The Adjustments Entered in the Adjustments Columns of a Worksheet

question 228

Multiple Choice

The adjustments entered in the adjustments columns of a worksheet are

• A) not journalized.
• B) posted to the ledger but not journalized.
• C) not journalized until after the financial statements are prepared.
• D) journalized before the worksheet is completed.

Distinguish between permanent and temporary accounts.

Recognize the expense recognition principle for natural resources.

Understand the concept and accounting treatment of goodwill.

Familiarize with the depletion method used for natural resources.

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