A report form of balance sheet
a.means that the liabilities and owner's equity sections are shown below the assets section.
b.means that assets are listed on the left side and the liabilities and owner's equity sections are listed on the right side.
c.is often used by merchandising companies.
d.is the same as an account form of balance sheet.
The step(s) of the accounting cycle that is/are made at the end of the accounting period would be
a.analyze source documents.
b.journalize the transactions.
c.journalize and post the adjusting entries.
d.All of these choices are correct.
A post-closing trial balance will contain all balance sheet and income statement accounts.
True
False
Preparing financial statements
a.includes preparing the work sheet
b.is the last step in the accounting cycle.
c.is the eighth step in the accounting cycle.
d.is not always necessary according to GAAP.
Only the temporary accounts remain open after the closing process is completed.
True
False
The statement of cash flows reports cash flows for a point in a time; at a specific date.
True
False
