Question :
51. Which of the following accounts not closed? A. Accumulated DepreciationB. Depreciation ExpenseC. Interest ExpenseD. Sales
52. Which : 1202680
51. Which of the following accounts is not closed?
A. Accumulated Depreciation
B. Depreciation Expense
C. Interest Expense
D. Sales
52. Which of the following accounts is not closed?
A. Sales.
B. Accounts Receivable.
C. Depreciation Expense.
D. Purchases.
53. Which of the following accounts is not closed?
A. Capital.
B. Depreciation Expense.
C. Sales.
D. Purchase Discounts.
54. Which of the following groups of accounts will have zero balances after the closing process is completed?
A. Allowance for Doubtful Accounts and Uncollectible Accounts Expense
B. Purchases and Purchases Returns and Allowances
C. Merchandise Inventory and Sales
D. Depreciation Expense and Accumulated Depreciation—Equipment
55. Which of the following statements is not correct?
A. The worksheet is the source of data for the general journal entries required to close the temporary accounts.
B. In the closing process, the balance of the owner’s drawing account is transferred to the debit side of the owner’s capital account.
C. In the closing process, the balance of the Purchases account is transferred to the Merchandise Inventory account.
D. Closing the Revenue accounts is the first step in the closing process.
56. Which of the following statements is not correct?
A. The gross profit percentage is calculated by dividing the gross profit for the year by the net sales for the year.
B. The average inventory is calculated by adding the beginning inventory to the ending inventory and dividing the sum by 2.
C. A current ratio of 3.5 to 1 means that a firm has $3.50 in current liabilities for every $1 of current assets.
D. All of the above statements are correct.
57. Which of the following accounts will appear on the postclosing trial balance?
A. Miscellaneous Income
B. Payroll Taxes Expense
C. Medicare Tax Payable
D. Sales
58. Which of the following accounts will appear on the postclosing trial balance?
A. Capital
B. Depreciation Expense
C. Sales
D. Payroll Tax Expense
59. Inventory turnover is calculated by
A. adding beginning inventory to ending inventory and dividing by 2.
B. dividing average inventory by cost of goods sold.
C. dividing cost of goods sold by average inventory.
D. dividing average inventory by the ending inventory.
60. The current ratio is calculated by
A. dividing current assets by current liabilities.
B. dividing current liabilities by current assets.
C. dividing total assets by total current assets.
D. dividing current assets by total assets.
61. A reversing entry should not be made for an adjusting entry to record
A. the accrued salaries.
B. an accrued expense item that will involve future cash payments.
C. an accrued income item that will involved future cash receipts.
D. depreciation.
62. The entry to reverse the adjustment for accrued interest income consists of a debit to
A. Interest Income and a credit to Income Summary.
B. Interest Income and a credit to Interest Receivable.
C. Interest Income and a credit to Interest Expense.
D. Interest Receivable and a credit to Interest Income.
63. In the general journal, reversing entries are dated as of
A. the last day of the old fiscal period.
B. the first day of the new fiscal period.
C. any day during the month of the new fiscal period.
D. any time before the end of the fiscal period.
64. The entry to reverse the adjusting entry for accrued payroll taxes expense includes
A. a debit to Payroll Taxes Expense.
B. a debit to Employee Income Tax Payable.
C. a credit to Social Security Tax Payable and a credit to Medicare Tax Payable.
D. a debit to Social Security Tax Payable and a debit to Medicare Tax Payable.
