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Ch. 8 RQ ACC 175

Ch. 8 RQ ACC 175 - month end 7 Why does the cost of food...

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ACC 175 Chapter 8 Review Questions 1 – 10 1. What is the accounting cycle? 2. What are cash basis accounting and accrual basis accounting? 3. What is the posting procedure for special journals? 4. What is a working trial balance and its purpose? 5. What is the purpose of adjusting entries and correcting entries? 6. What are some typical adjustment areas any hospitality business might have at
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Unformatted text preview: month end? 7. Why does the cost of food sales (food cost) account need adjustment after recording the issues from a perpetual inventory system? 8. Why does a business have an unpaid payroll on the same day that payroll checks are given to its employees? 9. What does the computerized year-end process accomplish? 10. What does the post-closing trial balance signify?...
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