Self Assessment Quizzes

CHAPTER 18: Section 3 Completing the Work Sheet and Journalizing and Posting the Adjusting Entries

	1.	Bringing account balances up to date at the end of a fiscal period is done by

		a.	adjusting entries
		b.	extending the trial balance
		c.	eliminating temporary accounts
		d.	liquidating inventory

	2.	Once the adjustments are entered in the Adjustments section of the worksheet, it is important to prove

		a.	that assets equal liabilities
		b.	that revenue is greater than expenses
		c.	that the accounts are still in balance
		d.	that the cash account equals Accounts Receivable

	3.	The normal balance of the income summary account is

		a.	debit
		b.	credit
		c.	$100.00
		d.	none of the above

	4.	After adjusting entries are recorded in the general journal they are posted to

		a.	the income statement
		b.	the general ledger accounts
		c.	the Internet
		d.	the trial balance