Chapter 4 Completing the Accounting Cycle.pdf

COMPLETING THE ACCOUNTING CYCLE 完成会计循环 Chapter 4 © 2009 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 1 (Quiz Sample) Which one of the following users of accounting information is considered to be an external user of accounting information rather than an internal user of accounting information? A)Sales staff. B)Company managers. C)Company customers. D)Officers and directors. C)Company customers. E)Budget officers. McGrawMcGraw‐‐Hill/IrwinHill/Irwin Slide 2Slide 2 Chapter 2 (sample quiz) At any given point in time, it is possible to describe general ledger accounts as having an expected or normal balance: either a debit balance or a credit balance. This normal balance is on the side of the account, that is, the debit side or credit side, that represents the increase side of the account. In order, what is the normal balance for the Equipment account, the Owners Equity account, and the Sales Revenue account? A)debit, credit, credit B)debit, debit, debit C)credit, debit, credit A)debit, credit, credit D)credit, credit, debit E)debit, debit, credit McGrawMcGraw‐‐Hill/IrwinHill/Irwin Slide 3Slide 3 Chapter 3 (Sample Quiz) Dee Hellings, Inc. performed $3,000 worth of services for a client during December but did not get paid until the first week of February of the next year. No year-end adjusting entry was recorded on December 31. As a consequence of this oversight, which of the following occurred? A)Assets were understated and revenue was understated. B)Assets were overstated and revenue was understated. C)Assets were understated and revenu