1) Accrued expenses are what?

Group of answer choices

Expenses for which there is no record

Expenses that a business has paid but hasn't received goods or services for

Expenses that a business has but hasn't paid

Expenses that are irregular

2)A company pays for insurance a year in advance. This must be taken into account in a later period. What is this called?

Group of answer choices

Accounts receivable aging report

Receiving report

Deferral

Accrual

3)A straight-line depreciation method makes it so a fixed amount is depreciated each month for a fixed asset. This is an example of an ___________.

Group of answer choices

Adjustment

Receiving report

Accounts receivable aging report

Accounts payable aging report

4)For some _______ businesses, it may not be as critical to formally close the books at the end of the year.

Group of answer choices

Nonprofit

Medium

Small

Large

5)Which of the following might be less likely to be considered during the year-end closing process?

Group of answer choices

Taxes

Depreciation expenses

Upcoming purchases

Payroll

6)In QuickBooks, for instance, "reports menu - accountant and taxes" can be used to look at the ____________.

Group of answer choices

Invoices and inventory

Depreciation of goods or services

Accounts and reports

Wages and benefits

7)Which of the following isn't a step in closing the books?

Group of answer choices

Wrapping up payroll

Closing the balance sheet

Closing temporary accounts

Making sure accounts payable are correct

8)During the closing process, these accounts do not get closed out because they are permanent accounts.

Group of answer choices

Balance sheet

Accounts payable

Income sheet

Bad debts

9)One of the primary financial documents. It provides a snapshot of the company's financial status at a given moment in time.

Group of answer choices

Statement of cash flow

Accounts receivable aging report

Balance sheet

Income statement

10)The __________ can also reveal information about seasonal changes.

Group of answer choices

Statement of cash flow

Expenses by vendor report

Income statement

Balance sheet

11)This report shows changes in cash and breaks it down for operating activities, investing activities (such as the purchase of equipment), and any financing activities (such as repurchasing shares).

Group of answer choices

Income statement

Balance sheet

Expenses by vendor report

Statement of cash flow

12)Which of the following is a common financial statement?

Group of answer choices

Purchase order

Income statement

Accounts receivable aging report

Expenses by vendor report

13)Businesses set their _________ based on their financial reports.

Group of answer choices

Inventory

Budgets

Invoices

Taxes

14)This is money that a company is owed by customers or debtors.

Group of answer choices

Invoices

Accounts receivable

Accounts payable

Receiving report