Question

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The post-closing trial balance may contain revenue and expense accounts Select one O True False Which of the following is not part of the conceptual framework project? Select one or more a. Quantitative characteristics b. Objectives of financial reporting c Qualitative characteristics d. Basic elements of financial statements Net income for a period appears in all but which one of the following? Select one or more: a Balance sheet b. Income Statement debit column of the work sheet c. Statement of retained earnings d. Statement of Retained Earnings credit column of the work sheet. All accounting systems currently in use are computerized. Select one True O False The matching principle is fundamental to the accrual basis of accounting Select one True O False

Answer 1

1. False

The post-closing trial balance will include only the permanent/real accounts, which are assets, liabilities, and equity. All of the other accounts (temporary/nominal accounts: revenue, expense, dividend) would have been cleared to zero by the closing entries.

2. Quantitative Characteristics.

3. Balance Sheet

The net income or net earnings (same thing) for any given period does not appear on the balance sheet.

4. True

5.True

The matching concept, or matching principle, is a fundamental element of accrual-basis accounting

6.True