Question Details

The step in the accounting cycle that is performed on a periodic basis



1.	A double rule applied to accounts in the ledger during the closing process implies that
a.	the account is an income statement account.
b.	the account is a statement of financial position account.
c.	the account balance is not zero.
d.	a mistake has been made, since double ruling is prescribed.



	2.	The heading for a post-closing trial balance has a date line that is similar to the one found on
a.	a statement of financial position.
b.	an income statement.
c.	a retained earnings statement.
d.	the worksheet.



3.	Which account balance will change between the adjusted trial balance and the post-closing trial balance?
a.	Retained Earning
b.	Share Capital-Ordinary
c.	Interest Payable
d.	Accumulated Depreciation


4.	Which one of the following is usually prepared only at the end of a company's annual accounting period?
a.	Preparing financial statements
b.	Journalizing and posting adjusting entries
c.	Journalizing and posting closing entries
d.	Preparing an adjusted trial balance


	5.	The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is
a.	analyzing transactions.
b.	journalizing and posting adjusting entries.
c.	preparing a post-closing trial balance.
d.	posting to ledger accounts.




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