounts Affect only equity accounts 5.
A post-closing trial balance reports: (Points : 1) All ledger accounts with balances, none of which can be temporary accounts All ledger accounts with balances, none of which can be permanent accounts All ledger accounts with balances, which include some temporary and some permanent accounts Only revenue and expense accounts Only asset accounts 6. A trial balance prepared before any adjustments have been recorded is: (Points : 1) An adjusted trial balance Used to prepare financial statements An unadjusted trial balance
Correct with respect to proper balance sheet and income statement amounts Only prepared once a year 7. Kader Co. paid a total of $35,000 in dividends during the current year. The entry needed to close the dividends account is: (Points : 1) Debit Income Summary and credit Cash for $35,000 Debit Dividends and credit Cash for $35,000 Debit Income Summary and credit Dividends for $35,000 Debit Retained Earnings and credit Dividends for $35,000 Debit Dividends and credit Retained earnings for $35,000 8. Profit margin is defined as: (Points : 1)
The Essay on Balance Sheet and Income Statement
However, this also takes away from the overall control from the majority of its owners and company founders. There are many different types of companies that fall under this category. They range from anywhere between trucking to retail and anything in between. These companies are traded constantly with their stocks going up and down based on how people feel about the company. The four areas that ...
Revenues divided by net sales Net sales divided by assets Net income divided by net sales Net income divided by assets Assets divided by net sales 9. The asset section of a classified balance sheet usually includes: (Points : 1) Current assets, investments, plant assets and intangible assets Current assets, long-term assets, revenues and intangible assets Current assets, investments, plant assets and equity Current liabilities, investments, plant assets and intangible assets Current assets, liabilities, plant assets and intangible assets 0. If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include: (Points : 1) A debit to Cash and a credit to Salaries Payable A debit to Cash and a credit to Prepaid Salaries A debit to Salaries Payable and a credit to Cash A debit to Salaries Payable and a credit to Salaries Expense No entry would be necessary on January 5 ANS: 7 correct out of 10 1)3 2)1 3)2 4)3 5)1 6)3 7)2 8)3 9)1 10)3
