D. Adjusting entries generally include one balance sheet and one income statement account. Start the Accounting Adjusting Entries Quiz. b. Which of the following is an accurate statement regarding audit evidence? Review the following statements and determine which is (are) correct regarding an adjusted trial balance and how it is used In preparing financial statements. (Put the first step at the top.) Revenues are reported in the period in which cash is received, and expenses are reported when cash is paid out. d.None of these statements are true. Corporate bonds usually have par values equal to $10,000. B. 16) Immediately after the adjusting entries are posted, the next step in the general ledger and reporting system is to prepare . C. Adjusting entries often affect the cash account. Reversing entries are recorded before adjusting entries. Adjusting and reversing entries to the GL do not require journal vouchers because these entries are not transactions. a.Adjusting entries are dated as of the first day of the new accounting period. All of these answers. b) adjusting journal entries do not affect the cash account. The par value of a bond never changes. O They should be written within 7 days of observing a patient's deteriorating condition O They should be written within 21 days of observing a patient's deteriorating condition. The recording of adjusting entries is supported by the. 2-"Freight-out" or delivery costs associated with sales should be included in the cost of goods sold amount. c. accruals of expenses and revenues be recorded directly into the retained earnings account of … which of the following statements regarding the role of cash in adjusting entries is true? All of the following are true regarding journal entries except? A) It takes place only at the end of an accounting period. The proper order of the following steps in the accounting cycle is: a. prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries. A. U.S.GAAP require a one-step impairment test, and IFRS requires a two-step impairment test. #6 Adjusting Entries. Indicate which of the following accounts will never require an adjusting entry. This article has been a guide to Adjusting Entries … b. journalize transactions, prepare unadjusted trial balance, post to ledger accounts, journalize and post adjusting entries matching concept. An explanation is normally included with each adjusting entry. Which of the following statements regarding the trial balance is correct? If you have difficulty answering the following questions, learn more about this topic by reading our Adjusting Entries … Journal vouchers authorize all GL postings in a real-time GLS. Which of the following statements regarding journal entries under a perpetual inventory system is true? All of the following statements regarding vertical analysis are true except: In a vertical analysis of an income statement, each item is stated as a percent of total expenses. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. a. A) an adjusted trial balance. A. 2. The following adjusting entries were omitted at the end of the month: a. Unbilled fees earned at January 31 $2,200 b. A. to verify that all of the adjusting entries have been posted B. to verify that the net income (loss) is correctly reported C. to verify that no adjusting journal entry has been omitted. B) closing entries. options: A bond selling at par has a coupon rate so the bond is worth its redemption value at maturity. Which of the following is true regarding closing entries? d. B. 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