ACC 557 MIDTERM PART 1

ACC 557 midterm part 1 2016 version



1. What is the order in which assets are generally listed on a classified balance sheet?

a. Current and long-term

b. Current; property, plant, and equipment; long-term investments; intangible assets

c. Current; property, plant, and equipment; intangible assets; long-term investments

d. Current; long-term investments; property, plant, and equipment; intangible assets

2. The information for preparing a trial balance on a worksheet is obtained from

a. financial statements.

b. general ledger accounts.

c. general journal entries.

d. business documents.

3. The most efficient way to accomplish closing entries is to

a. credit the income summary account for each revenue account balance.

b. debit the income summary account for each expense account balance.

c. credit the owner’s drawing balance directly to the income summary account.

d. credit the income summary account for total revenues and debit the income summary account

for total expenses.

4. All of the following are property, plant, and equipment except

a. supplies.

b. machinery.

c. land.

d. buildings.