Question 1) What are the components of the chart of accounts?
Question 2) What is the purpose of the numbering structure on a chart of accounts?
Question 3) Why is the structure of the chart of accounts important?
Question 4) Is the chart of accounts the same for every organization? Explain your answer.
Question 5) When is the trial balance prepared?
Question 6) What is the purpose of preparing a trial balance?
Question 7) What does the trial balance tell you?
Question 8) What does the trial balance not tell you?
Question 9) What accounting assumptions necessitate the use of adjusting entries?
Question 10) What are the differences between prepaids and accruals?
Question 11) What are the different journal entries associated with booking prepaid insurance and unrecorded insurance?
Question 12) What accounts are subject to adjusting journal entries?