18. Which of the following assets is not depreciated? A. Land B. Buildings C. Equipment D. Store fixtures 19. An account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a(n): A. Intangible asset B. Contra account C. Accrued expense D. Adjunct account 20. The total amount of depreciation recorded against an asset over the entire time the asset has been owned: A. Is referred to as accumulated depreciation. B. Is referred to as an accrued asset C. Is only recorded when the asset is disposed of D. Is referred to as depreciation expense 21. The difference between the cost of an asset and the accumulated depreciation for that asset is called A. Prepaid Depreciation B. Book value C. Depreciation expense D. Depreciation value 22. When closing entries are made: A. All permanent accounts are closed but nominal accounts are not closed. B. All balance sheet accounts are closed. C. All temporary accounts are closed but permanent accounts are not closed. D. All ledger accounts are closed to start the new accounting period. 23. Assets, liabilities, and Owner capital accounts are not closed; these accounts are called: A. Temporary accounts B. Contra accounts C. Accrued accounts D. Permanent accounts 24. The recurring 10 step process performed each reporting period in preparing financial statements, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the: A. Closing cycle B. Natural business year C. Operating cycle D. Accounting cycle

18. Which of the following assets is nof depreciated? A Land B. Bullings c. Equipment D. Store fotures 19. An account linked with another account that has en opposito normal balances and is eubtracted from the balance of the related account is a(n): A. Intanglbio essot B. Contra eccount C. Accrued expense D. Adfunct account 20. The total amount of depreciation recorded against an asset over the entiro time the esset has been owned: A. is reforred to as accumulated depreciation. B. Is roforred to as an eccrued eased C. Is only recorded when the essect is disposed of D. Is reforred to as depreclation expense 21. The diflerence between the cost of an asset and the eccumulated dopreciation for that esset is called A Prepald Depreciation B. Bookvaluo C. Depreciation expense D. Depreciation valus 22. When closing entries ere made: A. Al permanent acoounts are closed but nominal cocounts are not closed. B. Af perlances shest eccounts arv closed. C. Nitemporey accounts ars closed but permanent eccounts are not closed. D. Alledper eccounts eres closed to start the new ecoounthing period. A. Temporary eccounts B. Contra ecoounts C. Accrued ecoounts D. Permanent accounts 24. The recurring 10 step process performed each reporting perlod in preparing financlal statements, etaring with esthe: A. Closing eyclo B. Naturin businoss yoar C. Operitha cyclo D. Accounting oych 18. Which of the following essets is acs depreciated? A Land B. Billdings C. Equipment D. Storefixtures 19. An eccount linked with enother account that has an opposlto normel belance end is subtracted from the balance of the releted ecoount is a (n); A. Intanclbio asest B. Contra ecoount C. Accrued expense D. Adunct ecoount 20. The total amount of depreclation recorded eosinst an asset over the enthe time the seset has been owned: A is reloried to es eccumiloted depreciation. B. Is reloried to as an eccrued asset C. Is only recorded when tha esset is disposed of D. Is reflerred to as deprecitation expanse 21. The diflerence between the cont of an asset and the eccuminteted deprecialion for that asset is caled A. Propald Depreciation B. Bookvalus C. Depreciation expentes D. Depreciation valyo 22. When closing entiles ere mads: A. Al permanent accounts are closed but nomind eccounts are not closed. B. Al balance ched ecoounts are closed. C. Al temporary eccounts es closed but permenent ecounts are not closed. D. Alledger accounts are closed to start the new eccounting period. A. Temporary eccounts B. Contra ecounts C. Acerued eceorints D. Permanent eccounts 24. The recuring 10 etep process pertomed esch reporting poilod in prepeing financial statementa, startho with as the; A Closho oyclo B. Noturit beiness your C. Cperating oydo D. Acocunting cycls