1. The assets that can be converted into cash within a short period (i.e 1 year or less) are known as 2. The book that contains every transaction that has occurred in a business and is recorded in chronological order is called a 3. Accounts whose balances are not carried over from one accounting period to another are called 4. Sale of goods to Mr. John is wrongly debited to Mr Alex A/c (debtor) instead of John A/c (debtor), this is an example of error of_ 5. An unearned income adjusting entry affects_ 6. Which account would not be closed to the income summary account at the end of an accounting period? Accumulated depreciation or depreciation expense? 7. The statement showing the financial status of the company at any given time is called 8. The inventory method that will always produce the same amount for cost of goods sold in a periodic inventory system as in a perpetual inventory system would be 9. If transaction is totally omitted from the books, it is called error of 10. Give 5 examples of Norminal account