Blog

The worksheet is a required financial statement.

Assets that last longer than a year are called fixed assets.

Permanent accounts, or those that will carry over to the next fiscal year include which of the following:

Which of the following best describes how to find book value:

Preparing the Post-Closing Trial Balance is the last step of the Accounting Cycle.

Which of the fixed asset accounts listed below will not have a related Accumulated Depreciation account?

The financial statements have to be prepared in the following order: Income Statement, Statement of Owner’s Equity, Balance Sheet.

The last step of the Accounting Cycle is to prepare the financial statements.

Accrual accounting is the type of accounting where revenues and expenses are recorded when they happen, not when cash is received.

The Adjusting journal entries need to be done before the financial statements can be prepared.