centralgatech.blackboard.com -FINAN. Apply Winged Eyeliner Like a QUESTION 4 The

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centralgatech.blackboard.com -FINAN. Apply Winged Eyeliner Like a QUESTION 4 The work sheet is a working paper that accountants can use to summarize adjusting entries and the account balances for the financial statements. True False QUESTION 5 All companies must use a calendar year as their fiscal year False QUESTION 6 It is not necessary to post the closing entries to the general ledger. True False QUESTION 7 Real accounts are not permanent accounts. True False QUESTION 8 Assets, liabilities, and owner's capital are real accounts and do not get closed at the end of the period. True

Explanation / Answer

4.True, the worksheet is not considered as a part of the formal accounting records. its just a tool to help prepare the trial balance and adjusting entries.

5. False. the companies can choose any period other than calander year as fiscal year. any 12 month accounting period adopted by the company is known as fiscal year.

6. false, it is necessary to post the closing entries to general ledger.

7. false, real accounts are balance sheet accounts , they are also known as permanent accounts.They do not get closed at the end of the period.

8. True. they are permanent accounts and they are not closed at the end of the period.

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