An example of a investing activity is: ()
A. Buying office supplies.
B. Obtaining a long-term loan.
C. Buying office equipment.
D. Selling inventory.
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Double-entry accounting is an accounting system: ()
A. That records each transaction twice.
B. That records the effects of transactions and other events in at least two accounts with equal debits and credits.
C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.
D. That may only be used if T-accounts are used.
All of the following are expense accounts except: ()
A. Rent expense.
B. Prepaid Insurance.
C. Supplies expense.
Depreciation expense.
Which of the following does not require an adjusting entry at year-end? ()
Accrued interest on notes payable.
B. Supplies used during the period.
Cash invested by owner.
D. Accrued wages.
When closing entries are made: ()
All ledger accounts are closed to start the new accounting period.
B. All permanent accounts are closed but not the nominal accounts.
C. All real accounts are closed but not the nominal accounts.
D. All temporary accounts are closed but not the permanent accounts.
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