Question : 41.Which of the following accounts not closed? A. Sales B. Accounts Receivable : 1168955

 

 

41.Which of the following accounts is not closed?   

A. Sales

 

B. Accounts Receivable

 

C. Depreciation Expense

 

D. Purchases

 

 

 

 

42.Which of the following accounts is not closed?   

A. Capital

 

B. Depreciation Expense

 

C. Sales

 

D. Purchase Discounts

 

 

 

 

43.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

 

 

 

 

44.The Income Summary account, for Wise Tools appears below. Based on the data contained in the account, determine which of the statements below is correct.     

A. Wise Tools will report a $6,000 net loss for the period ending 12/31

 

B. Wise Tools will report net income of $6,000 for the period ending 12/31

 

C. Wise Tools will report net income of $1,000 for the period ending 12/31

 

D. Wise Tools will report a $1,000 net loss for the period ending 12/31

 

 

 

 

45.The Income Summary account, for Edgar’s Cigars appears below. Based on the data contained in the account, determine which of the statements below is correct.     

A. Edgar’s Cigars will report a $7,000 net loss for the period ending 12/31

 

B. Edgar’s Cigars will report net income of $7,000 for the period ending 12/31

 

C. Edgar’s Cigars will report net income of $11,000 for the period ending 12/31

 

D. Edgar’s Cigars will report an $11,000 net loss for the period ending 12/31

 

 

 

 

46.Which of the following accounts will appear on the post-closing trial balance?   

A. Miscellaneous Income

 

B. Payroll Taxes Expense

 

C. Medicare Tax Payable

 

D. Sales

 

 

 

 

47.Which of the following accounts will appear on the post-closing trial balance?   

A. Capital

 

B. Depreciation Expense

 

C. Sales

 

D. Payroll Tax Expense

 

 

 

 

48.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.

 

 

 

 

49.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.

 

 

 

 

50.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.