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4 - 2
Test Bank for Accounting Principles, Eleventh Edition
4 - 3
Completing the Accounting Cycle
CHAPTER 4
COMPLETING THE ACCOUNTING CYCLE
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Item
LO
BT
Item
LO
BT
Item
LO
BT
Item
LO
BT
Item
LO
BT
True-False Statements
1.
1
K
9.
2
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17.
4
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25.
6
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sg33.
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4
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26.
6
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sg34.
3
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6
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sg35.
6
C
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1
C
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2
K
20.
5
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sg36.
6
K
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1
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21.
5
C
29.
6
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6
K
6.
1
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14.
2
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22.
6
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a30.
7
K
7.
1
C
15.
3
C
23.
6
C
sg31.
1
K
8.
2
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16.
3
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24.
6
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sg32.
2
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Multiple Choice Questions
38.
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66.
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94.
3
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122.
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AN
150.
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AP
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67.
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95.
3
C
123.
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AP
40.
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68.
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C
96.
3
C
124.
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K
a152.
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41.
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69.
2
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97.
4
K
125.
6
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a153.
7
K
42.
1
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70.
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98.
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126.
6
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sg154.
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71.
2
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99.
4
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127.
6
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sg155.
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44.
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C
72.
2
K
100.
4
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128.
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sg156.
2
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45.
1
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73.
2
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101.
4
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129.
6
C
sg157.
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46.
1
K
74.
2
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102.
4
K
130.
6
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st158.
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47.
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75.
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103.
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131.
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sg159.
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76.
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st160.
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77.
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sg161.
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st162.
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51.
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107.
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sg163.
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80.
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st,a164.
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C
116.
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K
sg This question also appears in the Study Guide.
st This question also appears in a self-test at the student companion website.
a This question covers a topic in an appendix to the chapter.
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Brief Exercises
176.
2
AN
179.
2
K
182.
5
AN
185.
6
AP
177.
2
AN
180.
3
K
183.
6
AN
186.
6
K
178.
2
AN
181.
5
AN
184.
6
AP
a187.
7
AP
Exercises
188.
1
C
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1,6
AP
200.
2
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206.
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AP
189.
1
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194.
2
AN
201.
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C
207.
5
AN
a213.
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190.
1
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AP
202.
3
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208.
5
AN
a214.
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AP
203.
4
C
209.
6
AP
a215.
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AN
192.
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AP
204.
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205.
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AP
Completion Statements
216.
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Matching
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1-7
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Short-Answer Essay
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SUMMARY OF Learning OBJECTIVES BY QUESTION TYPE
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Learning Objective 1
1.
TF
7.
TF
42.
MC
48.
MC
54.
MC
190.
Ex
217.
C
2.
TF
31.
TF
43.
MC
49.
MC
55.
MC
191.
Ex
228.
MA
3.
TF
38.
MC
44.
MC
50.
MC
139.
MC
192.
Ex
229.
SA
4.
TF
39.
MC
45.
MC
51.
MC
154.
MC
193.
Ex
5.
TF
40.
MC
46.
MC
52.
MC
188.
Ex
194.
Ex
6.
TF
41.
MC
47.
MC
53.
MC
189.
Ex
216.
C
Learning Objective 2
8.
TF
33.
TF
63.
MC
71.
MC
79.
MC
155.
MC
197.
Ex
9.
TF
56.
MC
64.
MC
72.
MC
80.
MC
156.
MC
198.
Ex
10.
TF
57.
MC
65.
MC
73.
MC
81.
MC
176.
BE
199.
Ex
11.
TF
58.
MC
66.
MC
74.
MC
82.
MC
177.
BE
200.
Ex
12.
TF
59.
MC
67.
MC
75.
MC
83.
MC
178.
BE
218.
C
13.
TF
60.
MC
68.
MC
76.
MC
84.
MC
179.
BE
219/220.
C
14.
TF
61.
MC
69.
MC
77.
MC
85.
MC
195.
Ex
228.
MA
32.
TF
62.
MC
70.
MC
78.
MC
86.
MC
196.
Ex
230.
SA
Learning Objective 3
15.
TF
87.
MC
90.
MC
93.
MC
96.
MC
201.
Ex
228.
MA
16.
TF
88.
MC
91.
MC
94.
MC
157.
MC
202.
Ex
34.
TF
89.
MC
92.
MC
95.
MC
180.
