Q1: Which one of the following accounts will not appear in a balance sheet?

a.) temporary account

b.) permanent account

c.) asset account

d.) owners equity account

Q2: what information is required for adjusting merchandise inventory?

a) merchandise inventor account balance and physical inventory amount

b) amount of the merchandise sold duing the period

c) Only the merchandise account balance

d) Only the physical inventory amount

Q3: If an income summary amount in a worksheet is adjustied, the debit column represents a/an:

a) increan in the merchandise inventory

b) decrease in the merchandise inventory

c) opening balance of the merchandise inventory

d.) closing balance of the merchandise inventory

Q4: Which is the fourth amount section in a ten column worksheet?

a.) income statement

b.) balance sheet

c.) adjusted trial balance

d.) adjustments

Q5: The main objective for preparing a trial balance is:

a) to prove the equality of debit and credit

b) to check the income and expediture

c) to check teh asset and liabilities

d) to find out the net profits

Q6: a land and building account is an example of an:

a) temporary account

b.) perment account

c) liability account

d) expenses account

Q7: operating expense is and example of an:

a.) temporary acct

b) permanent acct

c.) liability accout

d.) expenses acct

Q8: $800 of a $1000 prepaid insurance period is has expired. What will the amount that stands in the prepaid insurance after adjustments?

a) 1,800

b)1,000

c.) 800

d) 200

Q9: a statement that contains the balances of all permanent accounts, including assets, liabilities and stockholders equity is called a/an?

a.) income statement

b.) adjustment

c.) balancesheet

d.) cash flow investment

Q10: A statement that shows the updated balances of all general ledger accounts is called an/a?

a.)balance sheet

b) income summary

c.) trial balance

d) adjusted trial balance

Q11: The ending balance of the supplies account appears:

a) in the trial balance column of a worksheet

b) in the balance sheet column of a worksheet

c.) in the income statement column of a worksheet

d) in the statement of changes in owners equity

Q12: Which one the following entried is recorded at the end of a fiscal period to update the general ledger accounts

a) closing

b) adjusting

c) reversing

d) posting

Q13: Matching

1. income statement

2. posting adjusted entries

3. trial balance

4. adjusted trial balance

5. balance sheet

6. adjustment

A.) updating the accounts at the end of the accounting period

B.) post adjustments

c.) assess the net income of net loss

d.) made to the general ledger

e.) pre adjustments

f) assess the financial postion at the end of the accounting period