Sat Apr 20 3:34 PM QUESTION 13 4 points Save Answer The two goals for completing the closing process are O To identify accounts for closing and record the cdlosing entries O To journalize and post transactions O To post transactions and prepare post-closing trial balance O To reset revenues, expenses, and withdrawal account balances to zero at the end of each period, and help summarize an accounting period's revenues and expenses. QUESTION 14 4 points Save Answer Fill in the Blank: The describes a company's financial position -by the types and amounts of assets, liabilities, and equity- at a point in time. 4 points Save Answer QUESTION 15 Return on Assets is useful in evaluating management, analyzing and forecasting profits, and planning activities. O True O False 334 PM Sat Apr 20 98%- QUESTION 16 4 points Save Answer The Income Statement: O Identfies cash inflows (eccipty) and cash outfows (payments) over O Summarize adjusted ledger accounts and amounts O Describes a company's revenues and expenses along with the period-of-time. resulting net income or net loss- over a period-of-time due to earnings activities Resets revenues, expenses, and withdrawal account balances to zero at the end of each period. QUESTION 17 4 points Save Answer An internal control system consists of the policies and procedures used to: O Protect assets and Ensure reliable accounting O Urge adherence to company policies and Promote efficient operations O All of the above O None of the above. 4 points Save Answer QUESTION 18 The cost-benefit principle is the second limitation of O Bank reconciliations O Petty cash controls O Voucher system of controls O Internal controls Click Save and Submit to save and submit. Click Save All Answers to save all answers. 3:35 PM Sat Apr 20 QUESTION 19 4 points Save Answer The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $750. The Adjustments columns shows a credit of $425 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is O $325 debit O $325 credit O $425 debit O $425 credit 4 points QUESTION 20 Save Answer A company shows a $600 balance in Prepaid Rent in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired rent of $200. This adjusting entry results in: O$200 decrease to net income O$200 increase to net income O $200 different between the debit and credit columns of the Unadjusted Trial Balance O An error in the Balance Sheet 10 pointsSave