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Adjustments are necessary to update account balances for internal transactions

 Adjustments are necessary to update account balances for internal transactions.

 

73) An important function of the worksheet is to assist the accountant in finding and correcting errors before the financial statements are prepared.

 

74) The accounts added below the trial balance, on the worksheet, are always decreasing.

 

75) Original cost of equipment is not adjusted on the worksheet.

 

76) Accumulated Amortization is a contra-asset account found on the balance sheet.

 

77) The amount of supplies used during the period would be shown in the adjustment columns of the worksheet.

 

78) When an asset expires or is used up, it becomes an expense.

 

79) If an adjustment to Supplies is not made, the balance in the Supplies account will be too low.

80) Rent expired at the end of an accounting period requires an adjustment.

Mar 14 2020 View more View Less

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