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ACCT 251 Week 6 Quiz Latest

ACCT 251 Week 6 Quiz Latest

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ACCT 251 Week 6 Quiz Latest

(TCO 1) The balance sheet lists:

: assets, liabilities, and capital of a business.

revenues and expenses of a business.

the percentage of revenue at the end of the year.

the percentage of debt at the end of the year.

cash disbursements.

Question 2. Question :

(TCO 1) The Income Statement’s net income or (net loss) is also shown on the:

: income statement’s revenue section.

balance sheet’s capital section.

departmental gross profit totals.

cash balance at the end of the period.

general ledger trial balance.

Question 3. Question :

(TCO 1) To use Peachtree’s masking feature, do the following to an account number.

: Add a prefix.

Add a suffix.

Add an account number.

Change the account in the general journal.

Change the account type.

Question 4. Question :

(TCO 2) The sample company chart of accounts that you use as the model for Chapter 9’s business is:

: accounting practice.

general contractor.

gift shop.

service company.

retail company.

Question 5. Question :

(TCO 2) The chart of accounts is:

: the accounts shown on the income statement.

the accounts shown on the balance sheet.

a list of accounts in the general ledger.

a list of accounts in the general journal.

a list showing account beginning balances.

Question 6. Question :

(TCO 2) The account type for Account No. 3920 (Vernon Firestone) [or your name] capital is:

: cash.

equity-gets closed.

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