Question: Develop brief answer to each of the following questions: 1. Why is the accounting cycle called a cycle? 2. Could closing entries be made without

Develop brief answer to each of the following questions:

1. Why is the accounting cycle called a “cycle”?

2. Could closing entries be made without using the Income Summary account?

3. Why does the post-closing trial balance contain only balance sheet accounts?


Step by Step Solution

★★★★★

3.29 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 It is so called because its steps are repeated each acco... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

95-B-A-A-C (877).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

a-2. Show the calculation of remeasurement loss, 2024. b-1. Prepare the translation of Kangaroo Limited AUD balances into USD for December 31, 2024. b-2. Show the calculation of cumulative...

Q:

Could closing entries be made without using the Income Summary account?

Q:

Develop a brief answer to each of the following questions: 1. Nate Livio, a star college basketball player, received a contract from the Eastern Blazers to play professional basketball. The contract...

Q:

Develop a brief answer to each of the following questions: 1. Nimish Banks, a star college basketball player, received a contract from the Midwest Blazers to play professional basketball. The...

Q:

PART I MULTIPLE CHOICE (36 points) Instructions: Designate the best answer for each of the following questions. ____ 1. When a customer returns merchandise purchased on credit, the a. customer should...

Q:

ACCT 612 FINAL EXAM SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) Which of the following best describes the test data approach? A) Auditors process...

Q:

need help with 4 and 6. please. 210 Chapter 4 Completing the Accounting Cycle post the closing entries. The retained earnings account is "33 and the ount is 34 in the ledger of PS Music. Indicate...

Q:

Problem A/Matching Questions (I point each) Match the following definitions and terms by placing the letter that identifies the best term in the blank space next to the definition. A. Permanent...

Q:

Please see the attached items. I need help completing. ACCT 612 FINAL EXAM SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) Which of the following best...

Q:

Financial Statement analysis - Homework case number 4. Accounting for Software Revenue Recognition Is Computer Associates Being Too Aggressive? Annual Revenues at Computer Associates (CA) dropped...

Q:

Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and...

Q:

The concentration C(t),in milligrams per cubic centimeter, of a particular drug in a patient's bloodstream is given by where t is the number of hours after the drug is taken. How many hours after the...

Q:

Why are most of the compressed liquid or solid regions not included in the printed tables?

Q:

Find f ' ( x ) . f ( x ) = l n x 2 2 + x f ' ( x ) = ( T y p e a n exact answer. )

Q:

x-5 y-7 z+2 x+3_y-3 z-6 35. The point of intersection of the lines= and =- is (a,B,Y) then 4 -36 a- (B+Y) = x+3 y+7 z-6 and 1 x-3 y-8 z-3 36. T shortest distance between the lines 3 is 3k then -1 -3...

Q:

3. The figure below shows how a stream of water emerging from a faucet necks down" as it falls. The cross sectional area A, is 1.2 cm and that of A, is 0.35 cm. The two levels are separated by a...

Q:

71. Which of the following plots are correct for potential energy of butane as a function about C, -C, bond? E E 6 120 180 240 300 360 -180 -120 6 60 120 18 1) 2) E 120 180 240 300 360 3) 4) All...

Q:

Which of the following are correct for metamers 1) Secondary amines shows metamerism 2) Metamers having same functional group 3) Secondary amides shows metamerism 4) All are correct Number of primary...

Q:

A full sectional front view of each assembly on separate sheets or sheet sides (you are allowed to use both sides) (b) Add a projection symbol, part list, title and part numbers (these will always...

Q:

explain the division of labour and specialisation

Q:

James Williams, a star college basketball player, received a contract from the Midwest Blazers to play professional basketball. The contract calls for a salary of $420,000 a year for four years,...

Q:

When would a commitment be recognized in the accounting records?

Q:

Do adjusting entries involving estimated liabilities and accruals ever affect cash flows?

Q:

The following reaction is assumed to take place in a membrane reactor: A B + 2C Pure A enters the reactor and B diffuses through the membrane. Unfortunately, some of the reactant A also diffuses...

Q:

can anyone solve this? @(a) Five distinct integers are to be chosen from the set {1, 2, 3, 4, 5, 6, 7, 8} and placed in some order in the top row of boxes in the diagram. Each box that is not in the...

Q:

Assume that the heights of American men are normally distributed with a mean of 68.0 inches and a standard deviation of 2.4 inches. The U.S. Marine Corps requires that men have heights between 63 and...