Which one of the following accounts will not appear in a balance sheet?

a.) temporary account
b.) permanent account
c.) asset account
d.) owners equity account

A statement that shows the updated balances of all general ledger accounts is called an/a?

a.) balance sheet
b) income summary
c.) trial balance
d) adjusted trial balance

A chart of accounts does NOT include

a) assets
c) owners equity
b) liabilities
d) names of customers

Novak Corp. does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $42718. If the sales tax rate is 6%, what amount must be remitted to the state for February's sales taxes?

a.$2418
b. $2563
c.$2410
d. It cannot be determined.

Sunland Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $310000 and credit sales are$1240000. Management estimates that 6% of accounts receivable will be uncollectible. What adjusting entry will Sunland Company make if the Allowance for Doubtful Accounts has a credit balance of $3100 before adjustment?

a. Bad Debt Expense 12400 Accounts Receivable 12400
b. Bad Debt Expense 6200 Allowance for Doubtful Accounts 6200
c. Bad Debt Expense 21700 Allowance for Doubtful Accounts 21700
d. Bad Debt Expense 15500 Allowance for Doubtful Accounts 15500

What are temporary accounts? Are temporary accounts closed in the closing process?

If the allowance method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer's account as uncollectible?

a. Uncollectible Accounts Expense
b. Allowance for Doubtful Accounts
c. Accounts Receivable
d. Interest Expense

Which one of the following entries are recorded at the end of a fiscal period to update the general ledger accounts?

a) closing
b) adjusting
c) reversing
d) posting

The accounts in the chart of accounts are arranged in?

a) alphabetical order
b) numerical order
c) date order
d) any order

Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $55000. If the balance of the Allowance for Doubtful Accounts is an$11000 debit before adjustment, what is the balance after adjustment?

a. $55000
b.$11000
c. $44000
d.$66000

If an income summary amount in a worksheet is adjusted, the debit column represents a/an:

a) increase in the merchandise inventory
b) decrease in the merchandise inventory
c) opening balance of the merchandise inventory
d.) closing balance of the merchandise inventory

Which is the fourth amount section in a ten-column worksheet?

a.) income statement
b.) balance sheet
c.) adjusted trial balance
d.) adjustments

Which of the following would be accounted for using a job order cost system

a. The production of personal computers
b. The production of automobiles
c. The refining of petroleum
d. The construction of a new campus building

For a journal entry with only two lines, the following entry is valid: Increase in an asset, Increase in a Owners' Equity.

A) False

B) True