61) The Sarbanes-Oxley Act:
A) requires a minimum cash balance.
B) does not allow adjusting entries.
C) states the need to have accurate financial reports.
D) does not allow the use of a worksheet.
62) The worksheet is a formal financial statement.
63) Adjustments are necessary to update account balances for internal transactions.
64) An important function of the worksheet is for the accountant to find and correct errors before the financial statements are prepared.
65) The accounts added below the trial balance, on the worksheet, are always decreasing.
66) Original cost of equipment is adjusted on the worksheet.
67) Accumulated Depreciation is a contra-asset account found on the income statement.
68) The amount of supplies used during the period would be shown in the adjustment columns of the worksheet.
69) When an asset expires or is used up, it becomes an liability.
70) If an adjustment to Supplies is not made, the balance in the Supplies account will be too low.