1 Permanent accounts are assets,and liabilities accounts and are not closed.

Select one:

True

False

2 Entry to record the sale of inventory on account will include a

Select one:

a. credit to Cost of Goods Sold

b. debit to Sales Revenue

c. debit to Inventory

d. debit to Accounts Receivable

3 When a corporation pays a note payable and interest

Select one:

a. credit Notes Payable and Interest Expense

b. Interest Expense will be decreased

c. debit Cash

d. Notes Payable will be decreased

4 Which of the following is a temporary account?

Select one:

a. equity

b. Revenue

c. Assets

d. Liabilities