Question 1

Balance sheet accounts are called ____________________ accounts because they carry their balances to the next accounting period,and are not closed as long as the company continues to own the asset,owe the liability and have equity.

Accepted Answer

The answer of Balance sheet accounts are called ____________________ accounts...

Question 2

Reversing entries are linked to ____________________ and _____________ that were created by adjusting entries at the end of the prior accounting period.

Accepted Answer

answers listed above can appear in any order as shown

Question 3

Intangible assets are long-term resources used to produce or sell products and services; they generally lack ______________ and their benefits are highly ____________.

Accepted Answer

answers must appear in the order that is shown above

Question 4

A company's post-closing trial balance has a debit total of $475,000 and a credit total of $457,000.This indicates that __________________________.

Accepted Answer

The answer of A company's post-closing trial balance has a...

Question 5

A current ratio of 2.1 suggests that a company has ____________ current assets to cover current liabilities.

Accepted Answer

The answer of A current ratio of 2.1 suggests that...

Question 6

A ____________________ helps in preparing financial statements,is useful in preparing interim statements,and is helpful in showing the effects of proposed transactions.

Accepted Answer

The answer of A ____________________ helps in preparing financial statements,is...

Question 7

The current portion of long-term debt is classified with the______________.

Accepted Answer

The answer of The current portion of long-term debt is...

Question 8

Match between columns
                        Premises: Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense, and withdrawals accounts to the permanent owner's capital account.
Tangible long-lived assets used to produce or sell products or services.
A balance sheet that organizes the assets and liabilities into important subgroups.
A balance sheet that broadly groups assets, liabilities and equity items.
Assets such as notes receivable or investments in stocks which are held for the longer of one year or the operating cycle of the company.
A ratio that is used to help evaluate a company's ability to pay its short-term obligations,calculated by dividing current assets by current liabilities.
Long-term assets used to produce or sell products or services; these assets usually lack physical form and their benefits are uncertain.
Cash or other assets that are expected to be sold, collected, or used within one year or the company's operating cycle whichever is longer.
Debts that are due to be paid or settled within one year or the operating cycle of a business whichever is longer.
The owner's claim on the assets of a company.

Accepted Answer

The Answer of Current assets and Unclassified balance sheet and is...

Quiz 4: Completing the Accounting Cycle

Balance sheet accounts are called ____________________ accounts because they carry their balances to the next accounting period,and are not closed as long as the company continues to own the asset,owe the liability and have equity.

Reversing entries are linked to ________ and _ that were created by adjusting entries at the end of the prior accounting period.

Intangible assets are long-term resources used to produce or sell products and services; they generally lack __ and their benefits are highly .

A company's post-closing trial balance has a debit total of $475,000 and a credit total of $457,000.This indicates that __________________________.

A current ratio of 2.1 suggests that a company has ____________ current assets to cover current liabilities.

A ____________________ helps in preparing financial statements,is useful in preparing interim statements,and is helpful in showing the effects of proposed transactions.

The current portion of long-term debt is classified with the______________.

Match the following terms with the appropriate definition.