Exam 4: Completing the Accounting Cycle

Which of the following accounts will have an ending balance after the closing process is completed?

Salaries Payable, Interest Payable, and Unearned Revenue are examples of ________.

Reversing entries are used in conjunction with ________.

The last two columns generally found on the right side of the worksheet are the income statement columns.

A balance sheet prepared in the account form lists the assets at the top and the liabilities and stockholders' equity below.

The Accumulated Depreciation account is a permanent account.

What is the result if the amount of net income for the year is less than the amount of the owner's withdrawals?

The Office Supplies account is a temporary account.

Which of the following statements is an accurate interpretation of the current ratio?

The adjusting process zeroes out all revenue accounts and all expense accounts.