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A post-closing trial balance is a list o...View Answer
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A) Current assets, prepaid expenses, long-term investments, intangible assets.
B) Long-term investments, current assets, plant assets, intangible assets.
C) Current assets, long-term investments, plant assets, intangible assets.
D) Intangible assets, current assets, long-term investments, plant assets.
E) Plant assets, intangible assets, long-term investments, current assets.
G) D) and E)
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A) All ledger accounts with balances, none of which can be temporary accounts.
B) All ledger accounts with balances, none of which can be permanent accounts.
C) All ledger accounts with balances, which include some temporary and some permanent accounts.
D) Only revenue and expense accounts.
E) Only asset accounts.
G) C) and D)
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A) Debit Salaries expense $12,000; credit Salaries payable $12,000.
B) Debit Salaries expense $18,000; debit Salaries payable $12,000; credit Cash $30,000.
C) Debit Salaries payable $18,000; credit Cash $18,000.
D) Debit Salaries payable $12,000, credit Salaries expense $12,000.
E) Debit Salaries expense $18,000; credit Salaries payable $18,000.
G) A) and D)
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B) False
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A) Current assets, long-term investments, plant assets, and intangible assets.
B) Current assets, long-term assets, revenues, and intangible assets.
C) Current assets, long-term investments, plant assets, and equity.
D) Current liabilities, long-term investments, plant assets, and intangible assets.
E) Current assets, liabilities, plant assets, and intangible assets.
G) A) and D)
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A) $65,000.
B) $80,000.
C) $130,000.
D) $145,000.
E) $280,000.
G) C) and D)
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A) the balances reflected in the company's financial statements.
B) the balances reflected in the company's unadjusted trial balance.
C) whatever balances management has decided to report.
D) the balances in the company's post-closing trial balance.
E) the balances management budgeted for the accounting period.
G) D) and E)
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A) Serves to transfer the effects of these accounts to the owner's capital account on the balance sheet.
B) Prepares the withdrawals account for use in the next period.
C) Gives the revenue and expense accounts zero balances.
D) Has no effect on the owner's capital account.
E) Causes owner's capital to reflect increases from revenues and decreases from expenses and withdrawals.
G) A) and C)
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B) False
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Temporary, or nominal, accounts accumula...View Answer
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Temporary accounts are closed at the end...View Answer
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A) A worksheet aids in the preparation of financial statements.
B) A worksheet reduces the possibility of errors when working with many accounts and adjustments.
C) A worksheet does not assist in planning and organizing an audit of financial statements.
D) A worksheet helps in preparing interim financial statements.
E) A worksheet shows the effects of proposed or "what-if" transactions.
G) A) and C)
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A) all revenue and expense accounts have zero balances.
B) the owner's capital account is debited for the amount of the net loss for the period.
C) the income summary account is debited for the amount of net income for the period.
D) all balance sheet accounts have zero balances.
E) only permanent accounts appear on the post-closing trial balance.
G) C) and D)
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