Question 1

End of period adjustments are most often the result of:

Accepted Answer

A) errors in recording previous transactions. 
B) closing off the accounts. 
C) errors found in the trial balance. 
D) timing differences. 
A) errors in recording previous transactions. 
B) closing off the accounts. 
C) errors found in the trial balance. 
D) timing differences.

Question 2

The adjusted trial balance is prepared following preparation of the financial statements.

Accepted Answer

A) True 
 B)False

Question 3

Deferred revenue account is a/an ________ account.

Accepted Answer

A) asset 
B) liability 
C) equity 
D) sales 
A) asset 
B) liability 
C) equity 
D) sales

Question 4

Explain the purpose of the closing off process and identify which accounts will remain after the process is completed.
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

The purpose of the closing off process i

End of period adjustments are most often the result of:

The adjusted trial balance is prepared following preparation of the financial statements.

Deferred revenue account is a/an ________ account.

Explain the purpose of the closing off process and identify which accounts will remain after the process is completed. _ _

Introduction to Accounting

Measuring and Reporting Financial Position

Measuring and Reporting Financial Performance

Accounting Systems and Internal Control

Introduction to Limited Companies

Regulatory Framework for Companies

Measuring and Reporting Cash Flows

Corporate Social Responsibility and Sustainability Accounting

Analysis and Interpretation of Financial Statements

Costvolumeprofit Analysis and Relevant Costing

Full Costing

Planning and Budgeting

Capital Investment Decisions

Filters

Exam 4: Recording Transactionsthe Journal and Ledger Accounts

End of period adjustments are most often the result of:

The adjusted trial balance is prepared following preparation of the financial statements.

Deferred revenue account is a/an ________ account.

Introduction to Accounting

Measuring and Reporting Financial Position

Measuring and Reporting Financial Performance

Accounting Systems and Internal Control

Introduction to Limited Companies

Regulatory Framework for Companies

Measuring and Reporting Cash Flows

Corporate Social Responsibility and Sustainability Accounting

Analysis and Interpretation of Financial Statements

Costvolumeprofit Analysis and Relevant Costing

Full Costing

Planning and Budgeting

Capital Investment Decisions

Filters