Question :
101.Preparation of interim financial statements:
A.Makes the preparation of year-end financial : 1237606
101.Preparation of interim financial statements:
A.Makes the preparation of year-end financial statements unnecessary.
B.Requires the journalizing and posting of adjusting entries.
C.Requires the journalizing and posting of closing entries.
D.Is done monthly or quarterly or in-between the year-end financial statements.
102.If monthly financial statements are desired by management:
A.Journalizing and posting adjusting entries must be done each month.
B.Journalizing and posting closing entries must be done each month.
C.Monthly financial statements can be prepared from worksheets; adjustments and closing entries need not be entered in the accounting records.
D.Adjusting and closing entries must be entered in the accounting records before preparation of interim financial statements.
103.The section of the annual report titled “Management Discussion and Analysis” is:
A.Required by the SEC.
B.Not required but may be included by management.
C.Required by GAAP.
D.Reported to the SEC but not included in the annual report.
104.A worksheet consists of all of the following except:
A.A trial balance.
B.Adjusting entries.
C.An adjusted trial balance.
D.Transaction entries.
105.When a worksheet is prepared, which account would not be entered into the income statement columns?
A.Depreciation Expense.
B.Unearned Revenue.
C.Service Revenue.
D.Insurance Expense.
106.The worksheet:
A.Is one of the basic financial statements.
B.Is prepared throughout the year.
C.Is not a formal step in the accounting cycle.
D.Starts with the first column being the adjusted trial balance.
107.Which of the following amounts appears in both the Income Statement debit column and the Balance Sheet credit column of a worksheet?
A.Net income.
B.Net loss.
C.Dividends.
D.Retained earnings.
108.A worksheet should be viewed as:
A.A financial statement to be distributed to investors.
B.A financial statement to assist managers in making managerial decisions.
C.A tool to assist accountants in making end-of-period adjustments and in preparing financial statements.
D.A tool to assist auditors in determining that all transactions have been properly recorded throughout the period.
109.The amount of net income (or loss) will appear on the debit side of the Income Statement columns in a worksheet if:
A.Revenue exceeds total expenses for the period.
B.The trial balance is out of balance.
C.Dividends are more than the income or loss for the period.
D.There is a net loss for the period.
110.Which of the following is true regarding a worksheet prepared at year-end?
A.The number of account titles applicable to the Adjusted Trial Balance columns is usually greater than the number of account titles applicable to the Trial Balance columns.
B.The worksheet can be issued instead of financial statements.
C.The worksheet eliminates the need to make adjusting and closing entries.
D.An equal number of account titles are applicable to the Income Statement columns and the Balance Sheet columns.
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