chapter4b - Chapter 4b 1. A worksheet is a device that...

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Chapter 4b 1. A worksheet is a device that eliminates the need to prepare financial statements. A. True B. False 2. Companies journalize the adjustments after they complete the worksheet but before preparing the financial statements. A. True B. False 3. A worksheet is not a journal, and it cannot be used as a basis for posting to ledger accounts. A. True B. False 4. In closing the books, all temporary accounts are closed. A. True B. False 5. The Dividends account is closed through the Income Summary account. A. True B. False 6. The post-closing trial balance will contain only permanent accounts. A. True B. False 7. Use of reversing entries is not a required step in the accounting cycle. A. True B. False 8. Correcting entries are only made at the end of an accounting period. A. True B. False 9. On the balance sheet, companies usually list current assets in the order of largest to smallest. A.
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chapter4b - Chapter 4b 1. A worksheet is a device that...

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