1. All of the following accounts must be closed at the end of the accounting period except:

		A) Utilities Expense
		B) Unearned (deferred) revenue
		C) Dividends
		D) Service Revenue

2).

Entity F has current assets of $1,600,000 and current liabilities of $750,000. If the company pays a $200,000 account payable what will its new current ratio be? (rounded)

		A) 1.89:1
		B) 2.91:1
		C) 2.55:1
		D) 1.87:1

3) Entity E purchased land for a warehouse several years ago for $3 million. Although a recent appraisal suggests a market value for the land of $7 million, the financial statements reflect a value of $3 million. This is an example of:

		Consistency
		Comparability
		Historical cost
		Full disclosure