READING VERIFICATION FORM - CHAPTER 2
Spiceland and Sepe
 1. What is the difference between real (permanent) and nominal (temporary) accounts?
 
 

 
 
 
 
 
 
 
 

2. What is the difference between prepayments and accruals? Give an example of each.
 
 
 
 

 
 
 
 
 
 

3. What is the purpose of adjusting entries? What type(s) of adjusting entries are usually reversed?
 
 
 
 

 
 
 
 
 
 
 

4. Which accounts would be listed on an adjusted trial balance but not on a postclosing trial balance?
 
 
 
 
 
 
 
 

 

 

This page is maintained by Dr. Susan Lynn. It was last updated on January 31, 2000.