ACC 557 Week 4 Chapter 4 Quiz (all possible questions)\t\u00a0\tThis Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)\t\u00a0\tSOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS\t\u00a0\t1)\u00a0\u00a0A correcting entry\tis another name for a closing entry.\tmay involve any combination of accounts.\tis a required step in the accounting cycle.\tmust involve one balance sheet account and one income statement account\t2)\u00a0\u00a0A double rule applied to accounts in the ledger during the closing process implies that\tthe account balance is not zero.\ta mistake has been made, since double ruling is prescribed.\tthe account is a temporary account.\tthe account is a balance sheet account\t3)\u00a0\u00a0The first required step in the accounting cycle is\tposting transactions.\treversing entries.\tjournalizing transactions in the book of original entry.\tanalyzing transactions.\t4)\u00a0\u00a0Which of the following steps in the accounting cycle would not generally be performed daily?\tAnalyze business transactions.\tPrepare adjusting entries.\tJournalize transactions.\tPost to ledger accounts\t5)\u00a0\u00a0All of the following statements about the post-closing trial balance are correct except it contains only permanent accounts.\tshows that the accounting equation is in balance.\tprovides evidence that the journalizing and posting of closing entries have been properly completed.\tproves that all transactions have been recorded\t6)\u00a0\u00a0IFRS requires the use of\tneither balance sheet nor statement of financial position, but recommends use of the term balance sheet.\tthe term statement of financial position.\tneither balance sheet nor statement of financial position, but recommends use of the term statement of financial position.\tthe term balance sheet.\t7)\u00a0\u00a0Under IFRS and under GAAP, current assets are listed in\tIFRS\u00a0 GAAP\treverse order of liquidity\u00a0 reverse order of liquidity\treverse order of liquidity\u00a0 order of liquidity\torder of liquidity\u00a0 reverse order of liquidity\torder of liquidity\u00a0 order of liquidity\t8)\u00a0\u00a0post-closing trial balance should be prepared\tafter closing entries are posted to the ledger accounts.\tbefore adjusting entries are posted to the ledger accounts.\tbefore closing entries are posted to the ledger accounts.\tonly if an error in the accounts is detected\t9)\u00a0\u00a0In preparing closing entries\teach expense account will be credited.\teach revenue account will be credited.\tthe dividends account will be debited.\tthe dividends account will be debited if there is net income for the period\t10)\u00a0\u00a0Intangible assets are\tlisted as a long-term investment on the balance sheet.\tlisted under current assets on the balance sheet.\tnot listed on the balance sheet because they do not have physical substance.\tlong-lived assets that are often very valuable\t11)\u00a0\u00a0Correcting entries are made\tafter closing entries.\tat the beginning of an accounting period.\tat the end of an accounting period.\twhenever an error is discovered\t12)\u00a0\u00a0Income Summary has a credit balance of $17,000 after closing revenues and expenses. The entry to close Income Summary is\tcredit Income Summary $17,000, debit Retained Earnings $17,000.\tdebit Income Summary $17,000, credit Dividends $17,000.\tcredit Income Summary $17,000, debit Dividends $17,000.\tdebit Income Summary $17,000, credit Retained Earnings $17,000\t13)\u00a0\u00a0IFRS\trequires a specific format for the balance sheet (statement of financial position) that is identical to U.S. GAAP.\trequires a specific format for the balance sheet (statement of financial position) that is different from U.S. GAAP.\trequires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement in a different format from U.S. GAAP.\trequires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S. GAAP.\t14)\u00a0\u00a0Each of the following accounts is closed to Income Summary except\tAll of these are closed to Income Summary.\tExpenses.\tDividends.\tRevenue\t15)\u00a0\u00a0The account, Supplies, will appear in the following debit columns of the worksheet.\tTrial balance.\tAdjusted trial balance.\tBalance sheet.\tAll of these.<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 557 Week 4 Chapter 4 Quiz (all possible questions) \u00a0 This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set) \u00a0 SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200311","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200311"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200311\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}