Quiz Week6

Here is Week 6 Accounting quiz please Donate if I am helping you with your Accounting Homework! #Multiple #Choice

APA 2111 Week 6 Quiz Help

Question 1: When the trial balance indicates that the ledger is in balance, you can assume there are no errors in the ledger.
Student Answer: True False

Question 2. : The flow of data through the accounting information system includes analyzing transactions, journalizing, posting, and preparing a trial balance.
Student Answer: True False

Question 3.  A chart of accounts does NOT include
Student Answer: assets. liabilities. owner's equity. names of customers. 

Question 4.: The chart of accounts includes assets, liabilities, and owner's equity accounts only. Student Answer: True False 

Question 5: If the owner of a company invested cash in a business enterprise, the transaction would include
Student Answer: debiting Cash and crediting Capital. debiting Capital and crediting Cash. debiting Cash and crediting Revenue. debiting Revenue and crediting Cash.

Question 6 : The journal provides the information needed to transfer the debits and credits to the accounts in the ledger.
Student Answer: True False

Question 7 : When an account balance is not affected by an adjusting entry, the amount shown in the Trial Balance columns is extended directly to the Adjusted Trial Balance columns.
Student Answer: True False

Question 8 : It is not necessary to post adjusting entries
Student Answer: True False 

Question 9 : Adjusting entries affect only the owner's equity accounts.
Student Answer: True False

Question 10 : After the accounts are closed and the journal entries have been posted, which of the following accounts would have a balance?
Student Answer: Payroll Taxes Expense, Miscellaneous Expense, Professional Expense, Supplies

Question 11: The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to
Student Answer: $6,000. $2,400. $3,000. $3,500.

Question 12 : After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? Student Answer: Cash, Office Equipment, Notes Payable, Delivery Fees 

Question 13 : An income statement is an itemized statement that provides information regarding the status of the assets, liabilities, and owner's equity of a business enterprise as of a specified date. Student Answer: True False

Question 14 : A form of balance sheet that lists the liabilities and the owner's equity sections below the assets section is called the
Student Answer: account form. journal form. report form. current form.

Question 15 : The order in which financial statements should be prepared is
Student Answer: balance sheet, income statement, statement of owner's equity. income statement, balance sheet, statement of owner's equity,. statement of owner's equity, balance sheet, income statement, income statement, statement of owner's equity, balance sheet.