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1) Temporary accounts must be closed at the end of the accounting year,True .False 2) The year-end closing entries are also known as year-end...
1) Temporary accounts must be closed at the end of the accounting year,True .False
2) The year-end closing entries are also known as year-end adjusting entries.,True .False
3)Assets are closed to Retained Earnings at the end of the year. true False
4)The Retained Earnings account is a temporary account. True False
5) Liabilities are considered nominal accounts. True False
6) All of the following are financial statements, except:
Trial Balance
Income Statement
Balance Sheet
Statement of Cash Flow
Statement of Retained Earnings
7)At the end of the accounting period, if the accountant failed to record the accrual for Salaries Expense, the Income Statement will be:
Overstated
Understated
Not affected
All of the above
None of the above
8) The adjusting entry for depreciation of equipment will include:
Debit to Depreciation Expense, Equipment
Credit to Depreciation Expense, Equipment
Debit to Accumulated Depreciation, Equipment
Credit to the Equipment
Debit to the Equipment
9) If the bookkeeper failed to record an adjusting entry for accrued interest expense, the effect of this will cause the:
Net income to be overstated
Net loss to be overstated
Assets will be overstated
Assets will be understated
Liabilities will be overstated
10) If the bookkeeper failed to record an adjusting entry for depreciation of the Building account, then:
The Building account will be overstated
The Accumulated Depreciation, Bldg. account will be overstated
The Income Statement will be overstated
The Depreciation, Bldg. account will be overstated
The Liabilities account will be overstated