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11 questions
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- 1. Multiple-choice30 seconds1 pt
Which of the following refers to any period of time covering a complete accounting cycle?
A time cycle
A fiscal period
A journal period
A marching cycle
- 2. Multiple-choice30 seconds1 pt
Which of the following would be considered a fiscal year?
April 1, 20-- to March 31, 20--
January 1, 20-- to March 31, 20--
October 1, 20-- to May 31, 20--
None of the above
- 3. Multiple-choice30 seconds1 pt
True or false: A fiscal year must begin on January 1.
True
False
- 4. Multiple-choice30 seconds1 pt
The sequence of steps in the accounting process completed during the fiscal period is represented by
the accounting cycle
the adjustment period
the worksheet cycel
the accrual period
- 5. Multiple-choice30 seconds1 pt
Assuming a normal balance, which of the following is correct concerning the trial balance columns of the work sheet?
Assets are shown as credits
Liabilities are shown as debits
The drawing account is shown as a debit
Expenses are shown as credits
- 6. Multiple-choice30 seconds1 pt
The adjusted trial balance debit column of the work sheet would include which of the following account(s)?
assets, liabilities, expenses
assets, drawing, expenses
assets, revenue, accumulated depreciation
accumulated depreciation, liabilities, capital
- 7. Multiple-choice30 seconds1 pt
The Balance Sheet credit column of the work sheet would include which of the following account(s)?
assets, drawing
expenses
accumulated depreciation, liabilities, capital
revenue
- 8. Multiple-choice30 seconds1 pt
The Income Statement credit column of the work sheet would include which of the following account(s)?
assets, drawing, expenses
expenses
accumulated depreciation, liabilities, capital, revenue
revenue
- 9. Multiple-choice30 seconds1 pt
Assuming a normal balance, which of the following is correct concerning the income statement columns of the work sheet?
Assets are shown as debit
Liabilities are shown as debits
The drawing account is shown as a credit
Expenses are shown as debits
- 10. Multiple-choice30 seconds1 pt
Which of the following is true concerning the worksheet?
Assets are shown as credits in the adjusted trial balance columns
Capital is shown as a credit in the balance sheet column
Revenues are shown as credits in the balance sheet columns
Liabilities are shown as credits in the income statement columns
- 11. Multiple-choice30 seconds1 pt
Assuming a normal balance, which of the following is correct concerning the balance sheet columns of the work sheet?
Liabilities are shown as debits
The drawing account is shown as a debit
Revenues are shown as credits
Assets are shown as credits
