Prepare withdrawals accounts for the upcoming year

Reference no: EM132696836

Problem 1: Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming year and to update the owner's capital account for the events of the year just finished are

1) Adjusting entries

2) Closing entries

3) Final entries

4) Work sheet entries

5) None of these answers is correct.

Problem 2: Which of the following statements is incorrect?

1) An adjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.

2) Interim financial reports can be based on one-month or three-month accounting periods.

3) The fiscal year is any 12 consecutive months used by a business as its annual accounting period.

4) Property, plant, and equipment are long term assets.

5) The cash basis of accounting is consistent with GAAP.

Reference no: EM132696836

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