1) Which of the following statements is true regarding the classified balance sheet? Choose one.

A) Current liabilities include accounts payable, salaries payable, and notes receivable.

B) Stockholders equity is subdivided into current and long term categories.

C) Plant, property, and equipment is one category of long term assets.

D) Current assets include cash, accounts receivable, and equipment.

2) True or False. The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns.

3)Net income for a period does not appear in which of the following. Choose one. A) Income statement debit column of the worksheet B) Statement of retained earnings C) Statement of retained earnings credit column of the worksheet. D) Balance sheet

4) True or False. If a net loss occurs, it appears in the Income Statement credit column and Statement of retained earnings debit column.