F'24 Closing entries and reports

Creating financial reports and processing closing entries is usually done at which stage of the accounting cycle?

• At the end of the accounting cycle

• At the begining of the accounting cycle

• In the middle of the accounting cycle

• At all stages throughout of the accounting cycle

1) Prepare financial reports

2) Journalise transactions

3) Adjusting entries

4) Closing entries

5) Post to ledgers

What is the correct order of the accounting cycle?

• 2-5-3-1-4

• 4-5-3-1-2

• 2-1-5-4-3

• 5-3-1-2-4

What is a trial balance?

• A list of all accounts, their balance and totals of all debits and credits

• A list of only revenue, expense and profit accounts

• A list of only asset, liability and equity accounts

• A list of all accounts with an allocated account number

What is an adjusted trial balance?

• A list of all accounts, their balance and totals of all debits and credits AFTER adjusting entries are done

• A list of all accounts, their balance and totals that have been ADJUSTED so that debits equal credits

• A list that has been ADJUSTED to show only asset, liability and equity accounts

• A list of all accounts that has been ADJUSTED to show accounts after closing entries have been done.

Which report includes assets, liabilities & owner's equity?

• Balance Sheet

• Statement of Cash Flows

• Income Statement

• Statement of Changes in Owner's Equity

Which report shows revenues, expenses & net profit?

• Balance Sheet

• Statement of Cash Flows

• Income Statement

• Statement of Changes in Owner's Equity

What is this report called?

• Balance Sheet

• Statement of Cash Flows

• Income Statement

• Statement of Changes in Owner's Equity

A balance sheet contains these three parts

• assets, revenue, liabilities

• assets, liabilities, owners equity

• revenue, expenses, owners equity

• expenses, assets, revenue

What is this report called?

• Balance Sheet

• Statement of Cash Flows

• Income Statement

• Statement of Changes in Owner's Equity

What is this report called?

• Balance Sheet

• Statement of Cash Flows

• Income Statement

• Statement of Changes in Owner's Equity