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1. Davenport University ACCT 510 Chapter
4 Part 1&2
Get helpforDavenport-University ACCT510 Chapter4 Part 1&2. We provide assignment, homework,
discussions and case studies help for all subjects Davenport-University for Session 2015-2016
ACCT 510 CHAPTER 4PART1
CHAPTER STUDY OBJECTIVES
1. Prepare a worksheet.
2. Explainthe processof closingthe books.
3. Describe the contentandpurpose of a post-closingtrial balance.
4. State the requiredstepsinthe accountingcycle.
5. Explainthe approachestopreparingcorrectingentries.
4 - 4 Test Bankfor AccountingPrinciples,EighthEdition

2. 6. Identifythe sectionsof aclassifiedbalance sheet.
7. Prepare reversingentries.
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ACCT 510 CHAPTER 4TRUE-FALSE STATEMENTS PART2
1. A worksheetisamandatoryform that mustbe preparedalongwithanincome statement
and balance sheet.
2. If a worksheetisused,financial statementscanbe preparedbeforeadjustingentriesare
journalized.
3. If total creditsinthe income statementcolumnsof aworksheetexceedtotal debits,the
enterprise hasnetincome.
4. It is notnecessaryto prepare formal financial statementsif aworksheethasbeen
preparedbecause financial positionandnetincome are shownonthe worksheet.

3. 5. The adjustmentsonaworksheetcanbe posteddirectlytothe accountsin the ledgerfrom
the worksheet.
6. The adjustedtrial balance columnsof aworksheetare obtainedbysubtractingthe
adjustmentcolumnsfromthe trial balance columns.
7. The balance of the depreciationexpense accountwill appearinthe income statement
debitcolumnof a worksheet.
8. Closingentriesare unnecessaryif the businessplanstocontinue operatinginthe future
and issue financial statementseachyear.
9. The owner'sdrawingaccountisclosedto the Income Summaryaccount inorderto
properlydetermine netincome(orloss) forthe period.
10. Afterclosingentrieshave beenjournalizedandposted,all temporary accountsinthe
ledgershouldhave zerobalances.

4. 11. Closingrevenueandexpense accountstothe Income Summaryaccountisan optional
bookkeepingprocedure.
12. Closingthe drawingaccountto Capital isnotnecessaryif netincome isgreaterthan
owner'sdrawingsduringthe period.
Completingthe AccountingCycle 4– 5
13. The owner'sdrawingaccountis a permanentaccountwhose balance iscarriedforwardto
the nextaccountingperiod.
14. Closingentriesare journalizedafteradjustingentries have beenjournalized.
15. The amountsappearingonan income statementshouldagree withthe amounts
appearingonthe post-closingtrial balance.
16. The post-closingtrial balance isenteredinthe firsttwocolumnsof a worksheet.

5. 17. A business entityhasonlyone accountingcycle overitseconomicexistence.
18. The accountingcycle beginsat the start of a new accountingperiod.
19. Both correctingentriesandadjustingentriesalwaysaffectatleastone balance sheet
account and one income statementaccount.
20. Correctingentriesare made anytime anerror is discoveredeventhoughitmaynotbe at
the endof an accountingperiod.
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