Question 1

The entry to close expense account(s)includes a:

Accepted Answer

A) debit to the expense accounts. 
B) credit to the expense accounts. 
C) credit to Retained Earnings. 
D) debit to the revenue accounts. 
A) debit to the expense accounts. 
B) credit to the expense accounts. 
C) credit to Retained Earnings. 
D) debit to the revenue accounts.

Question 2

The beginning balance of retained earnings appears on the balance sheet and the statement of retained earnings.

Accepted Answer

A) True 
 B)False

Question 3

If adjusting entries are NOT prepared,which financial statements are misstated?

Accepted Answer

A) income statement only 
B) balance sheet only 
C) statement of retained earnings only 
D) income statement,balance sheet and statement of retained earnings 
A) income statement only 
B) balance sheet only 
C) statement of retained earnings only 
D) income statement,balance sheet and statement of retained earnings

The entry to close expense account(s)includes a:

The beginning balance of retained earnings appears on the balance sheet and the statement of retained earnings.

If adjusting entries are NOT prepared,which financial statements are misstated?

The Financial Statements

Transaction Analysis

Internal Control Cash

Receivables and Revenue

Inventory Cost of Goods Sold

Plant Assets, natural Resources, Intangibles

Current and Contingent Liabilities

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Investments

Time Value of Money

Filters

Exam 3: Accrual Accounting Income

The entry to close expense account(s)includes a:

The beginning balance of retained earnings appears on the balance sheet and the statement of retained earnings.

If adjusting entries are NOT prepared,which financial statements are misstated?

The Financial Statements

Transaction Analysis

Internal Control Cash

Receivables and Revenue

Inventory Cost of Goods Sold

Plant Assets, natural Resources, Intangibles

Current and Contingent Liabilities

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Investments

Time Value of Money

Filters