5. The full disclosure principle: A. Is only applied to retailers and manufacturers B. Is not subject to the consideration of materiality. -0118a C. Requires that companies use the same accounting method for inventory valuation period after period D. Is also called the consistency principle E. Prescribes that the notes to the financial statements report the change from one inventory valuation method to another. When closing entries are made: A. 6. 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. E. All real accounts are closed but nominal accounts are not closed Which of the following acccounts would be classified as a current liability? A. Building B. Accounts Payable C. Accounts Receivable D. Common Stock E. Equipment 8. Assets, liabilities, and equity accounts are not closed; these accounts are called: A. Permanent accounts. B. Nominal accounts. C. Temporary accounts D. Accrued accounts. E. Contra accounts. Cost of goods sold: A. B. C. D. E. Is another term for revenue. Is the term used for the expense of buying and preparing merchandise for sale. Is also called gross margin. Is another term for merchandise sales. Is a term only used by service firms