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    Bài tập luyện tập nlkt chapter 5

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    Mai Ngọc
    This document contains 19 multiple choice questions testing accounting concepts related to trial balances, adjusting entries, income statements, balance sheets, ratios, and closing entries. The questions provide financial information in the form of trial balances, income statements, or balance sheets and ask test-takers to calculate values or identify accounting entries based on this information.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Bài tập luyện tập nlkt chapter 5

    Uploaded by

    Mai Ngọc
    18 views6 pages
    This document contains 19 multiple choice questions testing accounting concepts related to trial balances, adjusting entries, income statements, balance sheets, ratios, and closing entries. The questions provide financial information in the form of trial balances, income statements, or balance sheets and ask test-takers to calculate values or identify accounting entries based on this information.

    Original Title

    Bài-tập-luyện-tập-nlkt-chapter-5 (1)

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    This document contains 19 multiple choice questions testing accounting concepts related to trial balances, adjusting entries, income statements, balance sheets, ratios, and closing entries. The questions provide financial information in the form of trial balances, income statements, or balance sheets and ask test-takers to calculate values or identify accounting entries based on this information.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    18 views6 pages

    Bài tập luyện tập nlkt chapter 5

    Uploaded by

    Mai Ngọc
    This document contains 19 multiple choice questions testing accounting concepts related to trial balances, adjusting entries, income statements, balance sheets, ratios, and closing entries. The questions provide financial information in the form of trial balances, income statements, or balance sheets and ask test-takers to calculate values or identify accounting entries based on this information.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    1. Which account appears on the After-Closing Trial Balance?

    A. Service Revenue.
    B. Unearned Revenue.
    C. Dividends.
    D. Retained Earnings, Beginning of Year.

    2. If sales are $270,000, expenses are $220,000 and dividends are $30,000, Income Summary:
    A. Will have a credit balance of $50,000.
    B. Will have a debit balance of $50,000.
    C. Will have a debit balance of $20,000.
    D. Will have a credit balance of $20,000.

    3. If current assets are $90,000 and current liabilities are $70,000, the current ratio will be:
    A. 77%.
    B. $20,000.
    C. 1.3.
    D. $160,000.

    4. If current assets are $110,000 and current liabilities are $50,000, working capital will be:
    A. 45.5%.
    B. 2:2.
    C. $60,000.
    D. $160,000.

    5. The following information is available:

    What is the return on equity? (round to the nearest number)


    A. 5%.
    B. 20%.
    C. 25%.
    D. 15%.
    Shown below is a trial balance for Novelty Toys, Inc., on December 31, after adjusting entries:
    6. Refer to the information above. The entry to close the Fees earned account will:
    A. Produce a zero balance in that account when posted.
    B. Include a debit to Income Summary.
    C. Include a credit to Fees Earned.
    D. Include a debit to Capital Stock.

    7. Refer to the information above. Net income for the period equals:
    A. $18,375.
    B. $11,000.
    C. $5,800.
    D. $11,250.

    8. Refer to the information above. Income Summary will have what balance before it is closed?
    A. Zero.
    B. $11,750.
    C. $7,250.
    D. $11,000.

    Shown below is the adjusted Trial Balance for Simon Inc., on December 31, after the first year of
    operations, after adjusting entries:
    9.. Refer to the information above. The entry to close the Service fees earned account will:
    A. Produce a zero balance in that account when posted.
    B. Include a debit to Income Summary.
    C. Include a credit to Service Fees Earned.
    D. Include a debit to Capital Stock.

    10. Refer to the information above. The entry to close Depreciation expense account will:
    A. Produce a zero balance in that account when posted.
    B. Include a credit to Income Summary.
    C. Include a debit to Depreciation Expense.
    D. Include a credit to Capital Stock.

    11.. Refer to the information above. Net income for the period equals:
    A. $20,960.
    B. $16,640.
    C. $21,920.
    D. $23,360.

    12. Refer to the information above. The total debits in the After Closing-Trial Balance will
    equal:
    A. $23,360.
    B. $28,640.
    C. $22,400.
    D. $6,720.

    13. If sales are $540,000, expenses are $440,000 and dividends are $50,000, Income Summary:
    A. Will have a credit balance of $50,000.
    B. Will have a debit balance of $50,000.
    C. Will have a debit balance of $100,000.
    D. Will have a credit balance of $100,000.

    14. If current assets are $180,000 and current liabilities are $130,000, the current ratio will be:
    A. 72%.
    B. $50,000.
    C. 1.4.
    D. $310,000.

    15. The following information is available:

    What is the return on equity? (round to the nearest number)


    A. 5%.
    B. 15%.
    C. 20%.
    D. 25%.

    16. The following information is available:

    What is the net income percentage? (round to the nearest number)


    A. 5%.
    B. 15%.
    C. 20%.
    D. 25%.

    17. Only two adjustments appear in the adjustments column of a worksheet for Winona Mfg: one
    to record $8,000 depreciation of factory equipment, and the other to record the use of $1,500 of
    prepaid insurance. If the Trial Balance column totals are $145,380, what are the totals of the
    Adjusted Trial Balance columns?
    A. $145,380.
    B. $153,380.
    C. $152,880.
    D. $154,880.

    Shown below is a trial balance for Cornell Products, Inc., on December 31, after adjusting
    entries:
    17. Refer to the information above. Net income for the period equals:
    A. $11,600.
    B. $22,000.
    C. $22,500.
    D. $36,750.

    18. Refer to the information above. After closing the accounts, Retained earnings at December
    31 equals:
    A. zero.
    B. $14,500.
    C. $22,000.
    D. $22,500.

    19. Refer to the information above. The total debits in the After-Closing Trial Balance will
    equal:
    A. $23,500.
    B. $31,000.
    C. $50,750.
    D. $58,250.

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