ECON 10A Study Guide - Quiz Guide: Financial Statement, Income Statement, Trial Balance
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Question 11 pts
Which of the following terms describe the types of adjusting entries?
| expenses and revenues |
| prepaid expenses and prepaid revenues |
| deferrals and accruals |
| deferrals and depreciation |
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Question 21 pts
Unearned Revenue is always
| an expense |
| stockholderâs equity |
| an asset |
| a liability |
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Question 31 pts
The adjusted trial balance shows
| assets, liabilities, and common stock only |
| revenues and expenses only |
| amounts that may be out of balance |
| amounts that are ready for the financial statements |
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Question 41 pts
Which of the following accounts is not closed?
| Salaries Expense |
| Dividends |
| Accumulated Depreciation, Equipment |
| Service Revenue |
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Question 51 pts
Given the following adjusted trial balance:
| Debit | Credit | |
| Cash | $1,562 | |
| Accounts receivable | 2,098 | |
| Inventory | 3,124 | |
| Prepaid rent | 86 | |
| Equipment | 300 | |
| Accumulated depreciation-equipment | 52 | |
| Accounts payable | 82 | |
| Unearned service revenue | 122 | |
| Common stock | 206 | |
| Retained earnings | 6,610 | |
| Service revenue | 268 | |
| Interest revenue | 56 | |
| Salaries and wages expense | 160 | |
| Travel expense | 66 | |
| Total | $7,396 | $7,396 |
Net income for the year is
| $98.00 |
| $270.00 |
| $325.00 |
| $496.00 |
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Question 61 pts
Wolf Pack Services receives $10,000 cash in advance of services performed and credits a liability account. Which of the following adjusting entries will need to be made after the services are performed?
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Question 71 pts
Accumulated Depreciation is a(n)
| liability account |
| stockholderâs equity account |
| contra asset account |
| asset account |
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Question 81 pts
Kimmel Companyâs accountant makes the following entry to record $2,000 of depreciation expense on the companyâs equipment on December 31, 2013:
| Dr. | Cr. | |
| Depreciation Expense | 2,000 | |
| Cash | 2,000 |
The effect of this entry is to
| adjust the accounts to their proper amounts on December 31, 2013 |
| understate total assets on the balance sheet as of December 31, 2013 |
| overstate the book value of the depreciable assets at December 31, 2013 |
| understate the book value of the depreciable assets as of December 31, 2013 |
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Question 91 pts
The weekly payrool of Wolverine Corporation is $3,000. Employees work five days per week, Monday through Friday. December 31, 2013, the end of the fiscal year, is a Tuesday. Wolverine Corporation will not pay its employees for the full week until Friday, its normal payday. Wolverine Corporation will make which of the following adjusting entries on Tuesday, December 31?
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Question 101 pts
Which of the following statements regarding closing entries is true?
| Closing entries bring the Retained Earnings account to its correct ending balance. |
| Closing entries transfer unearned revenues, expenses, and dividends to retained earnings. |
| Closing entries zero out the assets, expenses, and dividends accounts to prepare them for the next accounting period. |
| All of these statements are true. |
