The principles of internal control include: establish responsibilities, maintain adequate records, insure assets, separate recordkeeping from custody of assets, and perform regular and independent reviews. ()
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The income statement reports all of the following except ()
A. Revenues earned by a business.
B. Expenses incurred by a business.
C. Assets owned by a business.
D. Net income or loss earned by a business.
Assets, liabilities, and equity accounts are not closed; these accounts are called()
A. Nominal accounts.
B. Temporary accounts.
C. Permanent accounts.
D. Contra accounts.
An adjusting entry could be made for each of the following except: ()
A. Prepaid expenses.
B. Depreciation.
C. Unearned revenues.
D. Owner withdrawals.
Which of the following accounts is not an asset ()
A. Cash
B. Accounts Payable
C. Prepaid Accounts
D. Land
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