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True or False Quiz
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1
In Chapter 7, end-of-fourth quarter closing entries are recorded on the Journal Entry window.
A)True
B)False
2
After completing closing entries, you print the Adjusted Trial Balance, Profit & Loss statement and other financial statements.
A)True
B)False
3
The fiscal year is a period that a company uses for accounting purposes and preparing financial statements.
A)True
B)False
4
For tax purposes, the fiscal year and calendar year are the same because that is the Internal Revenue Service default.
A)True
B)False
5
Adjusting entries are recorded to correct an account balance.
A)True
B)False
6
An example of an adjusting entry is an expense that has been prepaid but it has not been recorded for its appropriate monthly amount.
A)True
B)False
7
A typical reason for an adjusting entry is that it involves deleting an asset, liability, or expense account balance.
A)True
B)False
8
Accumulated depreciation has a credit balance.
A)True
B)False
9
The purpose of financial statements is to show revenues earned and expenses incurred during the accounting period.
A)True
B)False
10
The amount shown in Retained Earnings is last year's Net Income.
A)True
B)False





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