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.
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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
Which of the following accounts is not a current asset ()
A. Land
B. Inventory
C. Prepaid Accounts
D. Accounts receivable
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