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Presentation/PPT
27/08/2022
1) At the end of the period, the Real Accounts are closed. True False
2) After the closing process, all the temporary accounts have zero balances. True False
3) Financial statements prepared during the accounting year for periods of less than 12 months are called interim financial statements. True False
4) A Post-Closing Trial Balance will include only real or permanent accounts. True False
5) Entries required to clear the balances of the temporary accounts at year-end are called correcting entries or closing entries. True False
6) The Income Summary account in manual account is an Asset Account. True False
7) In manual accounting, after closing the revenue and expense accounts to Income Summary account, a credit balance in the Income Summary account is an indication that the business has a net profit. True False
8) To close the expense accounts, QuickBooks Pro would credit these expense accounts. True False
9) In the closing process, QuickBooks Pro would credit the revenue accounts. True False
10) The Balance Sheet shows the Income and Expense accounts of the business. True False
11) Which of the following accounts will appear in the Balance Sheet?
Rent Revenue
Salaries Expense
Office Supplies Expense
Prepaid Rent
None of the above
12) Which of the following accounts will not appear in the Profit and Loss Statement?
Utilities Expense
Professional Fees
Telephone Expense
Cash
None of the above
13) Which of the following accounts should not be closed at the end of the accounting period?
Interest Expense
Bank Service Charge
Salaries Payable
Wages Expense
None of the above.
14) The Accumulated Depreciation account is not:
A liability account
A contra asset account
An account with a credit balance
A Balance Sheet account
None of the above.
15) Table 1: The general ledger accounts of Black Belter, Inc. shows the following normal balances as of December 31:
Cash = $12,750.00
Interest Expense = 537.00
Service Revenue = 25,000.00
Interest Income = 1,115.00
Accumulated Depreciation = 1,739.00
Accounts Payable = 2,500.00
Salaries Expense = 6,000.00
Accounts Receivable = 2,367.00
Rent Expense = 8,845.00
Equipment = 9,137.50
Telephone Expense = 494.00
Utilities Expense = 523.50
Refer to Table 1, what is the amount of net income or net loss for the period?
$22,465.50 net income
$9,715.50 net income
$$34,731.00 net income
$7,976.50 net loss
None of the above.
16) Table 1: The general ledger accounts of Black Belter, Inc. shows the following normal balances as of December 31:
Cash = $12.,750.00
Interest Expense = 537.00
Service Revenue = 25,000.00
Interest Income = 1,115.00
Accumulated Depreciation = 1,739.00
Accounts Payable = 2,500.00
Salaries Expense = 6,000.00
Accounts Receivable = 2,367.00
Rent Expense = 8,845.00
Equipment = 9,137.50
Telephone Expense = 494.00
Utilities Expense = 523.50
Refer to Table 1, what is the amount of Owner’s Equity?
$22,993.50
. $9,594.00
$25,015.50
$26,115.00
$20,015.50
17) Table 1: The general ledger accounts of Black Belter, Inc. shows the following normal balances as of December 31:
Cash = $12,750.00
Interest Expense = 537.00
Service Revenue = 25,000.00
Interest Income = 1,115.00
Accumulated Depreciation = 1,739.00
Accounts Payable = 2,500.00
Salaries Expense = 6,000.00
Accounts Receivable = 2,367.00
Rent Expense = 8,845.00
Equipment = 9,137.50
Telephone Expense = 494.00
Utilities Expense = 523.50
What is the amount of total assets?
$24,254.50
$22,515.50
$32,231.00
$25,015.50
None of the above.
18) Table 1: The general ledger accounts of Black Belter, Inc. shows the following normal balances as of December 31:
Cash = $12.,750.00
Interest Expense = 537.00
Service Revenue = 25,000.00
Interest Income = 1,115.00
Accumulated Depreciation = 1,739.00
Accounts Payable = 2,500.00
Salaries Expense = 6,000.00
Accounts Receivable = 2,367.00
Rent Expense = 8,845.00
Equipment = 9,137.50
Telephone Expense = 494.00
Utilities Expense = 523.50
Refer to Table 1, what is the amount of total revenue?
$26,115.00
$25,000.00
$16,399.50
$12,750.00
19) Table 1: The general ledger accounts of Black Belter, Inc. shows the following normal balances as of December 31:
Cash = $12.,750.00
Interest Expense = 537.00
Service Revenue = 25,000.00
Interest Income = 1,115.00
Accumulated Depreciation = 1,739.00
Accounts Payable = 2,500.00
Salaries Expense = 6,000.00
Accounts Receivable = 2,367.00
Rent Expense = 8,845.00
Equipment = 9,137.50
Telephone Expense = 494.00
Utilities Expense = 523.50
Refer to Table 1, what is the amount of total expenses?
$22,515.50
$16,399.50
$ 9,715.50
$ 18,766.50
None of the above.
20) Table 1: The general ledger accounts of Black Belter, Inc. shows the following normal balances as of December 31:
Cash = $12.,750.00
Interest Expense = 537.00
Service Revenue = 25,000.00
Interest Income = 1,115.00
Accumulated Depreciation = 1,739.00
Accounts Payable = 2,500.00
Salaries Expense = 6,000.00
Accounts Receivable = 2,367.00
Rent Expense = 8,845.00
Equipment = 9,137.50
Telephone Expense = 494.00
Utilities Expense = 523.50
Refer to Table 1, what is the amount of total liabilities?
$ 4,867.00
$ 9,715.50
$ 2,500.00
$8,500.00
$2,367.00
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