Reference no: EM132739306

Problem 1: Which of the following steps in the accounting cycle are listed in a logical order?

a. Income Statement - Balance Sheet - Worksheet

b. Posting - Worksheet - Trial Balance

c. Closing Entries - Post the closing entries - Post closing trial balance

d. Post the closing entries, Post closing trial balance - Journalize the closing entries

Problem 2: The amount of accrued but unpaid expenses at the end of the period is both an expense and

a. A liability

b. An Asset

c. An income

d. A deferral