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college accounting a practical approach
College Accounting A Practical Approach Chapters 1-26 8th Edition Jeffrey Slater - Solutions
The process of transferring information from a journal to a ledger iscalled_. LO.1
_dealswith the process of updating the PR of the journal from the account number of the ledger to indicate to which account in the ledger information has been posted. LO.1
Recording $885,000 as $88.50 is an example ofa_. LO.1
5,187 written by mistake as 5,178 is an example of a slide. True/False LO.1
The totals of a trial balance may possibly not balance due to transpositions. True/False LO.1
Withdrawals has a normal balance of a credit. True/False LO.1
The running balance of an account can be kept in a four-column account. True/False LO.1
The journal links debits and credits in alphabetical order. True/False LO.1
The ledger accumulates information from the journal. True/False LO.1
The post reference column of a ledger records the account number of that account. True/False LO.1
An accounting cycle must be from January 1 to December 31. True/False LO.1
The ledger is the book of original entry. True/False LO.1
The income statement is prepared for a specific accounting period. True/False LO.1
Interim statements are prepared for an entire fiscal year. True/False LO.1
A calendar year could be a fiscal year. True/False LO.1
150 written by mistake as 1,500 is an example of a slide. True/False LO.1
If the totals of a trial balance balance, the individual balance of items must be correct. True/False LO.1
The equality of debits and credits on a trial balance does not guarantee that transactions have been properly recorded. True/False LO.1
The trial balance is prepared from the journal. True/False LO.1
Cross-referencing means never updating the post reference column of the journal. True/False LO.1
Journals and ledgers are always in the same book. True/False LO.1
The normal balance of each account is located on the same side that increases the acccount. True/False LO.1
Ruling of four-column accounts is eliminated. True/False LO.1
Adjustments are the result of_transactions. LO.1
A_willincrease accumulated depreciation. LO.1
_affectboth the income statement and balance sheet. LO.1
The adjustment for supplies reflects the amount ofsupplies_ LO.1
Supplies Expense is found on the income statement. Supplies are found on LO.1
_reflects the cost of equipment at time of purchase. LO.1
Depreciation Expense is found onthe_. LO.1
_is a contra asset that has a credit balance. LO.1
Accumulated Depreciation, a contra asset, is found onthe_ LO.1
Historical or original cost of an autoless_ _reflectsthe unused amount of the auto on the accounting books. LO.1
Withdrawals are found inthe_columnof the balance sheet section of the worksheet. LO.1
Salaries Payable is a liability that will appear inthe_ _ofthe worksheet. LO.1
The figure for net income on the worksheet is carried over tothe_ column of the balance sheet. LO.1
A worksheet isa(n)_report. LO.1
__areprepared after the completion of the worksheet. LO.1
Adjustments will affecta. the balance sheetb. the income statementc. both a and b LO.1
The historical or original cost of an asset on the worksheeta. never changesb. sometimes changesc. continually changes LO.1
Net income on the worksheet isa. carried over to the trial balanceb. carried over to the adjusted trial balancec. carried over to the balance sheet column LO.1
Accumulated Depreciation is found ona. a worksheetb. an income statementc. both a worksheet and an income statement LO.1
Accumulated Depreciation, a contra asset, is increased by aa. debitb. creditc. both a and b LO.1
A worksheet is usually competeda. one column at a timeb. two columns at a timec. three columns at a time LO.1
Withdrawals on the worksheet are found in thea. debit column of the income statementb. debit column of the balance sheetc. both a and b LO.1
The worksheet specifically shows thea. beginning figure for owner capitalb. ending figure for owner capitalc. average figure for owner capital LO.1
The total of the assets on a formal balance sheet will_equal the total of the debit column of the balance sheet on the worksheet.a. alwaysb. sometimesc. never LO.1
The adjustment for depreciation affectsa. the income statementb. the balance sheetc. both a and b LO.1
The adjustment for supplies requires one to knowa. beginning supplies plus supplies purchasedb. supplies on handc. both a and b LO.1
The purpose of adjustments is toa. bring general journals up to dateb. bring ledger accounts up to proper balances in the journalc. bring ledger accounts to proper balance LO.1
Book values equals cost lessa. expensesb. accumulated depreciationc. neither a nor b LO.1
The__isan informal report.a. income statementb. balance sheetc. worksheet LO.1
The normal balance of accumulated depreciation is a debit. True/False LO.1
Assets are only income statement accounts. True/False LO.1
The total of the adjustments column may balance but be incorrect. True/False LO.1
Prepaid rent is found on the income statement. True/False LO.1
Rent expense is found on the income statement. True/False LO.1
Debits and credits are found on financial statements. True/False LO.1
Historical cost relates only to automobiles. True/False LO.1
Accumulated Depreciation is found on the income statement. True/False LO.1
As Accumulated Depreciation increases, the historical cost changes. True/False LO.1
The adjustment for depreciation directly affects cash. True/False LO.1
An expense is only recorded when it is paid. True/False LO.1
The ending figure for owner capital does not have to be calculated from the worksheet. True/False LO.1
Withdrawals have the same balance as Accumulated Depreciation. True/False LO.1
Salaries Payable is an asset on the income statement. True/False LO.1
Net loss would never be shown on a worksheet. True/False LO.1
The net income on the worksheet is the same amount on the income statement. True/False LO.1
Worksheets must use dollar signs. True/False LO.1
The worksheet eliminates the need to prepare financial statements. True/False LO.1
Cost less accumulated depreciation equals book value. True/False LO.1
Accrued Salaries are expenses that have already been paid for. True/False LO.1
Income summaryis_bythe end of the period. LO.1
Revenue, Expenses, and Withdrawals are examplesof_• LO.1
_intemporary accounts will not be carried over to the next accounting period. LO.1
After closing entries are posted, owner’s Capital in the ledger will contain the LO.1
Revenue is closed to Income Summary bya_toeach revenue account and a _toIncome Summary. LO.1
Expenses are closed to Income Summaryby_theindividual expenses and _IncomeSummary. LO.1
If the balance of Income Summary is a credit, it will be closedby_Income Summaryand_owner’s Capital. LO.1
The balance of Withdrawals is closed bya_andthe amount transferred to owner’s Capital bya_. LO.1
At the end of the closing process, all temporary accounts in the ledger will have a _balance. LO.1
The_ contains a list of permanent accounts after the adjusting and closing entries have been posted to the ledger from a journal. LO.1
Closing entries can be prepared froma_. LO.1
After closing entries are posted, Income Summary will have a_balance. LO.1
Journalizing adjustments can be done fromthe_. LO.1
Cash, Equipment, and Supplies are not part ofthe_process. LO.1
Income Summary is a_account. LO.1
Closed balance in revenue account to Income Summary. _ LO.1
Closed balance in individual expenses to Income Summary __ LO.1
Closed balance in Income Summary to owner's Capital.(Assume that it is a net income.) __ LO.1
Closed Withdrawals to owner's Capital. __ LO.1
Recorded Fix-It supplies used up. LO.1
Recorded depreciation on truck. LO.1
Brought Salaries Expense up to date (an adjustment). LO.1
All companies journalize and post closing entries before the end of their calendar year. True/False LO.1
Adjustments are journalized before preparing the worksheet. True/False LO.1
Closing entries can only clear permanent accounts. True/False LO.1
Income summary is a temporary account. True/False LO.1
Interim statements can be prepared from worksheets. True/False LO.1
To clear expenses in the closing process, a compound entry is appropriate. True/False LO.1
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