When a work sheet is prepared
A) closing entries need not be entered into the journal.
B) a trial balance need not be prepared.
C) adjusting entries need not be entered into the journal.
D) financial statements need not be prepared.
B
You might also like to view...
If a department that applies process costing starts the reporting period with 50,000 physical units that were 25% complete with respect to direct materials and 40% complete with respect to direct labor, it must add 12,500 equivalent units of direct materials and 20,000 equivalent units of direct labor to complete them.
Answer the following statement true (T) or false (F)
JIT brings about competitive advantage by faster response to the customer regardless of cost
Indicate whether the statement is true or false
An organization purchases SAP's ERP system. After customizing the system and training employees, the organization shuts down the old system and implements the new one across all business processes. This is an example of ________ installation
A) parallel B) plunge C) pilot D) phased
Richard is a key employee of Winn Corporation. The corporation provides Richard with $120,000 of group-term life insurance coverage. Only company executives receive life insurance coverage. The premium attributable to the coverage is $1,600. The uniform one-month group-term premium is one dollar per $1,000 of coverage. How much must Richard include in income due to the policy?
A) $0 B) $840 C) $1,440 D) $1,600