Reference no: EM132785578

Question 1: If a trial balance were to be prepared on the first day of the new year, and the account Salaries Expense had a credit balance, you would know that

a. the trial balance is a post-closing trial balance.

b. the adjusting entries have been recorded.

C. the trial balance is an adjusted trial balance.

d. a reversing entry has been made.

Question 2: Reversing entries are

a. optional.

b. made to record a change in corporate objectivees.

C. required by generally accepted accounting principles.

d. made prior to preparing a post-closing trial balance.

Question 3: Which of the following comes last in the accounting process?

a. preparation of a post-closing trial balance

b. preparation of an adjusted trial balance

C. worksheet preparation

d. journalizing external transactions