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Louisiana State University, Shreveport ACCT 701 Chapter 5 Self-Test TRUE/FALSE QUESTIONS 1)At the end of the accounting period, three trial balances are prepared

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Louisiana State University, Shreveport

ACCT 701

Chapter 5 Self-Test

TRUE/FALSE QUESTIONS

1)At the end of the accounting period, three trial balances are prepared.

2. The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns.
3. If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column.
4. After the closing process is complete, no balance can exist in any revenue, expense, Dividends, or Income Summary account.
5. The post-closing trial balance may contain revenue and expense accounts.
6. All accounting systems currently in use are computerized.