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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 4, Problem 1QY
Textbook Problem

The __________ represents the sequence of steps in the accounting process.

  1. a. fiscal year
  2. b. fiscal period
  3. c. accounting cycle
  4. d. work sheet

Expert Solution
To determine

Find the correct option that indicates the correct term for the given explanation.

Answer to Problem 1QY

The correct answer is option (c).

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

  • Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
  • Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
  • Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.
Conclusion

Therefore, option (c) is correct answer.

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Chapter 4 Solutions

College Accounting (Book Only): A Career Approach
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Ch. 4 - In which column of the work sheetIncome Statement...Ch. 4 - Why is it necessary to make an adjustment if wages...Ch. 4 - Define depreciation as it relates to a van you...Ch. 4 - Define an internal transaction and provide an...Ch. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - The trial balance of Morgans Insurance Agency as...Ch. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Ride the Ducks of Seattle may seem like an...Ch. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Your supervisor just finished a work sheet for the...Ch. 4 - Your client is preparing financial statements to...Ch. 4 - Although you printed the trial balance and...

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