71.Once the adjusting entries are posted, the adjusted trial balance is prepared to
a.verify that the debits and credits are in balance
b.verify that the net income correctly flows into the statement of shareholders' equity from the incomestatement
c.verify that the net income (loss) is correct for the period
d.verify the correct flow of accounts into the financial statements
72.When preparing the statement of shareholders' equity, the beginning capital balance can always be found
a.in the Income Statement columns of the work sheet
b.in the statement of cash flows
c.in the general ledger
d.in the Balance Sheet columns of the work sheet
73.Accumulated Depreciation appears on the
a.balance sheet in the current assets section
b.balance sheet in the property, plant, and equipment section
c.balance sheet in the long-term liabilities section
d.income statement as an operating expense
74.Notes receivable due in 390 days appear on the
a.balance sheet in the current assets section
b.balance sheet in the noncurrent assets section
c.balance sheet in the current liabilities section
d.income statement as an expense
75.Unearned Fees appear on the
a.balance sheet in the current assets section
b.balance sheet as a current liability
c.balance sheet in the shareholders' equity section
d.income statement as revenue
76.Which one of the fixed asset accounts listed below will
nothave a related contra asset account?
a.Office Equipment
b.Land
c.Delivery Equipment
d.Building
77.Prepaid insurance is reported on the balance sheet as a
a.current asset
b.fixed asset
c.current liability
d.long-term liability
78.The income statement is prepared from
a.the adjusted trial balance
b.the Income Statement columns of the end-of-period spreadsheet
c.either the adjusted trial balance or the Income Statement columns of the end-of-period spreadsheet
d.both the adjusted trial balance and the Income Statement columns of the end-of-period spreadsheet
79.The first item appearing on the statement of retained earnings is
a.net income
b.the ending balance of retained earnings
c.dividends
d.the beginning balance of retained earnings
80.The statement of retained earnings should be prepared
a.before the income statement and after the balance sheet
b.before the income statement and balance sheet
c.after the income statement and balance sheet
d.after the income statement and before the balance sheet