简答题Notes to the financial statements are not required by the accounting principle.简答题Income statement decribes the firms operational result at a specific point of time.简答题All after closing accounts are real accounts.简答题ABC Inc. Trial Balance December 31 Debit Credit Cash 20 Capital Stock 105 Retained Earnings 55 Dividends 10 Service Revenue 185 Salaries Expense 85 Depreciation 25 Supplies Expense 15 ___ 365 What is the total debits on the after-closing trial balance? A、365. C、180.简答题Income statment is the only source of change for retained earnings.简答题ABC Inc. Trial Balance December 31 Debit Credit Cash 20 Capital Stock 105 Retained Earnings 55 Dividends 10 Service Revenue 185 Salaries Expense 85 Depreciation 25 Supplies Expense 15 ___ 365 What is the balance in retained earnings at December 31? A、105. C、60.简答题Which of the following accounts would never be reported in the income statement as an expense? A、Depreciation expense. B、Interest expense. C、Income tax expense. D、Dividend expense.简答题Balance sheet describes the firms financial position at a specific point of time.简答题ABC Inc. Trial Balance December 31 Debit Credit Cash 20 Capital Stock 105 Retained Earnings 55 Dividends 10 Service Revenue 185 Salaries Expense 85 Depreciation 25 Supplies Expense 15 ___ 365 Which accounts are closed to income summary? A、All accounts. B、Revenue and expenses. C、Revenue, expenses, and dividends. D、All accounts that are not nominal.简答题Ski Powder Resort ends its fiscal year on April 30. The business adjusts its accounts monthly, but closes them only at year-end (April 30). The resort’s busy season is from December 1 through March 31. Adrian Pride, the resort's chief financial officer, keeps a close watch on Lift Ticket Revenue and Cash. The balances of these accounts at the end of each of the last five months are as follows: Lift Ticket Revenue Cash November 30 9,000 December 31 200,000 59,000 January 31 640,000 94,000 February 28 850,000 116,000 March 31 990,000 138,000 Lift Ticket Revenue for the month ended February 28th is ____ A、850,000. C、990,000.简答题Statement of cash flow is divided into three catogories as cash flow from operating, investing and financing according to where the cash is generated and used.简答题Preparing financial statement is the last step of a financial cycle.简答题ABC Inc. Trial Balance December 31 Debit Credit Cash 20 Capital Stock 105 Retained Earnings 55 Dividends 10 Service Revenue 185 Salaries Expense 85 Depreciation 25 Supplies Expense 15 ___ 365 What is the balance in income summary before it is closed to retained earnings? A、50. C、120.简答题Which of the following financial statements is generally prepared first? A、Balance Sheet B、Income Statement C、Statement of Cash Flow D、Statement of Retained Earnings简答题Which of the following journal entries is required to close the Income Summary account of a profitable company? A、Debit Income Summary, credit Retained Earnings. B、Credit Income Summary, debit Retained Earnings. C、Debit Income Summary, credit Capital Stock. D、Credit Income Summary, debit Capital Stock.简答题Indicate those items for which generally accepted accounting principles require disclosure in notes accompanying the financial statements. A、A large lawsuit was filed against the company two daysafter the balance sheet date. B、A large lawsuit was filed against the company two daysafter the balance sheet date. C、As of year-end, the chief executive officer had been hospitalized because of chest pains. D、The company has experienced greater turnover rate that the previous years.简答题ABC Inc. Trial Balance December 31 Debit Credit Cash 20 Capital Stock 105 Retained Earnings 55 Dividends 10 Service Revenue 185 Salaries Expense 85 Depreciation 25 Supplies Expense 15 ___ 365 Which accounts will appear on the balance sheet? A、Retained earnings of 10. C、Net income of $65. D、None of the above.简答题During the current year, the total assets of Mifflinburg Corporation decreased by 300,000. The company issued 250,000. No other changes to stockholders’ equity occurred during the year. The dollar amount of dividends declared by the company during the year is ____ A、200,000. C、250,000.