A worksheet can be thought of as a(n)a. optional gadget supplied by accountants.b. component of the general ledger.c. irreversible accountancy document.d. part of the journal.
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Assuming that tbelow is a net loss for the period, debits equal credits in all but which section of the worksheet?a. Adjusted trial balance columnsb. Income statement columnsc. Trial balance columnsd. Adjustments columns
b. so that all assets, liabilities, and stockholders" equity accounts will certainly have actually zero balances when the next accounting period start
Closing entries are madea. in order to carry net revenue (or loss) and dividends to the maintained revenue account.b. so that all assets, liabilities, and also stockholders" equity accounts will certainly have actually zero balances as soon as the next accounting period starts.c. in order to terminate the business as an operating entity.d. so that financial statements deserve to be prepared.
A worksheet is a multiple column form that facilitates thea. preparation of financial statements.b. analysis procedure.c. identification of events.d. measurement process.
Adjusting entries are all set froma. last year"s worksheet.b. source papers.c. the adjustments columns of the worksheet.d. the basic ledger.
The balance in the revenue summary account prior to it is closed will certainly be equal toa. zero.b. the beginning balance in the kept earnings account.c. the net earnings or loss on the earnings statement.d. the finishing balance in the maintained revenue account.
The worksheet does not showa. the ending balance in the maintained revenue account.b. the trial balance prior to adjustments.c. revenue and also expense account balances.d. net revenue or loss for the period
If the full debits exceed full credits in the balance sheet columns of the worksheet, stockholders" equitya. will certainly rise because net earnings has emerged.b. will decrease because a net loss has occurred.c. will not be affected.d. is in error because a mistake has occurred.
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Closing entries are journalized and also posteda. at the end of each interim bookkeeping period.b. before the financial statements are prepared.c. after the financial statements are prepared.d. at management"s discretion.Feedback
All of the adhering to are stockholders" equity accounts excepta. Dividends.b. Usual Stock.c. Investment in Stock. d. Retained Salaries.