College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 5, Problem 6QY
To determine
Find the correct option, the option that indicates the correct term for the given explanation.
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A fiscal period is any period of time covering a complete accounting cycle. A fiscal year consists of 12 consecutive months. The accounting cycle represents the sequence of steps in the accounting process completed during the fiscal period.
Which of the following would be considered a fiscal year? (Select "Yes" for the items that are applicable and "No" for the items that do not apply)
August 1, 20-- to November 30, 20--
January 1, 20-- to December 31, 20--
May 1, 20-- to April 30, 20--
July 1, 20-- to June 30, 20--
The short period return from Item No. 14 is required to be filed on or before
July 15
June 15
September 15
October 15
The revenue recognition principle dictates that revenue should be recognized in the accounting records
Select one:
a. when cash is received.
b. in the period that income taxes are paid.
c. when the performance obligation is satisfied.
d. at the end of the month.
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8ECh. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 4PBCh. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP
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- Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can encompass monthly, quarterly, or half-year statements? A. fiscal year B. interim period C. calendar year D. fixed yeararrow_forwardWhich of the following breaks down company financial information into specific time spans, and can cover a month, quarter, half-year, or full year? A. accounting period B. yearly period C. monthly period D. fiscal periodarrow_forwardJournalize the following adjusting entries that were included on the work sheet for the month ended December 31.arrow_forward
- The __________ represents the sequence of steps in the accounting process. a. fiscal year b. fiscal period c. accounting cycle d. work sheetarrow_forwardAll accounts in the general ledger are closed at a company's fiscal year end in order to facilitate preparation of the financial statements and to ready the accounts for the activities of the next year.arrow_forwardrequired: Prepare an eight- column worksheet for the fiscal year ended june 30 thanksarrow_forward
- 21-If the management's assessment to evaluate going concern basis of accounting covers less than twelve months from the date of financial statements, what does the auditor do? O a. The auditor shall request management to extend its assessment period to at least fifteen months b. The auditor shall do the assessment for at least twelve months c. The auditor shall do the assessment for at least fifteen months O d. The auditor shall request management to extend its assessment period to at least twelve monthsarrow_forwardCompute the balance in the subsidiary accounts at the end of the month!arrow_forwardA company previously using a fiscal year ending June 30 changes to a fiscal year ending in March 31. The short period adjustment return will cover July 1 to March 31 April 1 to June 30 April 1 to July 1 June 30 to March 31arrow_forward
- Within how many days after the administration begins must an administrator convene the first meeting of the company’s creditors?Select one:a. 5 daysb. 20 daysc. 8 daysd. 25 daysarrow_forwardSubsequent events are reviewed through which date under IFRS?(a) Statement of financial position date.(b) Sixty days after the year-end date.(c) Date of independent auditor’s opinion.(d) Authorization date of the financial statements.arrow_forwardInterim reports are issued for periods of less than a year, typically as quarterly financial statements. Should these interim periods be viewed as separate periods or integral parts of the annual period?arrow_forward
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