1. The type of account and normal balance of Accumulated Depreciation are a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit 2. Net income for Susan's Treasures is $25, 000 for the current year. The owner withdrew $2,000 per month for personal living expenses. The owner's Capital account will show a net a) decrease of $1,000 b) increase of $49,000 c) decrease of $24,000 d) increase of $1,000 e) increase of $25,000 3. Which of the following are all temporary accounts? a) liabilities, revenue, and expenses b) revenue, liabilities, and the owner's drawing c) assets, liabilities, and owner's drawings d) revenue, expenses, and the owner's drawing e) liabilities and assets 4. The last step in the closing procedure closes a) the income summary account b) the capital account c) the drawing account d) the expense accounts e) all liability accounts 5. The Cash account is a) closed to the owner's Capital account b) closed to the owner's drawing account c) shown on the balance sheet as a liability d) show on the income statement e) not closed

6. Assume a company has a net income that exceeds the owner's drawing for the current year. The owner's Capital account a) will have a zero balance after the closing entries are complete b) will increase c)will decrease d) will reamain the same as the beginnning balance e) it is impossible to tell with the information provided

7. An accountant wanting to know the balance of a particular account would refer to the a) ledger b) cart of accounts c) book of original entry d) source document e) journal

8. The owner's Capital account is found on the a) trial blance credit column and income statement debit column of a work sheet b) trial balance credit column, adjusted trial balance credit column, and blance sheet credit column of a worksheet c) trial balance credit column, adjusted credit column, adjusted trial balance dredit column, and the balance sheet credit column of a work sheet d) trial balance debit column, adjustements debit column, adjusted trial balance credit column, and the income statement credit column of a work sheet. e) blance sheet debit column and nowhere else