Question 1 .The accounting period is closed only at the end of the year. True or

Question

Question 1 .The accounting period is closed only at the end of the year.

True or False

Question 2 .The Standard Profit & Loss report will report March income compared to year-to-date income.

True or False

Question 3 .Accrued wages should be reversed in the following month.

True or False

Question 4. To print a Balance Sheet for March, you enter the date range of 3/01/2011 to 3/31/2011.

True or False

Question 5 .The Cash Flow Statement begins with net income or loss for the period.

True or False

Question 6

Net Income is only reported on the Profit and Loss report.

True or False

Question 7

The balances in the cash accounts are reported on the Balance Sheet.

True or False

Question 8

You open the MAKE GENERAL JOURNAL ENTRIES window from the Customers menu.

True or False

Question 9 .Which statement reports a company's financial position at a specific point in time?

a. Statement of Cash Flows

b. Balance Sheet

c. Statement of Retained Earnings

d. Income Statement

Question 10

The owner wants to see cash generated from accounts receivable. Which report(s) would you print?

a. Cash Receipts Journal

b. Statement of Cash Flows

c. Income Statement

d. Both a and b

Question 11 .Net Income/Net Loss for March will affect the ____________ statement(s).

a. Balance Sheet

b. Income Statement

c. Statement of Retained Earnings

d. All of the above

Question 12 .Which report demonstrates that the inventory general ledger account reconciles to the inventory costs?

a. Inventory Stock Status by Item report

b. Inventory Valuation Summary report

c. Both a and b

d. None of the above

Question 13 .Which report would you use for spotting missing or out-of-sequence accounts payable checks?

a. Missing Checks

b. Check Detail

c. Cash Disbursements Journal

d. All of the above

Question 14 .On the Statement of Cash Flows, all the following are true except __________.

a. Depreciation expense is not reported on the statement

b. Net Income is reported on the statement

c. The cash at the end of the period matches the cash on the Balance Sheet

d. The statement lists operating, investing, and financing activities

Question 15 .On the Balance Sheet, total assets must equal _______________.

a. Total liabilities

b. Total equity

c. Total liabilities plus total equity

d. Total cash

Question 16 .Management wants to know if operations are having a positive effect on cash. Which report would you prepare?

a. Profit & Loss

b. Balance Sheet

c. Statement of Cash Flows

d. All of the above

Explanation / Answer

1. False

2. False

3. False

4. True

5. True

6. False

7. True

8. False

9. b

10. d

11.d

12. c

13.b

14. d

15. c

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