Homework Answers
| Which of the following best describes the purpose of closing entries? |
| *To permanently capture the financial impact of transactions from the |
| temporary accounts. |
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Which of the following best describes the purpose of closing entries? To zero out all accounts....
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
QUESTION 15 The important purpose of closing entries is to Adjust accounts in the general ledger....
QUESTION 15 The important purpose of closing entries is to Adjust accounts in the general ledger. To set real account balances to zero for next year. To set nominal account balances to zero for the next accounting period. To make the financial statements more accurate.
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances...
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances of temporary accounts to retained earnings; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. - None of the answers given are correct OC. Transfer the balances of temporary accounts to common stock; reduce the balances of the asset and liability accounts to zero to prepare them for measuring activity in the next period....
1. Which accounts do we close? And why do we close them? (hint: pay attention to...
1. Which accounts do we close? And why do we close them? (hint: pay attention to every word in the choices given) A) We close the temporary accounts only (revenue, expenses, dividends, and Income Summary) because we want to zero them out after we prepare the financial statements to have them start from zero the following period B) We close the temporary accounts only (revenue, expenses, dividends, Income Summary, and Retained Earnings) because we want to zero them out after...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
8) Which of the following best describes internal auditing's primary purpose in reviewing the organization's existing...
8) Which of the following best describes internal auditing's primary purpose in reviewing the organization's existing governance, risk management and controls processes? A) To ensure all weaknesses in the internal control system are corrected B) To develop the audit plan C) To provide reasonable assurance that the processes will enable the organization's objectives and goals to be met D) To offer an opinion as to whether the financial statements are fairly stated E) To comply with the IPPF Code of...
Which of the following is not a purpose of adjusting entries? To prepare the revenue and...
Which of the following is not a purpose of adjusting entries? To prepare the revenue and expense accounts for recording transactions of the following period. To apportion the proper amounts of revenue and expense to the current accounting period. To establish the proper amounts of assets and liabilities in the balance sheet. To accomplish the objective of offsetting the revenue of the period with all the expenses incurred in generating that revenue.
Which of the following best describes the reason that auditors are concerned with the detection of...
Which of the following best describes the reason that auditors are concerned with the detection of related party transactions? Material related party transactions must be disclosed in the notes to the financial statements. The substance of related party transactions will differ from their form. In a related party transaction one party has the ability to exercise significant influence over the other party. The financial statements must often be adjusted for the effects of material related party transactions.
Which of the following statements best describes the primary purpose of Statements on Auditing Standards? A...
Which of the following statements best describes the primary purpose of Statements on Auditing Standards? A They are guides intended to set forth auditing procedures which are applicable to a variety of situations. B They are interpretations which may be useful guidance to auditors. C They are authoritative statements, enforced through the Code of Professional Conduct. D They are procedural outlines which are intended to narrow the areas of inconsistency and divergence of auditor opinion.
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
QUESTION 15 The important purpose of closing entries is to Adjust accounts in the general ledger. To set real account balances to zero for next year. To set nominal account balances to zero for the next accounting period. To make the financial statements more accurate.
QUESTION TT Which of the following describes the purpose(s) of closing entries? a Transfer the balances of temporary accounts to retained earnings; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. - None of the answers given are correct OC. Transfer the balances of temporary accounts to common stock; reduce the balances of the asset and liability accounts to zero to prepare them for measuring activity in the next period....
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
8) Which of the following best describes internal auditing's primary purpose in reviewing the organization's existing governance, risk management and controls processes? A) To ensure all weaknesses in the internal control system are corrected B) To develop the audit plan C) To provide reasonable assurance that the processes will enable the organization's objectives and goals to be met D) To offer an opinion as to whether the financial statements are fairly stated E) To comply with the IPPF Code of...
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