home page
chapter 4
The Reporting Cycle
goals discussion
goals
achievement fill
in the blanks
multiple
choice
problems
check list and key terms
1. The is a large columnar form that assists in the preparation of an entity's financial statements.
2. Amounts in the adjusted trial balance columns of the worksheet are extended to the or columns of the work sheet.
3. Revenue, expense, and dividend accounts must be closed or reduced to zero so amounts are not carried over from one period to the next. These accounts are appropriately known as or accounts.
4. Accounts whose balances are carried forward from period to period are commonly called accounts.
5. The account is used only in closing, and summarizes the net income or net loss of a business.
6. The account is closed directly to retained earnings.
7. To determine whether the accounts are still in balance after closing entries have been journalized and posted, accountants often prepare a .
8. A is the exact opposite of an adjusting entry.
9. The is the length of time it takes a company to turn cash back into cash via investing in inventory and accepting accounts receivable.
10. Current assets should be listed on a balance sheet in order of .
11. assets usually follow property, plant, and equipment on a classified balance sheet.
12. Working capital is computed by subtracting from .