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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A credit is used to record: ()
An increase in an expense account.
B. A decrease in an asset account.
C. A decrease in an unearned revenue account.
D. A decrease in a revenue account.
Of the following accounts, the one that normally has a credit balance is: ()
A. Cash.
B. Office Equipment.
C. Wages Payable.
D. Owner, Withdrawals.
Accrued revenues: ()
At the end of one accounting period often result in cash receipts from customers in the next period.
B. At the end of one accounting period often result in cash payments in the next period.
C. Are also called unearned revenues.
D. Are listed on the balance sheet as liabilities.
A classified balance sheet: ()
A. Measures a company's ability to pay its bills on time.
B. Reports operating, investing, and financing activities.
C. Presents revenues, expenses, and net income.
D. Organizes assets and liabilities into important subgroups.
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