The trial balance does help find some errors but it will not identify errors resulting from transactions that have not
been posted or transactions that were posted twice.
Correct Answer:
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Q11: The accounting cycle followed each period by
Q12: Special journals are used to divide accounting
Q13: The general journal has all journal entry
Q14: The purpose of closing entries is to
Q15: Deferrals are transactions, events, or arrangements in
Q17: An advantage of using the general journal
Q18: In order to prepare the financial statements,
Q19: Companies create subsidiary ledgers to divide accounting
Q20: Although optional, a reversing entry is usually
Q21: Which of the following is not a
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