* Question Completion Status: QUESTION 1 An external user would NOT include O human resources personnel. o the company's bank. o a creditor of the company. O Canada Revenue Agency. QUESTION 2 The heading of a balance sheet must identify the company, statement, and date. company, statement, and time period. company and date. statement and date. Click Saure and Shmi * Question Completion Status: QUESTION 3 Which of the following questions would NOT be answered by presenting the statement of cash flows? o What amount of accounts receivable was considered uncollectible? What was the change in the cash balance during the period? What was the cash used for during the period? O Where did the cash come from during the period? QUESTION 4 A numbering system for a chart of accounts O usually starts with income statement accounts. is uniform for all businesses. is prescribed by GAAP. usually starts with balance sheet accounts. Question Completion Status: QUESTION 5 If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates O no errors have been made. no errors can be discovered. the mathematical equality of the accounting equation. all entries have been posted. QUESTION 6 A debit to an asset account always indicates O an error. O an increase in the asset. O a credit was made to a liability account. O a decrease in the asset. QUESTION 9 Which of the following items is NOT classified as an adjusting entry? O accrued expenses O prepaid expenses owner's capital unearned revenues QUESTION 10 The closing entry process consists of closing all temporary accounts. O out the owner's Capital account. all permanent accounts. all asset and liability accounts. CIEk Boare and S}}!!)' '' 8 alstoreys. e to search way QUESTION 11 Closing entries are journalized and posted o when the business is closing its doors. after the financial statements are prepared. O before the financial statements are prepared. o at the end of each interim accounting period. QUESTION 12 When preparing a work sheet the profit (or loss) for the period o is found by calculating the difference between the income statement credit column and the balance sheet credit column on the work sheet. is found by calculating the difference between the income statement column totals on the work sheet. is found by calculating the difference between the trial balance totals and the adjusted trial balance totals O cannot be found on the work sheet. Clied Sage and Suomi Rosue and a . SARTHA n census: Save All