财务会计英语 练及答案ch04.doc

CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE  Chapter 4—Completing the Accounting Cycle TRUE/FALSE 1. After analyzing transactions, the next step would be to post the transactions in the ledger. ANS: F DIF: 1 OBJ: 01 2. The most important output of the accounting cycle is the financial statements. ANS: T DIF: 2 OBJ: 01 3. The work sheet is not considered a part of the formal accounting records. ANS: T DIF: 2 OBJ: 02 4. The work sheet is a working paper that accountants can use to summarize adjusting entries and the account balances for the financial statements. ANS: T DIF: 1 OBJ: 02 5. In a computerized accounting system, a work sheet may not be necessary because the software program automatically posts entries to the accounts and prepares financial statements. ANS: T DIF: 2 OBJ: 02 6. The trial balance may be listed on the work sheet instead of being prepared separately. ANS: T DIF: 1 OBJ: 02 7. The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals. ANS: F DIF: 3 OBJ: 02 8. A work sheet heading is dated for a period of time. ANS: T DIF: 2 OBJ: 02 9. On the work sheet, the capital and drawing account balances are extended to the Balance Sheet columns. ANS: T DIF: 1 OBJ: 02  10. After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet, the difference between the initial totals of the Balance Sheet debit and credit columns is Net Income or Net Loss. ANS: T DIF: 3 OBJ: 02 11. After Net Income or Loss is entered on the work sheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns. ANS: T DIF: 3 OBJ: 02 12. A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns. ANS: F DIF: 3 OBJ: 02 13. Net income is shown on the work sheet in the