9. Reversing entries are made for adjusting entries that _____ at the end of the accounting period for transactions that _____ during the next accounting period.

1. Create a new balance sheet account; will be completed.
2. Use an existing balance sheet account; will be completed.
3. Create a new balance sheet account; will not be completed.
4. Use an existing balance sheet account; will not be completed.

10. Why are reversing entries used?

1. To routinely record subsequent related transactions.
2. To determine accrued expenses to be paid in the next accounting period.
3. To speed up closing the accounts at the end of a period.
4. To determine deferred revenues to be collected in the next accounting period.

11. True or false: When a company uses special journals, the general journal is not needed.

1. True
2. False

12. The control account for a subsidiary ledger

1. Is optional, although it is frequently used.
2. Must have a balance equal to that of the subsidiary ledger.
3. Provides a check on the accuracy of the debits and credits in the subsidiary ledger.
4. Requires a company to keep up-to-date records of credit customers and suppliers.

13. How is depreciation handled when moving from cash-basis to accrual-basis accounting?

1. Include depreciation expense in accrued expenses.
2. Include depreciation expense in prepaid expenses.
3. Include depreciation expense in operating expenses.
4. Include depreciation expense in accounts payable.

14. Which of the following is characteristic of cash-basis accounting?

1. Related cash flows may occur in a different period.
2. Revenues are recognized in the period in which performance obligations are satisfied.
3. Net income is not the same as net operating cash flow for the period.
4. Expenses are recorded when cash is paid for operations.

I request you to please Answer all of the questions.