All of the following are true regarding unearned revenues except: ()
A. They are payments received in advance of services performed.
B. The adjusting entry for unearned revenues increases assets and increases revenues.
C. They are liabilities.
D. As they are earned, they become revenues.
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Which of the following statements is incorrect? ()
A. Permanent accounts is another name for nominal accounts.
B. Temporary accounts carry a zero balance at the beginning of each accounting period.
C. The closing process applies only to temporary accounts.
D. Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.
The purchases journal is used for recording: ()
A. Cash purchases.
B. Cash sales.
Credit purchases.
D. Credit sales.
A subsidiary ledger that contains a separate account for each supplier () to the company is a(): ()
A. Controlling account.
B. Accounts receivable ledger.
C. Accounts payable ledger.
D. General ledger.
The Accounts Payable account in the general ledger is: ()
A. Part of a subsidiary ledger.
B. The account that controls the purchases journal.
C. The subsidiary account to the purchases journal.
D. A controlling account for the subsidiary accounts payable ledger.
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