Chapter 4 Study Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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
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| Which columns of the accounting work sheet show unadjusted amounts? | Trail Balance
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| Which column of the work sheet show net income? | Income statement
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| Which situation indicates a net loss on the income statement? | total debts exceed total credits
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| Which of the following accounts are not closed? | Accumulative Depreciation
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| 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
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| Assets and Liabilities are listed on the balance sheet in order of their: | Liquidity
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| 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
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