Multiple Choice
Journal entries recorded at the end of each accounting period to prepare the revenue,expense, and withdrawals accounts for the upcoming year and to update the owner's capital account for the events of the year just finished are:
A) Closing entries.
B) Work sheet entries.
C) Adjusting entries.
D) Final entries.
E) None of these answers is correct.
Correct Answer:
Verified
Correct Answer:
Verified
Q13: The information on a work sheet can
Q14: Reversing entries<br>A)Are required by CRA.<br>B)Are optional.<br>C)Fix errors
Q15: The Income Summary account is a(n)<br>A)Balance Sheet
Q16: A trial balance prepared after the adjusting
Q19: When closing entries are made<br>A)All balance sheet
Q20: An error is indicated if the following
Q21: Accounts that are used to describe assets,
Q22: A post-closing trial balance shows<br>A)All ledger accounts
Q23: Which of the following statements is incorrect?
Q101: Use the balance sheet you prepared above