71. The work sheet and the financial statements both require dollar signs.
72. The balance in the retained earnings account on the work sheet will equal the amount presented in the balance sheet.
73. Since the adjustments are entered on the work sheet, it is not necessary to record them in the journal or post them to the ledger.
74. The chart of accounts, the journal, and the ledger are essential parts of the accounting system.
75. What is the major difference between the unadjusted trial balance and the adjusted trial balance?
A. The adjusted trial balance will show the net income (loss) as an additional account.
B. Both will need to be in balance in order to continue with the end-of-period processing.
C. The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts.
D. The unadjusted trial balance will be used to record the adjustments for the period.
76. Once the adjusting entries are posted, the adjusted trial balance is prepared to
A. verify that the debits and credits are in balance
B. verify that all of the adjustments were posted in the correct accounts
C. verify that the net income (loss) is correct for the period
D. verify the correct flow of accounts into the financial statements
77. When preparing the retained earnings statement, the beginning retained earnings balance can always be found
A. in the Income Statement columns of the work sheet
B. in the statement of cash flows
C. in the general ledger
D. in the Adjustments columns of the work sheet
78. Accumulated depreciation appears on the
A. balance sheet in the current assets section
B. balance sheet in the property, plant and equipment section
C. balance sheet in the long-term liabilities section
D. income statement as an operating expense
79. Notes receivable due in 350 days appear on the
A. balance sheet in the current assets section
B. balance sheet in the fixed assets section
C. balance sheet in the current liabilities section
D. income statement as an expense
80. Unearned Fees appear on the
A. balance sheet in the current assets section
B. balance sheet as a current liability
C. balance sheet in the stockholders’ equity section
D. income statement as revenue