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1. Davenport University ACCT 510 Chapter
4 Part 4
Get helpforDavenport-University ACCT510 Chapter4 Part 4. We provide assignment, homework,
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ACCT 510 CHAPTER 4MULTIPLE CHOICE QUESTIONS PART4
38. Preparingaworksheetinvolves
a. two steps.
b. three steps.
c. four steps.
d. five steps.
39. The adjustmentsenteredinthe adjustmentscolumnsof aworksheetare
a. not journalized.
b. postedtothe ledgerbutnot journalized.
c. not journalizeduntil afterthe financial statementsare prepared.
d. journalizedbeforethe worksheetiscompleted.
40. The informationforpreparingatrial balance ona worksheetisobtainedfrom
a. financial statements.
b. general ledgeraccounts.
c. general journal entries.
d. businessdocuments.
41. Afterthe adjustingentriesare journalizedandpostedtothe accountsinthe general
ledger,the balance of eachaccount shouldagree withthe balance shownonthe
a. adjustedtrial balance.
b. post-closingtrial balance.
c. the general journal.
d. adjustmentscolumnsof the worksheet.

2. Completingthe AccountingCycle 4– 7
42. If the total debitcolumnexceedsthe total creditcolumnof the income statementcolumns
on a worksheet,thenthe companyhas
a. earnednetincome forthe period.
b. an errorbecause debitsdonotequal credits.
c. sufferedanetlossfor the period.
d. to make an adjustingentry.
43. A worksheetisamultiple columnformthatfacilitatesthe
a. identificationof events.
b. measurementprocess.
c. preparationof financial statements.
d. analysisprocess.
44. Whichof the followingcompanieswouldbe leastlikelytouse aworksheettofacilitate the
adjustmentprocess?
a. Large companywith numerousaccounts
b. Small companywithnumerousaccounts
c. All companies,since worksheetsare requiredundergenerallyacceptedaccounting
principles
d. Small companywithfewaccounts
45. A worksheetcanbe thoughtof as a(n)
a. permanentaccounting record.
b. optional deviceusedbyaccountants.
c. part of the general ledger.
d. part of the journal.
46. The account, Supplies,willappearinthe followingdebitcolumnsof the worksheet.
a. Trial balance
b. Adjustedtrial balance
c. Balance sheet
d. All of these
47. Whenconstructinga worksheet,accountsare oftenneededthatare notlistedinthe trial
balance alreadyenteredonthe worksheetfromthe ledger.Where shouldthese additional
accounts be shownonthe worksheet?
a. Theyshouldbe insertedinalphabetical orderintothe trial balance accountsalready
given.
b. Theyshouldbe insertedinchartof account orderintothe trial balance alreadygiven.

3. c. Theyshouldbe insertedonthe linesimmediatelybelow the trial balance totals.
d. They shouldnotbe insertedonthe trial balance until the nextaccountingperiod.
48. Whenusinga worksheet,adjustingentriesare journalized
a. afterthe worksheetiscompletedandbefore financial statementsare prepared.
b. before the adjustmentsare enteredontothe worksheet.
c. afterthe worksheetiscompletedandafterfinancial statementshave beenprepared.
d. before the adjustedtrial balance isextendedtothe properfinancialstatement
columns.
4 - 8 Test Bankfor AccountingPrinciples,EighthEdition
49. Assumingthatthere isa netlossfor the period,debitsequalcreditsinall butwhich
sectionof the worksheet?
a. Income statementcolumns
b. Adjustmentscolumns
c. Trial balance columns
d. Adjustedtrial balance columns
50. Adjustingentriesare preparedfrom
a. source documents.
b. the adjustmentscolumnsof the worksheet.
c. the general ledger.
d. lastyear'sworksheet.
51. The net income (orloss) forthe period
a. isfoundby computingthe difference betweenthe incomestatement creditcolumnand
the balance sheetcreditcolumnonthe worksheet.
b. cannotbe foundonthe worksheet.
c. is foundbycomputingthe difference betweenthe incomestatementcolumnsof the
worksheet.
d. isfoundbycomputingthe difference betweenthe trial balance totalsandthe adjusted
trial balance totals.
52. The worksheetdoesnotshow
a. netincome or lossforthe period.
b. revenue andexpense accountbalances.
c. the endingbalance inthe owner'scapital account.
d. the trial balance before adjustments.
53. If the total debitsexceedtotal creditsinthe balance sheetcolumnsof the worksheet,

4. owner'sequity
a. will increase becausenetincome hasoccurred.
b. will decrease because anetlosshasoccurred.
c. is inerror because amistake hasoccurred.
d. will notbe affected.
Use the followinginformationforquestions54–55.
The income statementandbalance sheetcolumnsof Pine Company'sworksheetreflectsthe
followingtotals:
Income StatementBalance Sheet
Dr. Cr. Dr. Cr.
Totals$58,000 $48,000 $34,000 $44,000
54. The net income (orloss) forthe periodis
a. $48,000 income.
b. $10,000 income.
c. $10,000 loss.
d. notdeterminable.
Completingthe AccountingCycle 4– 9
55. To enterthe netincome (orloss) forthe periodintothe above worksheetrequiresanentry
to the
a. income statementdebitcolumnandthe balance sheetcreditcolumn.
b. income statementcreditcolumnandthe balance sheetdebitcolumn.
c. income statementdebitcolumnandthe income statementcreditcolumn.
d. balance sheetdebitcolumnandthe balance sheetcreditcolumn.
56. Closingentriesare necessaryfor
a. permanentaccountsonly.
b. temporaryaccountsonly.
c. both permanentandtemporaryaccounts.
d. permanentorreal accountsonly.
57. Each of the followingaccountsisclosedtoIncome Summaryexcept
a. Expenses.
b. Owner'sDrawing.
c. Revenues.
d. All of these are closedtoIncome Summary.
58. Closingentriesare made
a. inorder to terminate the businessasanoperatingentity.
b. so thatall assets,liabilities,andowner'scapital accountswill have zerobalances
whenthe nextaccountingperiodstarts.
c. in orderto transfernetincome (orloss) andowner'sdrawingtothe owner'scapital

5. account.
d. so thatfinancial statementscanbe prepared.
59. Closingentriesare
a. an optional stepinthe accountingcycle.
b. postedtothe ledgeraccountsfromthe worksheet.
c. made to close permanentorreal accounts.
d. journalizedinthe general journal.
60. The income summaryaccount
a. isa permanentaccount.
b. appearsonthe balance sheet.
c. appearson the income statement.
d. isa temporaryaccount.
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