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WGU FNC1 chpt 4 st
Chapter 4 Study Questions
Question | Answer |
---|---|
Consider the steps in the accounting cycle. Which part of the accounting cycle provides information to help decide whether to expand its operations? | Financial Statements |
Which columns of the accounting work sheet show unadjusted amounts? | Trail Balance |
Which column of the work sheet show net income? | Income statement |
Which situation indicates a net loss on the income statement? | total debts exceed total credits |
Which of the following accounts are not closed? | Accumulative Depreciation |
Closing entries accomplishes | Bringing the capital account to its correct ending balance, Zero out the revenue, expense, and withdraw and Transfer revenues, expenses, and withdraws to capital |
Assets and Liabilities are listed on the balance sheet in order of their: | Liquidity |
Carrier Travel has cash of $200, Receivables of $800 and Supplies of $500. Carrier Travel owes $400 on Accounts Payable and Salary Payable of $100. Carrier Travel's current ratio is : | 3.00 |