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How are accrued revenues listed on the balance sheet?
Accrued revenues are ordinarily listed on the balance sheet as current liabilities. a. True b. False b. False The balance sheet accounts are referred to as real or permanent accounts. a. True b. False a. True Assets, liabilities, and owner's capital are real accounts and do not get closed at the end of the period.
Which is the first step of the accounting cycle?
Of the following steps of the accounting cycle, which step should be completed first? a. Closing entries are journalized and posted to the ledger. b. Transactions are posted to the ledger. c. Adjusting entries are journalized and posted to the ledger. d. Financial statements are prepared.
When is a 12 month accounting period known as a fiscal year?
Any 12-month accounting period adopted by a company is known as its fiscal year. a. True b. False a. True What is the major difference between the unadjusted trial balance and the adjusted trial balance?
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