.’Il Sprint令 1:47 AM 34% i CHAPTER S General Accounting and End-of-Period Procedures 307 END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 1. You record the amount of supplies on hand as the amount of the adjusting entry for supplies used 2. Once a report has been customized, it may be accessed in Accountant Reports 3. Add tional investments made by an owner may becast, or noncash 4. An owner’s withdrawal is recorded as a payroll expense 5. Accrual-basis accounting matches the income from the period and the expenses for the ー_ period in order to determine the net income or net loss for the period 6. Depreciation is recorded for the decrease in value of a fixed asset 7. A Statement of Cash Flows organzes information regarding cash activities and projects the amount of cash at the end of a period -8. ABalance Sheet is prepared to prove the equalty of debts and onda 9. You cannot recoed an automatic loan payment when you reconcile a bank statement 10. A Reconclilation Report prints the last two bank reconoiliation reports automatically MULTIPLE CHOICE CT ANSWER IN THE SPACE PROVOED WRITE THE LETTER OF THE CO QUESTION NUMBER The report that proves Assets-ueltes . Ownery Equity sho A Trial Balanoe B. Income Statement C Profit &Loss Report D. Balance Sheet 1. 2. Iifthe adjusting entry to transfer Net Income and Retained Earmings into the owners tal acont is prior to the end of Pe year the Balance Seer A. Retained Eamings B. Net Income C Both Net Income and Retained Eamings ransferred into capital
