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?
C) Accounts Payable
4) Which of the following accounts will appear on the post-closing trial balance?
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
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:
Suncoast Boats INC. estimates that, because of the seasonal nature of its business, it will require an additional $2million of cash for theMay 02 2020
Colgate-Palmolive Company has just paid an annual dividend of $1.06. Analysts are predictingâ a 10.3% per year growth rate in earnings over the next five years. Afterâ...Aug 09 2021
Is the following set of quantum numbers valid or invalid? If it is invalid, what quantum number is incorrect?Jul 22 2021
The saturation concentration of dissolved oxygen in fresh-water can be calculate with the equation >Aug 02 2020
This question refers to the following set of data. Note that the values shown in the matrix are treatment means. Also note that one of the cell means is missing. What val...Dec 02 2019
Determine the support reactions of roller A and the smooth collar B on the rod. The collar is fixed to the rod AB, but is allowed to slide along rod CD. Let the force and...May 16 2020
Two very small spheres are initially neutral and separated by a distance of 0.50 m. Suppose that 3.0 x 1013 electrons are removed from one sphere and placed on the other....May 30 2021
What is the sacrifice ratio? How might the credibility of the Fed's commitment to reduce inflation affect the sacrifice ratio?Jul 22 2021
Harton, a car manufacturer based in UK, only assembles cars and does not manufacture components in the UK. But in France, Harton enters into components manufacturing thro...Dec 08 2019
PDR-270170 Theory Family Counseling REMARRIED FAMILIES It is from book " Family Therapy" an overview 8th edition i need to explain what is it, how it effect children, how...May 14 2020