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| 1 | |
Define and give one example for each of the following: (1) deferred revenues, (2) deferred expenses, (3) accrued revenues, and (4) accrued expenses.
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| 2 | |
Describe the accounting activities (journal entries) for adjusting the accounts that take place at the end of the accounting cycle.
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| 3 | |
Explain why adjusting entries are necessary when using accrual-basis accounting.
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| 4 | |
Describe the accounting activities (journal entries) for closing the accounts that take place at the end of the accounting cycle.
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| 5 | |
What are permanent accounts and temporary accounts?
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| 6 | |
Describe the purpose of preparing a post-closing trial balance.
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