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Accounting Discussion Questions Chapter 4

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Question;Question 1: Explain fully the purpose of a worksheet. (What is it? How does it work? Who sees it? How does it help the accountant?)Question 2: Describe the purpose of the Income Summary account and identify the types of summary data that may be posted to this account.Question 3: What is the purpose and what is the content of a post-closing trial balance?Question 4: How do correcting entries differ from adjusting entries?Question 5: Identify and define the four classifications of Assets that a company might show on a Balance Sheet.

 

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