Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4…
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Question “Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4…”
Saved
The post-closing trial balance will have fewer accounts than the
adjusted trial balance.
Question 4 options:
1) True | |
2) False |
Question 5 (0.5 points)
An expense account is closed with a credit to the expense
account and a debit to the Income Summary account.
Question 5 options:
1) True | |
2) False |
Question 6 (0.5 points)
Cash is a temporary account.
Question 6 options:
1) True | |
2) False |
Question 7 (0.5 points)
Adjusting entries are often made because some business events
are not recorded as they occur.
Question 7 options:
1) True | |
2) False |
Question 8 (0.5 points)
Accounts receivable is a permanent account.
Question 8 options:
1) True | |
2) False |
Question 9 (0.5 points)
An adjusted trial balance must be prepared before the adjusting
entries can be recorded.
Question 9 options:
1) True | |
2) False |
Question 10 (0.5 points)
The post-closing trial balance will contain only
permanent—balance sheet—accounts.
Question 10 options:
1) True | |
2) False |
Question 11 (0.5 points)
Adjusting entries are made to ensure that:
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Question 12 (0.5 points)
Which of the following is a true statement about closing the
books of a corporation?
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Question 13 (0.5 points)
Adjustments for unearned revenue:
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Question 14 (0.5 points)
The preparation of adjusting entries is:
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Question 15 (0.5 points)
Which of the following is not generally an accounting time
period?
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Question 16 (0.5 points)
Expenses are recognized when:
Question 16 options:
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Question 17 (0.5 points)
Using accrual accounting, expenses are recorded and reported
only:
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Question 18 (0.5 points)
The expense recognition principle matches:
Question 18 options:
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Question 19 (0.5 points)
The difference between the balance of a plant asset account and
the related accumulated depreciation account is termed:
Question 19 options:
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Question 20 (0.5 points)
Accumulated Depreciation is a(n):
Question 20 options:
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Answer
Answers
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#4 TRUE.
Because the adjusted trial balance includes both permanent and temporary accounts, there will be fewer accounts after closing the trial balance. After temporary accounts have been closed, the post-closing trial balance contains only the balance of permanent accounts. -
#5
TRUE.
The balance of the expense account is a normal DEBIT.
Therefore, to close them, the expenses account is CREDITED and the income summary is debited. -
#6
FALSE.
A cash account is an account that can be used as an ASSET account. Its balance is shown on the Balance sheet. -
#7
TRUE.
Not all events, such as supplies being used or insurance expiring, are recorded at the time they happen. They are instead recorded at the end of each period through adjusting entries. -
#8
TRUE.
Its balance is shown in Balance sheet under Asset section. -
#9
FALSE.
Only after all adjustment entries have been recorded, posted, and adjusted trial balance has been prepared can an adjusted trial balance be prepared. -
#10
TRUE.
Only the post-closing trial balance contains permanent accounts that appear on the final Balance Sheet.
Conclusion
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