Why is it expected that the initial debit and credit totals of the income statement accounts do not balance on a 10-column worksheet? Select one: a. None of the choices available. b. This is expected because the company should report an asset. c. This is not expected and it shows that there is definitely an error made. d. This is expected because the company should report an income or a loss.

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Accounting data does not consider off-balance sheet items, such as unused commitments of a firm. O True O False

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2. What is the difference between adjusting entries and correcting entries?   a. Both adjusting entries and correcting entries are a planned part of the accounting process.   b. Both adjusting entries and correcting entries are not a planned part of the accounting process.   c. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.   d. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.

What of the following is an incorrect statement? a) The final step in the accounting cycle is to close the temporary accounts. TESTER D Ob) A primary goal of accrual accounting is to appropriately match expenses with revenues. d) All of the statements are correct. c) Conservatism guides accountants to select the alternative that produces the highest amount of net income.

If the accountant forgot to record the consumed portion of supplies, this will result in   An understatement of net income.    An overstatement of net income.    An understatement of assets.   An overstatement of liabilities.