1. Indicate whether ench of the following stacements is true of false by placing a T or an F in the space indieated in your Werkbook. Fuplain the reason for wach F response in the space provided, A. Journalizing and poiting the edjuating and closing entries is a routine. taik that can be done by any knowledgenble accuunting clerk. B. All of the dita required to jorurualise the adjusting ans eloning entries cin be found on the workalieot. C. It can be assumed thint all adjustmnntn have been thought of over the wrikineet is cutrpleted. D. The adjustinir entries munt be journalised and poitel to bring the ledger into ajpreement with the figunes on the Gnancial wtitemente b. An explamation is neerlel for each individual adguseine entry being jecrenalized F. The adjustiag and elosing entries in the fournal are dakei as of the and id the fical period. 6. The eloing entries can be procesand enly bo unial the fout-itep methisd H. The figures for the first clowing entry ire takes fram the income stateimeat mection, debit colarn, of the workm heet. 1. Sinco rovemue acpounts have debit halances, crodit entries are neceded to clase them out. 4. The aecond clising entry tranaferi the balancer in the ixpense aceounts to the Jncome Summary account. h. When the aljusting entries and the first twe closing entries are journalLefger will luve nil balinces. 1. Nonger ha occarced if the Income Summary acerimt has a eredit balinee before it an elased cut. \$f The first two vatries in that Income Summary acoount are the anme an The subtetala of the income statement =ection of the worksheet. 1. A list of abcounts appear below, Indicate which of these are nominal aceounth. 2. Complete each of the following statements in your Workbook by writing the appropriate word or phrase from the list below. A. Aceounting in B. The in nature. tisies itates that financial reporting is dose have thrir balancer continue on inte the succeeding accounts. one in equat periods of 1). E. Revenue, expen ine succeding fiscal period. cccounts are considered to be do not continue into the H. Nominal aceotintur nominal account is a 1. The proceas of ruinevin egch fiecen period with knewn as d. from the nominal nccounts is K. During a fiectil period, to have no balince. 1. Chanires in equity ditite Cajpital account shows ment - by the ewner) ntig an fiscal period (except for additiona) invest- M. At the end of the fistal contained in N. One of the finit ascal period, the ind arecounts. fiscal period. decount and to
