ACC 557 Week 4 Quiz
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This 7 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 19 views.
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Date Created: 11/11/15
A correcting entry is another name for a closing entry. may involve any combination of accounts. is a required step in the accounting cycle. must involve one balance sheet account and one income statement account A double rule applied to accounts in the ledger during the closing process implies that the account balance is not zero. a mistake has been made, since double ruling is prescribed. res_EAT_131289account is a temporary account. the account is a balance sheet account The first required step in the accounting cycle is posting transactions. reversing entries. journalizing transactions in the book of original entry. analyzing transactions. res_EAT_131289 Which of the following steps in the accounting cycle would not generally be performed daily? Analyze business transactions. res_EAT_131289repare adjusting entries. Journalize transactions. Post to ledger accounts All of the following statements about the post-closing trial balance are correct except it contains only permanent accounts. shows that the accounting equation is in balance. provides evidence that the journalizing and posting of closing entries have been properly completed. proves that all transactions have been recorded res_EAT_131289 IFRS requires the use of neither balance sheet nor statement of financial position, but recommends use of the term balance sheet. the term statement of financial position. neither balance sheet nor statement of financial position, but recommends use of the term res_EAT_131289 statement of financial position. the term balance sheet. Under IFRS and under GAAP, current assets are listed in reverse order of liquidity reverse order of liquidity res_EAT_131289 order of liquidity order of liquidity post-closing trial balance should be prepared after closing entries are posted to the ledger accounts. res_EAT_131289 before adjusting entries are posted to the ledger accounts. before closing entries are posted to the ledger accounts. only if an error in the accounts is detected In preparing closing entries res_EAT_131289expense account will be credited. each revenue account will be credited. the dividends account will be debited. the dividends account will be debited if there is net income for the period Intangible assets are listed as a long-term investment on the balance sheet. listed under current assets on the balance sheet. not listed on the balance sheet because they do not have physical substance. long-lived assets that are often very valuable res_EAT_131289 Correcting entries are made after closing entries. at the beginning of an accounting period. at the end of an accounting period. whenever an error is discovered Income Summary has a credit balance of $17,000 after closing revenues and expenses. The entry to close Income Summary is credit Income Summary $17,000, debit Retained Earnings $17,000. debit Income Summary $17,000, credit Dividends $17,000. credit Income Summary $17,000, debit Dividends $17,000. res_EAT_131289me Summary $17,000, credit Retained Earnings $17,000 IFRS requires a specific format for the balance sheet (statement of financial position) that is identical to U.S. GAAP. requires a specific format for the balance sheet (statement of financial position) that is different from U.S. GAAP. requires no specific format for the balance sheet (statement of financial position) but most res_EAT_131289 companies that follow IFRS prepare the statement in a different format from U.S. GAAP. requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S. GAAP. Each of the following accounts is closed to Income Summary except All of these are closed to Income Summary. Expenses. Dividends. res_EAT_131289 Revenue The account, Supplies, will appear in the following debit columns of the worksheet. Trial balance. Adjusted trial balance. Balance sheet. All of these. res_EAT_131289
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