21. The post-closing trial balance only contains Statement of Financial Position account balances.
22. The purpose of the post-closing trial balances is to prove the equality of the Statement of Financial Position.
23. The order of the accounts in the post-closing trial balance is the same order as the accounts appearing in the Statement of Financial Position.
24. The preparation of a Statement of Financial Position is a required step in the accounting cycle.
25. Step number 6 in the accounting cycle includes preparation of the Statement of Financial Position.
26. A business entity has only one accounting cycle over its economic existence.
27. Both correcting entries and adjusting entries always affect at least one statement of financial position account and one income statement account.
28. Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.
29. An incorrect debit to Accounts Receivable instead of the correct account Notes Receivable does not require a correcting entry because total assets will not be misstated.
30. Correcting entries will never affect statement of financial position accounts.