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Problem 1: In preparing closing entries,which of the following columns of the work sheet are the most helpful?
a. Adjustments columns
b. Adjusted Trial Balance columns
c. Income Statement columns
d. Balance Sheet columns
Problem 2: The primary objective of reversing entries is to
a. correct errors.
b. simplify the bookkeeping associated with accruals from the prior period.
c. transfer the balance of the expense accounts to the Owner's Capital account and set the accounts equal to zero.
d. place the expenses for the current period in the proper accounts.
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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