Reference no: EM132785587
Question 1: On the completed work sheet, which set of columns usually should be out of balance after the initial footing?
a. Balance Sheet columns only
b. Adjusted Trial Balance columns only
c. Income Statement columns only
d Both Income Statement and Balance Sheet columns
Question 2: The post-closing trial balance contains
a. real accounts only.
b. nominal accounts only.
C.both real accounts and nominal accouns
d. neither real accounts nor nominal accounts.
Question 3: Which financial statement does Income Summary apped?
a. Income statement
b. Statement of changes in equity
C. Balance sheet
d. It does not appear in any financial statement.
Question 4: When an entity has suffered a loss, the loss amount is entered on the worksheet sheet on the
a. debit side of the Income Statement columns and the credit side of the Balance Sheet columns.
b. credit side of the Income Statement columns and the debit side of the Balance Sheet columns.
C. debit side of both the Income Statement and the Balance Sheet columns.
d. credit side of both the Income Statement and the Balance Sheet columns.
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