1) How are leasehold improvements classified in a classified balance sheet. Choose one. A) Long terms assets. B) They are not classified. C) Current assets.

2) Which of the following account for the difference between the adjusted trial balance and the post closing trial balance? Choose two. A) Permanent accounts are excluded. B) The retained earnings account is closed out. C) The retained earnings account is properly updated. D) Temporary accounts are excluded.

3) Which of the following are prepared from the worksheet? Choose three. A) Statement of retained earnings. B) Income statement C) Balance sheet D) Bank statement E) Trial balance

4) Put the headings in the order in which they are normally found in a worksheet. A) Trial balance B) Adjustments C) Income statement D) Statement of retained earnings E) Adjusted trial balance F) Balance sheet

Can you explain the answers.