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1. Which among the following is the last step in the accounting cycle?
A. Preparation of reversing entries
B. Preparation of financial statements
C. Journalizing and posting of closing entries
D. Preparation of the post-closing trial balance
6. Accruals are
A. Adjusting entries where cash flow precedes revenue or expense recognition
B. Adjusting entries where revenue or expense recognition precedes cash flow
C. Adjusting entries where cash flow and revenue or expense recognition are
simultaneous
D. Adjusting entries where revenue or expenses are recognized in the absence of cash
flow evidence
15. Adjusting entries that are reversed include those for prepaid or unearned items that
A. Create an asset or a liability account
B. Were originally entered in a revenue or expense account
C. Were originally entered in an asset or liability account
D. Create an asset or a liability account and were originally entered in a revenue or
expense account
16. An entity initially records prepayment in real accounts and makes reversing entries when
appropriate. Which of the following year-end adjusting entries should be reversed?
A. The entry to record depreciation expense for the period
B. The entry to record the portion of service fees received in advance that is earned by
year-end
C. The entry to record supplies used during the period
D. The entry to record service fees earned by year-end but not billed
17. An entity initially records prepayment in nominal accounts. Which of the following year-
end adjusting entries may be reversed?
A. The entry to record inventory at year-end
B. The entry to record the portion of rental received in advance that is unearned at
year-end
C. The entry to record the portion of supplies previously acquired that is consumed as of
year-end
D. The entry to record the portion of interest paid in advance that expired at year-end
21. In preparing a worksheet and the entity is profitable in the current period, the total of the
statement of financial position credit column will be
A. Larger than the total of the statement of financial position debit column
B. Smaller than the total of the statement of financial position debit column
C. Larger than the total of the income statement debit column
D. Larger than the total of the income statement credit column
22. Which of the following is a source document and which source document requires an
entity in the books?
A. Chart of accounts B. General Journal C. Purchase order D. Sales invoice
23. Which among the rules on debit and credit below is not correct?
A. The normal balance of any account appears on the side for recording increases.
B. Assets and expenses are debited when increased, and liabilities, revenues and equity
are credited when increased.
C. The debit is always on the left side of the accounting double entry.
D. Debit means increase, and credit means decrease.
24. Debits
A. Increase assets and decrease expenses, liabilities, revenue, and equity
B. Increase assets and expenses and decrease liabilities, revenue and equity
C. Increase assets and equity and decrease liabilities, expenses and revenue
D. Decrease assets and expenses and increase liabilities, revenue and equity
25. Which of the choices that follow is not a book of original entry?
A. Sales journal B. Voucher register C. General Journal D. General ledger
28. An accounting record into which the essential facts and figures in connection with all
transactions are initially recorded and in chronological order is called
A. Account B. Trial balance C. Ledger D. Journal