1. Which of these accounts is not included in the post-closing trial balance? a. Dividends b....
1. Which of these accounts is not included in the post-closing trial balance?
a. Dividends
b. Land
c. Notes Payable
d. Retained Earnings
2. If current assets are $112,000 and current liabilities are $56,000, what is the current ratio?
a. 2.0
b. 200 percent
c. 50 percent
d. $50,000
3. If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following?
a. an ordinary transaction entry
b. a closing entry
c. an adjusting entry
d. outside of the accounting cycle
Homework Answers
Answers
1. Which of these accounts is not included in the post-closing
trial balance?
Correct Answer = Option a. Dividends because it gets closed to
Retained earnings.
2. If current assets are $112,000 and current liabilities are $56,000, what is the current ratio?
Correct Answer = Option a. 2.0
Current ratio = Current assets / Current Liabilities
= 112000/56000
= 2
3. If a journal entry includes a debit or credit to the Cash
account, it is most likely which of the following?
Correct Answer = Option ‘a’ an ordinary transaction entry
Debit to Cash account = Cash received
Credit to Cash account = Cash paid.
Moreover, Cash account is never adjusted or closed.
Add Answer to:
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