Reference no: EM132968266

Problem 1: Accountants use the _____________________________ to help calculate end-of-period adjustments.

Select one:
a. Balance Sheet
b. Income Statement
c. 10-column worksheet

Problem 2: Cost accounting determines the costs involved with providing goods and services.

Select one:
a. True
b. False

Problem 3: The separate entity concept prescribes that a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally.

Select one:
a. True
b. False

Problem 4: Once all adjusting journal entries have been posted to T-accounts, the next step is ___________________.

Select one:
a. Delete transactions
b. Check to make sure the accounting equation remains balanced
c. Revise entries