1. Which of the following accounts will be closed by debiting the Income Summary account?

	A.	Owner, Capital
	B.	Service Revenue
	C.	Accounts Receivable
	D.	Salaries Expense

2.

Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a worksheet?

A.

The owner's capital account decreased during the period.

B.

An error was made.

C.

The company made a net profit.

D.

The company incurred a net loss.

3.

When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold?

A.

weighted-average

B.

last-in, first-out

C.

specific identification

D.

first-in, first-out

4.

Which of the following inventory costing methods uses the costs of the oldest purchases to calculate the value of the ending inventory?

A.

weighted-average

B.

last-in, first-out

C.

specific identification

D.

first-in, first-out

5.

Notes Payable due within two years are classified as ________.

	A.	long-term assets
	B.	current assets
	C.	long-term liabilities
	D.	current liabilities