Questions from College Accounting

Q: What is the purpose of workers’ compensation insurance, and who must

What is the purpose of workers’ compensation insurance, and who must pay for it?

Q: What is the ruling method of correcting an error?

What is the ruling method of correcting an error?

Q: Describe the nature of the two forms of an income statement.

Describe the nature of the two forms of an income statement.

Q: What is the correcting entry method?

What is the correcting entry method?

Q: Name and describe the calculation of two measures that provide an indication

Name and describe the calculation of two measures that provide an indication of a business’s ability to pay current obligations.

Q: Describe how to calculate the following ratios: (a)

Describe how to calculate the following ratios: (a) Return on owner’s equity (b) Accounts receivable turnover (c) Inventory turnover

Q: Where is the information obtained that is needed in journalizing the closing

Where is the information obtained that is needed in journalizing the closing entries?

Q: What is the purpose of a post-closing trial balance?

What is the purpose of a post-closing trial balance?

Q: What is the customary date for reversing entries?

What is the customary date for reversing entries?

Q: What adjusting entries should be reversed?

What adjusting entries should be reversed?