BE
221.
C
SUMMARY OF Learning OBJECTIVES BY QUESTION TYPE
Learning Objective 4
17.
TF
98.
MC
101.
MC
104.
MC
159.
MC
228.
MA
18.
TF
99.
MC
102.
MC
105.
MC
203.
Ex
97.
MC
100.
MC
103.
MC
158.
MC
222.
C
Learning Objective 5
19.
TF
107.
MC
111.
MC
115.
MC
182.
BE
207.
Ex
235.
SA
20.
TF
108.
MC
112.
MC
160.
MC
204.
Ex
208.
Ex
21.
TF
109.
MC
113.
MC
161.
MC
205.
Ex
228.
MA
106.
MC
110.
MC
114.
MC
181.
BE
206.
Ex
234.
SA
Learning Objective 6
22.
TF
37.
TF
125.
MC
135.
MC
145.
MC
184.
BE
225.
C
23.
TF
116.
MC
126.
MC
136.
MC
146.
MC
185.
BE
226.
C
24.
TF
117.
MC
127.
MC
137.
MC
147.
MC
186.
BE
227.
C
25.
TF
118.
MC
128.
MC
138.
MC
148.
MC
183.
Ex
228.
MA
26.
TF
119.
MC
129.
MC
149.
MC
209.
Ex
231.
SA
27.
TF
120.
MC
130.
MC
140.
MC
150.
MC
210.
Ex
232.
SA
28.
TF
121.
MC
131.
MC
141.
MC
151.
MC
211.
Ex
29.
TF
122.
MC
132.
MC
142.
MC
162.
MC
212.
Ex
35.
TF
123.
MC
133.
MC
143.
MC
163.
MC
223.
C
36.
TF
124.
MC
134.
MC
144.
MC
183.
BE
224.
C
Learning Objective a7
a30.
TF
a153.
MC
a167.
MC
a213.
Ex
a215.
Ex
228.
MA
a152.
MC
a164.
MC
a187.
BE
a214.
Ex
233.
SA
Learning Objective a8
a165.
MC
a167.
MC
a169.
MC
a171.
MC
a173.
MC
a175.
MC
a166.
MC
a168.
MC
a170.
MC
a172.
MC
a174.
MC
Note: TF = True-False BE = Brief Exercise C = Completion
MC = Multiple Choice Ex = Exercise MA = Matching
SA = Short-Answer Essay
CHAPTER Learning OBJECTIVES
1. Prepare a worksheet. The steps in preparing a worksheet follows. (a) Prepare a trial balance on the worksheet, (b) Enter the adjustments in the adjustments columns, (c) Enter adjusted balances in the adjusted trial balance columns, (d) Extend adjusted trial balance amounts to appropriate financial statement columns, and (e) Total the statement columns, compute net income (or net loss), and complete the worksheet.
2. Explain the process of closing the books. Closing the books occurs at the end of an accounting period. The process is to journalize and post closing entries and then underline and balance all accounts. In closing the books, companies make separate entries to close revenues and expenses to Income Summary, Income Summary to Owner's Capital, and Owner's Drawings to Owner's Capital. Only temporary accounts are closed.
3. Describe the content and purpose of a post-closing trial balance. A post-closing trial balance contains the balances in permanent accounts that are carried forward to the next accounting period. The purpose of this trial balance is to prove the equality of these balances.
4. State the required steps in the accounting cycle. The required steps in the accounting cycle are (1) analyze business transactions, (2) journalize the transactions, (3) post to ledger accounts, (4) prepare a trial balance, (5) journalize and post adjusting entries, (6) prepare an adjusted trial balance, (7) prepare financial statements, (8) journalize and post closing entries, and (9) prepare a post-closing trial balance.
5. Explain the approaches to preparing correcting entries. One way to determine the correcting entry is to compare the incorrect entry with the correct entry. After comparison, the company makes a correcting entry to correct the accounts. An alternative to a correcting entry is to reverse the incorrect entry and then prepare the correct entry.
6. Identify the sections of a classified balance sheet. A classified balance sheet categorizes assets as current assets; long-term investments; property, plant, and equipment; and intangibles. Liabilities are classified as either current or long-term. There is also an owner's (owners’) equity section, which varies with the form of business organization.
a7. Prepare reversing entries. Reversing entries are the opposite of the adjusting entries made in the preceding period. Some companies choose to make reversing entries at the beginning of a new accounting period to simplify the recording of later transactions related to the adjusting entries. In most cases, only accrued adjusting entries are reversed.
