1 Nominal accounts are assets,and liabilities accounts and are periodically closed.

Select one:

True

False

2 Accrued expenses before adjusting entries can best be described as an amount

Select one:

a. paid and reported on the balance sheet

b. not paid and not reported on the Statement of financial position

c. not paid and reported on the Statement of financial position

d. paid and reported on the income statement

3 When should an expenditure be recorded as an asset rather than an expense?

Select one:

a. when future benefit exists

b. If the amount above some amount

c. all the time

d. Never

4 The expectations gap is"what the Public thinks accountants should be doing and what accountants think they can do"

Select one:

True

False