QUIZ_5 - ACCT-101 new Quiz 5 1. The usual presentation of...

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ACCT-101 new Quiz 5 1. The usual presentation of the statement of owner's equity is (1) Beginning capital, (2) Net income or loss, (3) Drawing, (4) Owner's contributions, (5) Ending capital. True False 2. At the end of the fiscal period, prepaid expenses are reported on the Income Statement as expenses. True False 3. After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet, the difference between the initial totals of the Balance Sheet debit and credit columns is Net Income or Net Loss. True False 4. If the totals of the Income Statement debit and credit columns of a work sheet are $27,000 and $29,000, respectively, after all account balances have been extended, the amount of the net loss is $2,000. True False 5. During the end-of-period processing which of the following best describes the logical order of this process: Preparation of adjustments, adjusted trial balance, financial statements.
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This note was uploaded on 03/01/2010 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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QUIZ_5 - ACCT-101 new Quiz 5 1. The usual presentation of...

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