Accounting Cycle quiz Financial Accounting Quiz On Aug 25, 2024 Share /10 12345678910 Accounting Cycle 10 questions in 10 minutes Pass Score 70% 1 / 10 The proper order of the following steps in the accounting cycle is : prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries journalize transactions, post to ledger accounts, prepare unadjusted trial balance, journalize and post adjusting entries journalize transactions, prepare unadjusted trial balance, post to ledger accounts, journalize and post adjusting entries prepare unadjusted trial balance, journalize and post adjusting entries, journalize transactions, post to ledger accounts 2 / 10 A company has purchased a tract of land. It expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. The land should be reported as: property, plant, and equipment an intangible asset a long-term investment land expense 3 / 10 An account that will have a zero balance after closing entries have been journalized and posted is : Prepaid Insurance Accumulated Depreciation—Equipment Supplies Service Revenue 4 / 10 All of the following are required steps in the accounting cycle except : journalizing the transactions journalizing and posting closing entries preparing fnancial statements preparing a worksheet 5 / 10 In a classif ed balance sheet, assets are usually classifed using the following categories : current assets; long-term investments; tangible assets; and intangible assets current assets; long-term investments; property, plant, and equipment; and tangible assets current assets; long-term assets; property, plant, and equipment; and intangible assets current assets; long-term investments; property, plant, and equipment; and intangible assets 6 / 10 Which types of accounts will appear in the post-closing trial balance? None of the above Permanent (real) accounts Temporary (nominal) accounts Accounts shown in the income statement columns of a worksheet 7 / 10 In a worksheet, net income is entered in the following columns : income statement (Dr) and balance sheet (Dr) income statement (Cr) and balance sheet (Dr) income statement (Dr) and balance sheet (Cr) income statement (Cr) and balance sheet (Cr) 8 / 10 Current assets are listed : alphabetically by longevity by expected conversion to cash by importance 9 / 10 The correct order of presentation in a classifed balance sheet for the following current assets is : cash, accounts receivable, inventory, prepaid insurance cash, inventory, accounts receivable, prepaid insurance inventory, cash, accounts receivable, prepaid insurance accounts receivable, cash, prepaid insurance, inventory 10 / 10 When the Company purchased supplies worth $100, it incorrectly recorded a credit to Supplies for $1,000 and a debit to Cash for $1,000. Before correcting this error : Cash is understated and Supplies is understated Cash is overstated and Supplies is overstated Cash is understated and Supplies is overstated Cash is overstated and Supplies is understated Your score is LinkedIn Facebook Twitter VKontakte 0% Send feedback Question topics Classified balance sheet Prepare a worksheet Preparing adjusting entries Preparing closing entries accountingaccounting examaccounting exam financial
