Question

Which of the following procedures would be classified as a closing procedure? (Several choices may be...

Which of the following procedures would be classified as a closing procedure? (Several choices may be correct.)

Calculating depreciation on machinery

Accruing for interest earned but not yet recorded

Recording payment of a supplier’s invoice

Adjusting the prepaid insurance account for insurance coverage used

Recording cash received for sale of merchandise

Business   Accounting   
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Answer #1
  • Calculating depreciation on machinery( while closing of balance sheet for every period we calculate depreciation value on the fixed assets by using different depreciation methods )
  • Accruing for interest earned but not yet recorded ( according to accrual concept as interest earned but not received or recorded then it should be shown as revenue item in income statement and in balance sheet post it as accrued interest
  • Adjusting the prepaid insurance account for insurance coverage used ( whatever the insurance coverage used as if insurance paid in advance, then we must show this adjusting transaction in both income statement and balance sheet )
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