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A company would review the ledger if an account balance was needed

A company would review the ledger if an account balance was needed.

74) Interim reports are usually prepared once a year.

75) A calendar year is any twelve-month period.

76) The chart of accounts contains the same information as the journal.

77) A journal is considered to be a book of final entry.

78) A chart of accounts is a list of the accounts and their balances.

79) Liabilities increase on the credit side of the account and decrease on the debit side.

80) To record rent paid in advance, Prepaid Rent would be debited.

81) The first step of completing the journal is to fill in the post reference column.

82) Revenue is recorded when earned.

83) Posting is the first step in recording transactions.

84) A fiscal year runs for any 12 consecutive months

85) The accountant should check the chart of accounts to see what account titles should be used when journalizing.

86) The PR column of the journal should be completed when entering the journal entry.

Mar 14 2020 View more View Less

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