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All accounts on a general ledger are listed on a post-closing trial balance.
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
Income Summary is
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
Adjustments are analyzed and planned
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
The income summary account balance must be reduced to zero to prepare the account for the next fiscal period.
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
The last step in the accounting cycle is to
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
Permanent accounts must start each fiscal period with a zero balance.
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
Temporary accounts must start each fiscal period with a zero balance.
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
When total expenses are greater than the total revenue
on a work sheet.
True
False
prepare a post-closing trial balance of the general ledger
True
False
The income summary account has a debit balance.
a temporary account
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