Question 1 .The accounting period is closed only at the end of the year.True or FalseQuestion 2 .The Standard Profit & Loss report will report March income compared to year-to-date income.True or FalseQuestion 3 .Accrued wages should be reversed in the following month.True or FalseQuestion 4. To print a Balance Sheet for March, you enter the date range of 3/01/2011 to 3/31/2011.True or FalseQuestion 5 .The Cash Flow Statement begins with net income or loss for the period.True or FalseQuestion 6Net Income is only reported on the Profit and Loss report.True or FalseQuestion 7The balances in the cash accounts are reported on the Balance Sheet.True or FalseQuestion 8You open the MAKE GENERAL JOURNAL ENTRIES window from the Customers menu.True or FalseQuestion 9 .Which statement reports a company’s financial position at a specific point in time?a. Statement of Cash Flowsb. Balance Sheetc. Statement of Retained Earningsd. Income StatementQuestion 10The owner wants to see cash generated from accounts receivable. Which report(s) would you print?a. Cash Receipts Journalb. Statement of Cash Flowsc. Income Statementd. Both a and bQuestion 11 .Net Income/Net Loss for March will affect the ____________ statement(s).a. Balance Sheetb. Income Statementc. Statement of Retained Earningsd. All of the aboveQuestion 12 .Which report demonstrates that the inventory general ledger account reconciles to the inventory costs?a. Inventory Stock Status by Item reportb. Inventory Valuation Summary reportc. Both a and bd. None of the aboveQuestion 13 .Which report would you use for spotting missing or out-of-sequence accounts payable checks?a. Missing Checksb. Check Detailc. Cash Disbursements Journald. All of the aboveQuestion 14 .On the Statement of Cash Flows, all the following are true except __________.a. Depreciation expense is not reported on the statementb. Net Income is reported on the statementc. The cash at the end of the period matches the cash on the Balance Sheetd. The statement lists operating, investing, and financing activitiesQuestion 15 .On the Balance Sheet, total assets must equal _______________.a. Total liabilitiesb. Total equityc. Total liabilities plus total equityd. Total cashQuestion 16 .Management wants to know if operations are having a positive effect on cash. Which report would you prepare?a. Profit & Lossb. Balance Sheetc. Statement of Cash Flowsd. All of the above
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