The goal of the _____ is to provide financial data that is so accurate and concise that it can paint a vivid picture of how well a company is doing at a specific point in time.
What is the most common accounting method used by businesses?
_____ accounts are those accounts that are not always a part of a company's chart of accounts.
What are expenses incurred in one accounting period but not paid until another?
When are the balances in temporary accounts zeroed out?
Which of the following is an example of a nominal account?
Which accounts have balances that are zeroed out at the end of each accounting period?
Why doesn't the Balance Sheet utilize all of a company's accounts that are listed on the Adjusted Trial Balance?
How do potential investors utilize a company's reported financial information?
What is the biggest difference between cash basis accounting and accrual basis accounting?
Entries made in the general journal at the end of an accounting period to bring account balances up to date are called _____.
Which principle recognizes revenue when it is earned regardless of how cash flows?
Which of the following is an example of a temporary account?
Some company accounts need to be _____ in order to meet the requirements of the accrual basis accounting method.
What type of accounts will always be a part of the chart of accounts?
Which of the following is NOT an example of a real account?
Accounts whose balances are not carried over from one accounting period to another are called:
A report that lists all the accounts a company has and their balances after adjustments have been made is called the _____.
What does REID stand for in closing entries process?
Revenue, Expenses, Income, and Dividends
Revenue, Expenses, Income Summary, and Deposits
Revenue, Expenses, Income Summary, and Dividends
Revenue, Earnings, Income, and Deductions
Which of the following categories of people do NOT rely on a company's timely reporting of financial data?
Money earned in one accounting period but not received until another is called _____.
Which principle states that any costs associated with doing business should be recorded in the same period as the revenue that those costs help generate?
Which of the following is one of the most common forms of accrued revenues?
Accounts whose balances are carried over from one accounting period to the next are called:
The method of accounting that recognizes revenue when it is earned and expenses when they are incurred is called:
An account whose balance zeroes out at the end of an accounting period is called a(n) _____ account.
On which financial statement are expenses reported?
How is Adjusted Trial Balance used for preparing financial statements?
What is the goal of the Balance Sheet?
Which of the following is one of the most common forms of accrued expenses?
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