17. At the end of the accounting period:

a)all accounts are closed.

b)temporary accounts are closed; permanent accounts are not.

c)permanent accounts are closed; temporary accounts are not.

d)only accounts with a credit balance are closed.

19. What is the main goal of GAAP?

a)To help ensure that financial decisions are made in a professional and ethical manner.

b)To establish standards that help to prevent and detect fraudulent acts by management.

c)To ensure that the financial information produced by companies is useful to existing and potential investors and other parties in decision making.

d)To oversee the stock exchanges and financial reporting by public companies in the United States.

21. A net loss will result when:

a)assets are greater than liabilities.

b)revenues are less than expenses.

c)revenues are greater than expenses.

d)cash paid is less than cash received.