TRUE-FALSE STATEMENTS
1. A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet.
Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
2. If a worksheet is used, financial statements can be prepared before adjusting entries are journalized.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
3. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income.
Ans: T, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
4. It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet.
Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting
5. The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet.
Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
6. The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns.
Ans: F, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem LOlving, IMA: FSA
7. The balance of the depreciation expense account will appear in the income statement debit column of a worksheet.
Ans: T, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
8. Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
9. The owner's drawings account is closed to the Income Summary account in order to properly determine net income (or loss) for the period.
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
10. After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances.
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
11. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure.
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
12. Closing the drawings account to Owner’s Capital is not necessary if net income is greater than owner's drawings during the period.
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
13. The owner's drawings account is a permanent account whose balance is carried forward to the next accounting period.
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
14. Closing entries are journalized after adjusting entries have been journalized.
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
15. The amounts appearing on an income statement should agree with the amounts appearing on the post-closing trial balance.
Ans: F, LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
16. The post-closing trial balance is entered in the first two columns of a worksheet.
Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
17. A business entity has only one accounting cycle over its economic existence.
Ans: F, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
18. The accounting cycle begins at the start of a new accounting period.
Ans: T, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
19. Both correcting entries and adjusting entries always affect at least one balance sheet account and one income statement account.
Ans: F, LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
20. Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.
Ans: T, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
21. An incorrect debit to Accounts Receivable instead of the correct account Notes Receivable does not require a correcting entry because total assets will not be misstated.
Ans: F, LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
22. In a corporation, Retained Earnings is a part of owners' equity.
Ans: T, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
23. A company's operating cycle and fiscal year are usually the same length of time.
Ans: F, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
24. Cash and supplies are both classified as current assets.
Ans: T, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
25. Long-term investments would appear in the property, plant, and equipment section of the balance sheet.
Ans: F, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
26. A liability is classified as a current liability if the company is to pay it within the forthcoming year.
Ans: T, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
27. A company's liquidity is concerned with the relationship between long-term investments and long-term debt.
Ans: F, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Risk Analysis, AICPA PC: Problem Solving, IMA: Business Economics
28. Current assets are customarily the first items listed on a classified balance sheet.
Ans: T, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
29. The operating cycle of a company is determined by the number of years the company has been operating.
Ans: F, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
a30. Reversing entries are an optional bookkeeping procedure.
Ans: T, LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
31. After a worksheet has been completed, the statement columns contain all data that are required for the preparation of financial statements.
Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
32. To close net income to owner's capital, Income Summary is debited and Owner's Capital is credited.
Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
33. In one closing entry, Owner's Drawings is credited and Income Summary is debited.
Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
34. The post-closing trial balance will contain only owner's equity statement accounts and balance sheet accounts.
Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
35. The operating cycle of a company is the average time required to collect the receivables resulting from producing revenues.
Ans: F, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics
36. Current assets are listed in the order of liquidity.
Ans: T, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
37. Current liabilities are obligations that the company is to pay within the coming year.
Ans: T, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
Answers to True-False Statements
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
1.
F
7.
T
13.
F
19.
F
25.
F
31.
T
37.
T
2.
T
8.
F
14.
T
20.
T
26.
T
32.
T
3.
T
9.
F
15.
F
21.
F
27.
F
33.
F
4.
F
10.
T
16.
F
22.
T
28.
T
34.
F
5.
F
11.
F
17.
F
23.
F
29.
F
35.
F
6.
F
12.
F
18.
T
24.
T
a30.
T
36.
T
MULTIPLE CHOICE QUESTIONS
38. Preparing a worksheet involves
a. two steps.
b. three steps.
c. four steps.
d. five steps.
Ans: D, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
39. The adjustments entered in the adjustments columns of a worksheet are
a. not journalized.
b. posted to the ledger but not journalized.
c. not journalized until after the financial statements are prepared.
d. journalized before the worksheet is completed.
Ans: C, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
40. The information for preparing a trial balance on a worksheet is obtained from
a. financial statements.
b. general ledger accounts.
c. general journal entries.
d. business documents.
Ans: B, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
41. After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the
a. adjusted trial balance.
b. post-closing trial balance.
c. the general journal.
d. adjustments columns of the worksheet.
Ans: A, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
42. If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has
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