The ending balance in retained earnings

Assignment Help Financial Accounting
Reference no: EM131266470

1. The ending balance in retained earnings is shown in the _______________.

income statement

statement of retained earnings

balance sheet

both (b) and (c)

both (a) and (c)

(a), (b), and (c)

2. If $3,000 has been earned but not yet paid to a company's workers since the last payday within an accounting period, the necessary adjusting entry at the end of that accounting period would be _______________.

debit an expense and credit a liability

debit an expense and credit an asset

debit a liability and credit an asset

debit a liability and credit an expense

3. The accrual basis of accounting _______________.

recognizes revenues only when cash is received

is used by almost all companies

recognizes expenses only when cash is paid out

recognizes revenues when sales are made or services are performed, and recognizes expenses only when cash is paid out

4. The need for adjusting entries is based on _______________.

the matching principle

source documents

the cash basis of accounting

activity that has already been recorded in the proper accounts

Reference no: EM131266470

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