4. Which of these is a non-current asset a. Inventory b. Cash c. Prepaid expenses d. Equipment

5. Which of these is a non-cash transaction a. Paying expenses b. Issuing Shares c. Receiving interest earned d. Sales on account

6. Unearned revenue is an example of a Deferral in adjusting entry a. True b. False

7. Which of these accounts are involved in closing entries a. Revenue b. Assets c. Liability d. Income Tax payable 8. Which of these are involved on the Bank Side of reconciliation a. Deposits in Transit b. EFT c. NSF Cheques d. Service Charge 9. Accounts Receivable is also called Promissory Note a. True b. False