191.Which one of the following statements concerning the accounting cycle is
incorrect?
a.The accounting cycle includes journalizing transactions and posting to ledger accounts.
b.The accounting cycle includes only one optional step.
c.The steps in the accounting cycle are performed in sequence.
d.The steps in the accounting cycle are repeated in each accounting period.
192.Correcting entries are made
a.at the beginning of an accounting period.
b.at the end of an accounting period.
c.whenever an error is discovered.
d.after closing entries.
193.On September 23, Riley Company received a $350 check from Jack Colaw for services to be performed in the future. The bookkeeper for Riley Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should
a.debit Cash $350 and credit Unearned Service Revenue $350.
b.debit Accounts Receivable $350 and credit Unearned Service Revenue $350.
c.debit Accounts Receivable $350 and credit Cash $350.
d.debit Accounts Receivable $350 and credit Service Revenue $350.
194.All of the following are equity accounts
except
a.Retained Earnings.
b.Share Capital.
c.Investment in Share.
d.Dividends.
195.Current liabilities
a.are obligations that the company is to pay within the forthcoming year.
b.are listed in the statement of financial position in order of their expected maturity.
c.are listed in the statement of financial position starting with accounts payable.
d.should not include long-term debt that is expected to be paid within the next year.
a196.The use of reversing entries
a.is a required step in the accounting cycle.
b.changes the amounts reported in the financial statements.
c.simplifies the recording of subsequent transactions.
d.is required for all adjusting entries.