Reference no: EM132787521

True or False

Question 1. There Is sufficient information on a post-closing trial balance to prepare a balancesheet.

Question 2. There is sufficient information on a post-closing trial balance to prepare a statement of changes in equity.

Question 3. If the post-closing trial balance does not balance, then the error(s) definitely occurred at some point during the closing process.

Question 4. The adjusting entries involving Rent Receivable and Salaries Payable could be reversed.

Question 5. The adjusting entries involving Depreciation Expense-Building and Supplies Expense could be reversed.

Question 6. All nominal accounts must be closed before the Income Summary account can be closed.

Question 7. The post-closing trial balance will have fewer accounts than the adjusted trial balance.

Question 8. The balances of all the accounts that appear on a balance sheet are the same on the adjusted trial balance as they are on a post-closing trial balance.

Question 9. There is sufficient information on a post-closing trial balance to prepare an income statement.

Question 10. The post-closing trial balance will contain only real accounts.

Question 11. The lncome Summary account will appear on the post-closing trial balance.

Question 12. The post-closing trial balance contains asset, liability, withdrawal and capital accounts.

Question 13 The final trial balance is called a post-closing trial balance.

Question 14. A reversing entry is a journal entry which is the exact opposite of a related adjusting entry made at the end of the period.