Reasoning: All of these accounts are closed, or reduced to zero balances, as a result of the
FALSE - The post-closing trial balance may contain revenue and expense accounts.
Reasoning: All revenue and expense accounts have zero balances after closing.
FALSE - All accounting systems currently in use are computerized.
Reasoning: Some manual accounting systems are still in use.
Select the best answer for each of the following questions.
Which of the following accounts is least likely to be adjusted on the work sheet?
a. Supplies on Hand.
b. Land. (The other accounts are very likely to be adjusted. The Land account would be
adjusted only if an error has been made involving that account.)
c. Prepaid Rent.
d. Unearned Delivery Fees.
If the Balance Sheet columns do not balance, the error is most likely to exist in the:
Net income for a period appears in all but which one of the following?
Which of the following statements is false regarding the closing process?
Which of the following statements is true regarding the classified balance sheet?
a. Current assets include cash, accounts receivable, and equipment. * Should NOT
b. Plant, property, and equipment is one category of long-term assets.
c. Current liabilities include accounts payable, salaries payable, and notes receivable. *Should
include notes receivable