Question : 57.A post-closing trial balance could include all of the following : 1220573

 

57.A post-closing trial balance could include all of the following except the  

A.owner’s capital account.

B.Cash account.

C.Fees Income account.

D.Accounts Receivable account.

58.Which of the following accounts is a permanent account?  

A.Supplies

B.Supplies Expense

C.Owner’s drawing

D.Fees Income

59.All of the following accounts will appear on the post-closing trial balance except  

A.Equipment.

B.Accumulated Depreciation-Equipment.

C.Depreciation Expense-Equipment.

D.Accounts Payable.

60.Which of the following statements is not correct?  

A.After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances.

B.At the end of each accounting period, asset and liability account balances are reduced to zero.

C.A post-closing trial balance will not contain revenue and expense account balances.

D.Adjusting entries must be journalized and posted before the closing entries are journalized and posted.

61.Which of the following statements is not correct?  

A.If the post-closing trial balance does not balance, there are errors in the accounting records.

B.The audit trial should be used to trace data through the accounting records to find and correct errors.

C.The balance of the owner’s capital account, as reflected on the post-closing trial balance, will match the amount reported on the income statement.

D.The balance of the owner’s capital account on the adjusted trial balance will usually be different than that reported on the post-closing trial balance.

62.During the closing process, AccumulatedDepreciation,Equipment will  

A.be closed to the income summary account.

B.be closed to the capital account.

C.be closed to the drawing account.

D.not be used.

63.Which of the following accounts has a normal debit balance?  

A.Accounts Receivable

B.Accounts Payable

C.Fees Income

D.T. Stark, Capital

64.Which of the following accounts has a normal credit balance?  

A.Accounts Receivable

B.Accounts Payable

C.Supplies Expense

D.T. Stark, Drawing

65.Which of the following statements is correct?  

A.The Balance Sheet section of the worksheet contains the data that is used to make closing entries.

B.The balance of the owner’s drawing account will appear on the post-closing trial balance.

C.Closing entries are entered directly on the worksheet.

D.Preparation of the post-closing trial balance is the last step in the end-of-period routine.

66.Information in the financial statements provides answers to many questions, including:  

A.How much do customers owe the business?

B.What are the business’ current and long term plans for expansion?

C.Has the business achieved its net income goal for the year?

D.Has there been a lot of employee turnover?

67.The asset, liability, and owner’s capital accounts appear on all of the following except the  

A.income statement.

B.balance sheet.

C.post-closing trial balance.

D.worksheet.

68.After the worksheet has been completed, the next step in the accounting cycle is to  

A.journalize the closing entries.

B.post the closing entries.

C.prepare the post-closing trial balance.

D.prepare the financial statements.

69.After the transactions have been posted, the next step in the accounting cycle is to  

A.prepare the financial statements.

B.prepare the post-closing trial balance.

C.prepare the worksheet.

D.journalize and post the adjusting entries.

70.Identify the item below that is NOT one of the steps in an accounting cycle.  

A.prepare the financial statements

B.prepare the post-closing trial balance

C.journalize and post the adjusting entries

D.prepare invoices for customers

71.Trial balances are prepared in a certain order. Given the choices below, which one depicts the trial balances in the correct order in which they would be prepared?  

A.trial balance, adjusted trial balance, post-closing trial balance.

B.adjusted trial balance, trial balance, post-closing trial balance.

C.post-closing trial balance, adjusted trial balance, trial balance.

D.trial balance, post-closing trial balance, adjusted trial balance.