Reversing entries are made to correct errors- true or false

Assignment Help Accounting Basics

Reference no: EM132787529

True or false

Question 1: During the closing process, expenses are transferred to the credit side of the Income Summary.

Question 2: A reversing entry will include either a debit to a revenue account or a credit to an expense account.

Question 3: Reversing entries are never required.

Question 4: Reversing entries can be made for deferrals but not for accruals.

Question 5: Reversing entries are made to correct errors in the accounts.

Question 6: The purpose of reversing entries is to simplify the bookkeeping process.

Question 7: Adjusting entries are all dated as at the first day of the new accounting period.

Question 8: Closing entries can be prepared by referring solely to the Income Statement columns of the worksheet.

Question 9: After the adjusting and closing entries have been recorded and posted, the general ledger accounts that appear on the balance sheet have no balances.

Question 10: General ledger account balances agree with those in the financial statements even before adjusting and closing entries are recorded and posted.

Question 11: The incomé summary account is used to close the income and expense accounts.

Reference no: EM132787529

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