Question 1 that 200.0/ 5.0 Points

Bringing account balances up to date before preparing financial reports is called

A. Posting.

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B. Adjusting.

C. Journalizing.

D. Analyzing.

Question 2 of 20
0.0/ 5.0 Points
The entry to record the expiration of part of the prepaid rent will certainly _______ at the finish of the month.

A. Decrease full assets and increase full expenses

B. Decrease full assets and decrease full expenses

C. Increase complete assets and increase total expenses

D. Increase total assets and also decrease total expenses

Question 3 that 20
5.0/ 5.0 Points
Income Summary

A. Is a momentary account.

B. Is a permanent account.

C. Summarizes revenue and expenses and transfers the balance come Capital.

D. Both A and C

Question 4 that 20
0.0/ 5.0 Points
At the start of this year, 18 months’ rent to be paid. In ~ the year end, just how will this impact the balance sheet?

A. Assets will be decreased.

B. Liabilities will certainly be increased.

C. Owner’s equity will certainly be increased.

D. This has no effect on the period-end balance sheet.

Question 5 that 20
5.0/ 5.0 Points
Not recording the Prepaid Rent provided causes

A. Assets come be as well high.

B. Assets come be also low.

C. Prices to be also high.

D. Revenue come be as well high.

Question 6 the 20
0.0/ 5.0 Points
The depreciation of tools will require an mediate that outcomes in

A. Total assets increasing and total expenses increasing.

B. Total assets increasing and total costs decreasing.

C. Full assets and also expenses decreasing.

D. Total assets decreasing and also total expenses increasing.

Question 7 that 20
0.0/ 5.0 Points
As Prepaid rental is used, the asset becomes a/an

A. Liability.

B. Expense.

C. Contra-asset.

D. Revenue.

Question 8 that 20
5.0/ 5.0 Points
Closing entries are prepared

A. To clean all short-lived accounts to zero.

B. To upgrade the resources balance.

C. At the finish of the accounting period.

D. Every one of the above

Question 9 the 20
0.0/ 5.0 Points
If the adjustment for offers used during the duration wasn’t made,

A. Costs would be also low.

B. Assets would certainly be also low.

C. Prices would be as well high.

D. Revenue would be too high.

Question 10 of 20
5.0/ 5.0 Points
It is the end of the year however not the end of the salary period. How will this impact the balance sheet?

A. Assets will be increased.

B. Liabilities will certainly be increased.

C. Owner’s equity will be increased.

D. This has no impact on the period-end balance sheet.

Question 11 the 20
0.0/ 5.0 Points
The earnings statement debit obelisk of the worksheet proved the complying with expenses:

Supplies Expense$600
Depreciation Expense400
Salaries Expense300

A.

Income Summary
1,300
Supplies Expense600
Depreciation Expense400
Salaries Expense300

B.

Income Summary
1,200
Capital1,200

C.

Supplies Expense
500
Depreciation Expense400
Salaries Expense300
Income Summary1,200

D.

Capital
1,200
Income Summary1,200
Question 12 of 20
0.0/ 5.0 Points

If the balance of gives at the start of the month was $900 and also at the end of the month there was $450 on hand, the convey for gives would be

A. $450.

B. $550.

C. $350.

D. $900.

Question 13 of 20
0.0/ 5.0 Points
The adjustment to record supplies used during the period would it is in which of the following?

A. Debit Supplies; credit gives Expense

B. Debit gives Expense; credit transaction Cash

C. Debit gives Expense; credit transaction Supplies

D. Debit Supplies; credit transaction Cash

Question 14 that 20
0.0/ 5.0 Points
Which the the following would cause a contra-asset to it is in credited and also an price debited?

A. Recording an accrued expense

B. Record the intake of supplies

C. Recording the structure depreciation

D. All of the above

Question 15 that 20
5.0/ 5.0 Points
Assets that aren’t intended to administer benefits for a variety of accounting durations are called

A. Present assets.

B. Solved assets.

C. Permanent assets.

D. Property, plant, and equipment.

Question 16 that 20
5.0/ 5.0 Points
An account in i m sorry the balance isn’t carried over native one accounting duration to the following is called a _______ account.

A. Permanent

B. Real

C. Temporary

D. Zero

Question 17 of 20
0.0/ 5.0 Points
Closing entries

A. Need not it is in journalized because they appear on the worksheet.

B. Need not be posted if the gaue won statements are prepared from the worksheet.

C. Aren’t necessary if adjusting entries space prepared.

D. Must be journalized and posted.

Question 18 the 20
5.0/ 5.0 Points
Which the the adhering to would reason total assets come decrease and also total price to increase?

A. Recording the depreciation that equipment

B. Recording the consumption of supplies

C. Record the expiration that prepaid rent

D. All of the above

Question 19 that 20
0.0/ 5.0 Points
It’s the end of the accountancy period, and also no electrical bill has actually been obtained (but the price has to be incurred); you need to record an entrance that

A. Rises the full assets and increases the total expenses.

B. Reduce the complete assets and also increases the complete expenses.

C. Increases the total liabilities and increases the total expenses.

See more: Which Of The Following Describes The Deductive Approach To Research

D. Reduce the total liabilities and increases the complete expenses.

Question 20 the 20
0.0/ 5.0 Points
Which the the complying with would cause a legal responsibility to be credited and an expense to be debited?

A. Record the adjustment because that the expiration the rent

B. Recording the depreciation of equipment

C. Record the accumulation of incomes incurred

D. To buy equipment

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