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WGU FNC1 chpt 4 st

Chapter 4 Study Questions

QuestionAnswer
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
Created by: 100003967420193
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