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Adjustment for prepaid expense requires aan
a Decrease in assets and increase in expense
b Increase assets and increase revenues
C Decrease revenues and decrease assets
d Increase in assets and decrease in expense
Adjustment for accrued revenue requires aan
a Decrease assets and decrease revenues
b Increase assets and increase revenues
C Decrease liabilities and increase revenues
d Increase in liabilities and decrease revenues
A trial balance prepared at the end of the year before financial statements is called
a Adjusted trial balance
c Yearend trial balance
b Closing trial balance
d Postadjusting trail balance
Entries prepared at the end of every accounting period to clear the books of temporary accounts.
a Adjusting entries
c Reversing entries
b Closing entries
d Postclosing entries
A tool used to summarize all information needed to make adjusting entries and facilitate the preparation of the financial statements as well as the closing entries is called aan
a Taccount
c Unadjusted trial balance
b Postclosing trial balance
d Worksheet
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