111.A post-closing trial balance will show
a.zero balances for all accounts.
b.zero balances for statement of financial position accounts.
c.only statement of financial position accounts.
d.only income statement accounts.
112.The purpose of the post-closing trial balance is to
a.prove that no mistakes were made.
b.prove the equality of the statement of financial position account balances that are carried forward into the next accounting period.
c.prove the equality of the income statement account balances that are carried forward into the next accounting period.
d.list all the statement of financial position accounts in alphabetical order for easy reference.
113.The balances that appear on the post-closing trial balance will match the
a.income statement account balances after adjustments.
b.statement of financial position account balances after closing entries.
c.income statement account balances after closing entries.
d.statement of financial position account balances after adjustments.
114.Which account listed below would be double ruled in the ledger as part of the closing process?
a.Cash
b.Retained Earnings
c.Dividends
d.Accumulated Depreciation
115.A double rule applied to accounts in the ledger during the closing process implies that
a.the account is an income statement account.
b.the account is a statement of financial position account.
c.the account balance is not zero.
d.a mistake has been made, since double ruling is prescribed.
116.The heading for a post-closing trial balance has a date line that is similar to the one found on
a.a statement of financial position.
b.an income statement.
c.a retained earnings statement.
d.a worksheet.
117.Which account balance will change between the adjusted trial balance and the post-closing trial balance?
a.Retained Earnings
b.Share Capital-Ordinary
c.Interest Payable
d.Accumulated Depreciation
118.Which one of the following is usually prepared only at the end of a company's annual accounting period?
a.Preparing financial statements
b.Journalizing and posting adjusting entries
c.Journalizing and posting closing entries
d.Preparing an adjusted trial balance
119.The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is
a.analyzing transactions.
b.journalizing and posting adjusting entries.
c.preparing a post-closing trial balance.
d.posting to ledger accounts.
120.Which one of the following is an optional step in the accounting cycle of a business enterprise?
a.Analyze business transactions
b.Prepare a worksheet
c.Prepare a trial balance
d.Post to the ledger accounts