All of the information needed to record the closing entries is found in the Income Statement section of the work sheet.   Select one: True False

The complete accounting process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance is referred to as the ________________________? Group of answer choices closing cycle accounting cycle deferred cycle accrued cycle

A major purpose of preparing closing entries is toa. update the Retained Earnings account.b. adjust the asset accounts to theircorrect current balances

A. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for closing entries? C. Explain how one of the entries changes depending on if you have net income or net loss?

The purpose of the post-closing trial balance is to * O prove that no mistakes were made. prove the equality of the balance sheet account balances that are carried forward into the next accounting period. prove the equality of the income statement account balances that are carried forward into the next accounting period. list all the balance sheet accounts in alphabetical order for easy reference.

The trial balance section of the work sheet provides the information used in preparing the income statement. True or false?

Which of these accounts is (are) credited during the closing process? Sales Revenue onlySales Returns and Allowances onlyInterest Revenue onlySales Revenue, Sales Returns and Allowances, and Interest Revenue

The account that is brought up to date after the closing entries have been journalized and posted is the ____.   Select one: a. Capital Account b. Sales account c. Capital Stock account d. Purchases account

1. Post-closing trial balance include all of the following account, except a. assetb. liabilitiesc. capitald. withdrawal   2. Which adjusting journal entries are subject to reversing entries? a. Accrual of incomeb. Deferral of income – liability methodc. Deferral of expense – asset methodd. Depreciation expense   3. On column 7 and 8 of worksheet or the Income Statement columns, what is the financial performance if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income   4. On column 9 and 10 of worksheet or the Balance Sheet columns, what is the difference if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income

Which of the following statements is not correct? Multiple Choice   All of the above statements are correct.   After the financial statements have been prepared, the adjustments are made a permanent part of the accounting records.   Adjustments are recorded in the general journal as adjusting journal entries and are posted to the general ledger.   All adjustments are shown on the worksheet.