11. Why are adjusting entries necessary in an accrual accounting system? What are some common examples? 12. What effect does the recording of revenue normally have on total assets? 13. What effect...

11. Why are adjusting entries necessary in an accrual accounting system? What are some common examples?

12. What effect does the recording of revenue normally have on total assets?

13. What effect does providing services on account have on the statement of cash flows? The balance sheet?

14. Describe the purpose of the closing process.

15. Describe the difference between temporary and permanent accounts, and state which ones are closed.