财务会计英语 习及答案ch04.docVIP

CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE  Chapter 4—Completing the Accounting Cycle TRUE/FALSE 1. After analyzing transactions, the next step would be to post the transactions in the ledger. ANS: F DIF: 1 OBJ: 01 2. The most important output of the accounting cycle is the financial statements. ANS: T DIF: 2 OBJ: 01 3. The work sheet is not considered a part of the formal accounting records. ANS: T DIF: 2 OBJ: 02 4. The work sheet is a working paper that accountants can use to summarize adjusting entries and the account balances for the financial statements.