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Preparing a post-closing trial balance. 1) The post-closing trial balance contains A) as

Preparing a post-closing trial balance.

1) The post-closing trial balance contains

A) assets and liabilities.

B) all accounts with balances.

C) only permanent accounts.

D) All of these answers are correct.

2) The post-closing trial balance is prepared from

A) the income statement columns on the worksheet.

B) the balance sheet columns on the worksheet.

C) the trial balance columns on the worksheet.

D) the general ledger.

3) Which of the following accounts will not appear on the post-closing trial balance?

A) Capital

B) Cash

C) Accounts Payable

D) Withdrawals

4) Which of the following accounts will appear on the post-closing trial balance?

A) Capital

B) Purchases

C) Sales

D) Withdrawals

5) Which of the following steps of the accounting cycle comes last?

A) Journalize and post adjusting entries

B) Journalize and post closing entries

C) Prepare financial statements

D) Post closing trial balance

6) The general ledger balances are used to prepare the post-closing trial balance.

7) The post-closing trial balance would include Sales and Purchases.

8) The post-closing trial balance would not include temporary accounts.

13.4   Dealing with reversing entries.

1) Which of the following could appear in an adjusting entry, closing entry, and reversing entry?

A) Salary Expense

B) Withdrawals

C) Amortization Expense, Buildings

D) Accumulated Amortization, Buildings

2) Reversing entries occur at the beginning of the accounting period and

A) help to reduce potential errors.

B) simplify the bookkeeping associated with accruals from the prior period.

C) reverse the adjusting entries.

D) All of the above are correct.

3) Which of the following could be recorded as a reversing entry?

A) Amortization of building

B) Accrual of interest expense

C) Allocation of prepaid rent in the current period

D) Correction of an error

4) Which of the following adjustments may be reserved?

A) The adjustment to Record Amortization Expense

B) The adjustment to Allocate Prepaid Insurance to the current period

C) The adjustment to Accrue Salaries Payable

D) The adjustment to determine Supplies Expense for the period

5) The reversing entry for Salaries is

A) debit Salaries Expense; credit Salaries Payable.

B) debit Salaries Payable; credit Income Summary.

C) debit Salaries Payable; credit Salaries Expense.

D) debit Salaries Expense; credit Cash.

6) Reversing entries are general journal entries that

A) are the same as the adjusting entries.

B) are the opposite of adjusting entries.

C) only affect income statement accounts.

D) only affect balance sheet accounts.

7) Reversing entries are done when assets or liabilities are increasing and have no previous balance.

8) Reversing entries are the opposite of adjusting entries.

9) All adjusting entries can be reversed.

10) Reversing entries are recorded on the first day of the new accounting period.

11) Reversing entries help reduce potential errors and simplify the record-keeping process.

12) Not all adjusting entries are reversed.

13) Weir Company's adjusting entries included the following items:

Interest Expense200

Interest Payable200

 

Amortization Expense50

Accumulated Amortization50

 

Interest Receivable90

Interest Income90

Dec 07 2019 View more View Less

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