1) The primary purpose of closing entries is to: A) Prove the equality of the debit and credit entries in the general journal B) Ensure that all assets and liabilities are recognized in the appropriate period. C) Update the balance of Retained Earnings and prepare revenue, expense, and dividend accounts for next period's transactions. D) Assure that adjusting entries balance. 12). Every journal entry: a) must debit at least one account and credit at least one account. b) affects both an income statement account and a balance sheet account c) must increase at least one account and decrease at least one account d) is recorded in either the journal or the ledger. 13. The International Accounting Standards Board is responsible for establishing: a) International Financial Reporting Standards. b) U.S. Generally Accepted Accounting Principles. c) an international Securities and Exchange Commission. d) the code of professional conduct for accountants. 14. All of the following are expenses EXCEPT for: a) Depreciation Expense. b) Salary Expense. c) Cost of goods sold d) Dividends. 15. Revenues are: a) increases in retained earnings resulting from delivering goods or services to customers, b) decreases in assets resulting from delivering goods or services to customers. c) decreases in retained earnings resulting from delivering goods or services to customers. d) increases in liabilities resulting from delivering goods or services to customers. 16. At December 31, the NBC Company owes an employee for four days of work that will not be paid until January 5th. The weekly rate of pay for a five-day workweek is $500. The adjusting entry to record the accrued wages on December 31 will include a: 500 400 A) Salaries Expense Cash no IC 500 Salaries Expense Cash 500 400 B) Salaries Expense Salaries Payable Salaries Expense Salaries Payable 500 HOME COS SIN VAR-LINK OOOOOOO OOOOOOO Date MATH M MENN 6 5 st